Compass and Anywhere Real Estate Announce $10B Merger

By Greg Peters • Monday, September 22 15:36 • Permanent Link

Compass, Inc. (NYSE: COMP) and Anywhere Real Estate Inc. (NYSE: HOUS) have announced a definitive merger agreement to combine in an all-stock transaction, creating a premier real estate platform with an enterprise value of approximately $10 billion, including the assumption of debt.

The merger is expected to bring together approximately 340,000 real estate professionals globally onto a shared network, operating in every major U.S. city and serving approximately 120 countries and territories. The combined company will broaden its international referral network and significantly expand Compass’ innovative client solutions and technology to more home sellers, home buyers, and real estate professionals.

The transaction is expected to diversify Compass by adding over $1 billion in revenue from Anywhere’s established franchise, title and escrow, and relocation operations. The approximately 1.2 million transactions on a combined basis provide an opportunity to incorporate additional services and create more seamless transactions for home buyers and home sellers.

Compass anticipates achieving $225+ million in non-GAAP opex synergies, net of dissynergies and friction costs, and expects to prioritize deleveraging with the goal to reach net leverage of ~1.5x adjusted EBITDA by year-end 2028.

Upon completion of the transaction, current Compass shareholders will own approximately 78% of the combined company on a fully diluted basis, while Anywhere shareholders will own approximately 22%. The transaction is expected to close in the second half of 2026, subject to approval by both Compass and Anywhere shareholders, and satisfaction of customary closing conditions, including receipt of regulatory approvals.

Compass has obtained a $750 million financing commitment from Morgan Stanley Senior Funding, Inc., and Robert Reffkin, CEO & Founder of Compass, will lead the combined company upon closing of the transaction.

The announcement comes as a strategic move to empower real estate professionals with technology and to create a better real estate experience for home buyers and home sellers. Today the company's shares have moved 46.18% to a price of $10.335. Check out the company's full 8-K submission here.

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