Compass to acquire Anywhere Real Estate in $10 billion all-stock deal

Compass Inc. (NYSE: COMP) and Anywhere Real Estate Inc. (NYSE: HOUS) announced a definitive merger agreement for an all-stock transaction with an enterprise value of approximately $10 billion, including debt assumption.

Under the agreement terms, each Anywhere share will be exchanged for 1.436 shares of Compass Class A common stock, valuing Anywhere shares at $13.01 based on Compass' 30-day volume weighted average price as of September 19, 2025. Upon completion, Compass shareholders will own approximately 78% of the combined company, while Anywhere shareholders will hold 22%.

The transaction combines Compass' technology platform with Anywhere's franchise operations, creating a network of approximately 340,000 real estate professionals globally operating in major U.S. cities and serving 120 countries and territories. The deal adds over $1 billion in revenue from Anywhere's franchise, title and escrow, and relocation operations.

Compass anticipates achieving $225 million in non-GAAP operating expense synergies, net of dissynergies and friction costs. The company has secured a $750 million financing commitment from Morgan Stanley Senior Funding Inc. and expects to reach net leverage of approximately 1.5x Adjusted EBITDA by year-end 2028.

Both companies' boards have unanimously approved the transaction. The deal requires approval from shareholders of both companies and regulatory clearance, with closing expected in the second half of 2026. Robert Reffkin, Compass CEO and founder, will lead the combined company.

Morgan Stanley served as Compass' financial advisor, while Goldman Sachs advised Anywhere. The companies will file relevant documentation with the SEC, including a joint proxy statement.

You May Also Be Interested In

• Leggett & Platt shareholders approve merger with Somnigroup
• UraniumX acquires Dieter Lake uranium project in all-share deal
• Vivos Therapeutics opens sleep center in Henderson, Nevada