The combined companies would be worth $10 billion, with roughly 340,000 real estate professionals servicing about 120 countries and territories, Compass said.
In the company’s announcement of the deal, Compass said that the merged residential brokerage giant would have a combined value of approximately $10 billion. The Wall Street Journal, which first reported on the news, estimates the value of the all-stock acquisition of Anywhere to be around $1.6 billion.
Anywhere’s portfolio includes well-known franchise and brokerage brands such as Coldwell Banker, Century 21, Corcoran Group, Sotheby’s International Realty and Better Homes and Gardens Real Estate. During Anywhere’s July earnings announcement, the company indicated that it had “more than 300,000 affiliated agents globally,” and posted a revenue of $1.7 billion.
The merged companies will create by far the largest residential real estate brokerage company in the world, representing nearly 340,000 real estate professionals servicing roughly 120 countries and territories, Compass said in the announcement.
“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,” Anywhere CEO Ryan Schneider said in the announcement.
Compass CEO Robert Reffkin described the move as a “monumental step” towards Compass’ mission “to empower real estate professionals with everything they need to grow their business and better serve their clients.” Reffkin also noted that Compass plans to preserve “the unique independence of Anywhere’s leading brands.”
Despite the stubbornly sluggish sales market in the last couple of years, Anywhere CEO Ryan Schneider had repeatedly highlighted the strength of its luxury-focused brokerages — Sotheby’s and Corcoran — as key sales volume drivers to investors during a number of earnings calls. Compass is also a major player in the luxury space, and has made other moves to tighten its grip on the upscale market.
Earlier this year, Compass closed on the acquisition of @properties and Christie’s International Real Estate. Additionally, Compass acquired Tennessee’s Parks Real Estate and Latter + Blum in New Orleans last year, giving it significant market share in each region.
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