Compass has struck a $1.6 billion all-stock agreement to absorb Anywhere Real Estate, a move that will create the largest residential brokerage on the planet.
The deal lands at a moment when U.S. home sales have wallowed near 30-year lows for several consecutive years. Affordability pressures have pushed countless would-be buyers out of the market. Yet Compass has managed to grow anyway. Second-quarter transactions climbed 21% year over year, even as the broader market slipped. Revenue hit $2.06 billion, also up 21%.
Under the merger terms, Compass gains control of Anywhere’s marquee brands: Century 21, Sotheby’s, and Coldwell Banker. Compass already operates Christie’s. The combined entity would carry a valuation around $10 billion.
The scale defies easy comparison. Compass says its reach will extend to every major U.S. city and 120 countries. A workforce of roughly 340,000 real estate professionals would operate under the merged company. Before the deal, Compass ranked as the largest U.S. brokerage by sales volume. Anywhere held the number two spot.
CEO Robert Reffkin framed the combination as a way to preserve Anywhere’s brand independence while pooling resources. He said the merger would help real estate professionals “thrive for decades to come.” Reffkin will lead the combined company.
Cost savings form a central part of the pitch. Compass projects roughly $255 million in annual operating expense reductions through consolidation and redundancy elimination. The deal also adds more than $1 billion in revenue from Anywhere’s franchise, title and escrow, and relocation businesses. Compass expects to close 1.2 million home sales per year after integration.
Meanwhile, investors delivered a split verdict. Anywhere shares jumped more than 50% on the news. Compass stock fell over 12%.
The transaction still needs shareholder and regulatory sign-off. Compass expects completion in the second half of 2026.
