Compass Inc. (NYSE: COMP) announced its $1.6 billion acquisition of Anywhere Real Estate Inc. (NYSE: HOUS) in an all-stock transaction.
Madison, New Jersey-based Anywhere, formerly known as Realogy, is the parent company of the brands Century 21, Coldwell Banker, Corcoran, and Sotheby’s International Realty. New York-based Compass is valuing Anywhere shares at $13.01 apiece in the stock swap deal, with the combined entity boasting an enterprise value of about $10 billion.
According to the companies, this transaction will bring together approximately 340,000 real estate professionals globally onto a shared network operating in every major US city and approximately 120 countries and territories.
“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 founder and CEO 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.”
“We are excited to unite our renowned brands, international footprint, and leading businesses to build a better real estate experience in concert with Compass,” said Anywhere CEO and President Ryan Schneider. “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.”
Will the parent companies be required to change logos to Compass?