In the world of private equity and M&A, Henry Silverman is a giant. And, at 68 years old, he's getting back into the game. That is, according to a report in the Wall Street Journal [a paid publication], he has joined Apollo Management as the chief operating officer.

With the credit crunch and terrible economy, Apollo has suffered a variety of setbacks over the past two years, such as the bankruptcy of Linens 'N Things and the legal battle over Huntsman (NYSE: HUN). So, the firm definitely needs a boost.

Haven't heard of Realogy? Well, you probably have heard of its marquee brands, such as Century 21, Coldwell Banker, and Corcoran Group. In fact, the company is the largest residential brokerage in the US. It was crated during the break-up of another company, Cendant.

OK, so who would want to buy into the residential real estate business?

Of course, it's the private equity crowd. Apollo Management has agreed to shell-out $6.6 billion for the company.

The share price is $30 per share, but the stock is now trading higher. In other words, Wall Street expects a higher bid, or perhaps another suitor to come to the table.

Henry Silverman is the CEO of Realogy. During the 1980s, he was a private-equity dealmaker and eventually became a partner at The Blackstone Group.

Interestingly enough, in the Realogy deal, Silverman plans to cash-out his position.

Is this a sign that the long-time dealmaker thinks private equity is hitting a top?

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates DealProfiles.com.