This story has been updated to reflect a clarification about the status of franchise-owned Anywhere real estate agencies following the merger.
NEW YORK, NY – Imagine a world where real estate agents representing Compass, Better Homes & Garden, Century 21, Coldwell Banker, Corcoran, ERA and Sotheby’s are under the same umbrella. While it doesn’t quite have a name yet, that scenario is a reality following an announcement Monday that Compass Inc. and Anywhere Real Estate Inc. are combining in a $10 billion merger.
Compass and Anywhere Real Estate signed a definitive merger agreement to combine in an all-stock transaction. The combined company enterprise value includes the assumption of debt, the companies announced.
All of those real estate companies have a big presence in Fairfield and Westchester counties and Hudson Valley. There are 20 Compass offices in Westchester County and Hudson Valley while the company has 12 offices in Connecticut, including seven in Fairfield County. As for Anywhere, there are 40 Century 21 in Connecticut, 13 in Fairfield County, 36 Coldwell Banker offices in Westchester County and 11 in Fairfield County, and 15 Sotheby’s offices in Westchester County and 16 in Fairfield County.
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.
Anywhere franchises are independently owned and, following the approval of the merger, will remain that way, according to an Anywhere spokesman.
“Today marks a monumental step towards our mission to empower real estate professionals with everything they need to grow their business and better serve their clients,” said Compass CEO and founder Robert Reffkin. “I have deep respect for Anywhere’s leadership, agents, employees, culture, and brands. By bringing together two of the best companies in our industry, while preserving the unique independence of Anywhere’s leading brands, we now have the resources to build a place where real estate professionals can thrive for decades to come.”
Anywhere CEO and President Ryan Schneider was just as ecstatic.
“We are excited to unite our renowned brands, international footprint, and leading businesses to build a better real estate experience in concert with Compass,” Schneider said. “We have a unique opportunity to utilize the incredible breadth of talent across our companies, especially our world-class agents and franchisees, to deliver even more value to home buyers and home sellers across every phase of the home buying and home selling experience.”
Terms of the agreement
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 Sept. 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%.
Timing and approvals
The transaction has been unanimously approved by both boards of directors and 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.
Robert Reffkin and TPG Angelo Gordon have entered into customary voting agreements in which they have agreed to vote their shares of Compass common stock and Anywhere common stock, respectively, in support of the transaction. Upon closing of the transaction, Reffkin will lead the combined company.
Financing
Compass has obtained a $750 million financing commitment from Morgan Stanley Senior Funding, Inc. Post-close, Compass expects to prioritize deleveraging with the goal to reach net leverage of more than 1.5x adjusted EBITDA by year-end 2028.
The advisors on the deal are Morgan Stanley & Co. LLC as exclusive financial advisor and Kirkland & Ellis LLP as legal advisor to Compass. Goldman Sachs & Co. LLC is serving as the exclusive financial advisor and Wachtell, Lipton, Rosen & Katz is serving as the legal advisor to Anywhere.
According to a statement from both companies, the strategic rationale includes the following:
Creates a premier residential real estate platform. 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.
Diversifies Compass’ revenue streams. 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.
Empowers more real estate professionals with technology to better serve their clients. Compass will continue to invest in technology to help agents grow their business and enhance the services they offer home buyers and home sellers.
Anywhere’s franchise brands have approximately 18,000 offices and over 300,000 independent sales associates working in 119 countries and territories around the world, including nearly 600 company-owned and -operated offices.
The Compass network includes an end-to-end platform that empowers its residential real estate agents to deliver services to seller and buyer clients. It includes Christie’s International Real Estate, with more than 100 independently owned brokerage affiliates in 50 countries and territories.
