Compass Buys Anywhere Real Estate, Creating A $10 Billion Brokerage Giant

Compass said Monday it will acquire Anywhere Real Estate in an all-stock deal valued at $1.6 billion, according to The Wall Street Journal. The transaction will create a new residential brokerage giant with an enterprise value of about $10 billion, including debt. The merger combines Compass’s 40,000 agents with Anywhere’s 51,000 company-owned agents and 250,000 franchise agents under brands such as Century 21, Coldwell Banker, Corcoran, and Sotheby’s. Compass will assume $2.6 billion of Anywhere’s debt and is offering $13.01 a share, an 84% premium to Anywhere’s last close. The deal comes as home sales slump, fueling consolidation across the industry, with firms seeking one-stop shop models. Compass CEO Robert Reffkin said the combined company will preserve Anywhere’s brand independence while giving agents greater resources.