Compass Plans $10B All-Stock Merger with Anywhere Real Estate

Brokerage firm Compass has agreed to acquire its rival Anywhere Real Estate in an all-stock transaction valued at approximately $1.5 to $1.6 billion, creating a combined company with an enterprise value around $10 billion including debt. The deal will give Anywhere shareholders 1.436 Class A Compass shares per Anywhere share, equivalent to about $13.01 per share based on Compass’s recent trading prices. Compass anticipates achieving over $225 million in operational expense synergies, net of costs, and has secured a $750 million financing commitment from Morgan Stanley Senior Funding to support the transaction. Post-merger, Compass plans to focus on deleveraging with a target net leverage ratio of about 1.5 times adjusted EBITDA by the end of 2028. This acquisition reflects ongoing consolidation trends within the residential real estate brokerage industry. The combined company is expected to become a leading player with enhanced scale and financial positioning.