Compass And Anywhere Real Estate To Combine In $10 Bln All-Stock Merger Deal

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(RTTNews) - Compass, Inc. (COMP) and Anywhere Real Estate, Inc. (HOUS) jointly announced Monday that they agreed to combine in an all-stock transaction, with the combined company expected to have an enterprise value of approximately $10 billion, including the assumption of debt.

This transaction pairs Compass' years of investment in technology, innovative marketing offerings, and real estate professionals with Anywhere's leading brands, broader and complementary businesses, and global reach.

The combination of these companies will create a premier real estate platform, enabling agents and franchisees to best serve home sellers and home buyers.

This transaction will 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 more than $225 million in non-GAAP OPEX synergies, net of dissynergies and friction costs.

These efficiencies, together with the improved cost and debt profile of the combined company, are expected to drive significant free cash flow and a stronger combined balance sheet.

Under the terms of the agreement, each share of Anywhere common stock will be exchanged for 1.436 shares of Compass Class A common stock, which represents a value of $13.01 per Anywhere common stock share based on Compass' 30 trading day volume weighted average price as of September 19, 2025.

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, unanimously approved by the Boards of Directors of both companies, is expected to close in the second half of 2026. It is subject to approval by both Compass and Anywhere shareholders, and satisfaction of customary closing conditions, including receipt of regulatory approvals.

Upon closing of the transaction, Compass CEO & Founder Robert Reffkin will lead the combined company.

Compass has obtained a $750 million financing commitment from Morgan Stanley Senior Funding, Inc.