Compass, Inc., the largest real estate brokerage in the United States, has announced a definitive agreement to merge with its closest competitor, Anywhere Real Estate Inc. The all-stock transaction is valued at approximately $10 billion and will create a dominant force in the global property market.
The merger combines Compass's technology platform with Anywhere's extensive portfolio of well-known brands, including Coldwell Banker, Sotheby’s International Realty, and Century 21. The new entity will have a network of roughly 340,000 real estate agents operating in over 120 countries.
Key Takeaways
- Compass and Anywhere Real Estate have agreed to a merger valued at approximately $10 billion.
- The deal creates a global network of 340,000 real estate professionals.
- The combined company will bring major brands like Sotheby's, Coldwell Banker, and Corcoran under one corporate structure with Compass.
- The transaction is expected to significantly impact competitive luxury markets, including Miami and Key Biscayne.
Details of the Landmark Transaction
The agreement, announced on September 25, 2025, outlines an all-stock transaction that values the combined enterprise at around $10 billion, a figure that includes the assumption of existing debt. The deal is structured to exchange each share of Anywhere common stock for 1.436 shares of Compass Class A common stock.
This exchange ratio places a value of $13.01 on each Anywhere share, based on Compass's 30-day volume-weighted average price as of September 19, 2025. Upon completion, current Compass shareholders are expected to own approximately 78% of the new company, with Anywhere shareholders holding the remaining 22%.
Regulatory approvals are pending, and the companies anticipate the merger will officially close in the second half of 2026.
By the Numbers: A Combined Force
- Total Agents: ~340,000
- Global Reach: 120+ countries and territories
- Combined 2024 Sales Volume: ~$415 Billion
- Compass 2024 Volume: $231 Billion
- Anywhere 2024 Volume: $184 Billion
Creating a Global Real Estate Powerhouse
The merger unites two of the industry's largest players. Compass, founded in 2012, rapidly grew to become the top brokerage in the U.S. by sales volume. According to industry data from RealTrends, Compass agents generated over $231 billion in transaction volume in 2024 from more than 400 offices nationwide.
Anywhere Real Estate, formerly known as Realogy, brings a vast and established network of franchise brands to the table. Its portfolio includes some of the most recognized names in real estate, such as Coldwell Banker, Century 21, Sotheby’s International Realty, Corcoran, and Better Homes and Gardens. In 2024, its network of approximately 179,200 agents produced nearly $184 billion in transactions.
“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 & Founder Robert Reffkin in a statement. “By bringing together two of the best companies in our industry... we now have the resources to build a place where real estate professionals can thrive for decades to come.”
Reffkin emphasized that the unique brand identities under the Anywhere umbrella will be preserved, allowing them to operate with independence while benefiting from the combined company's resources and technology.
Impact on Competitive Luxury Markets
Shifting Dynamics in Miami
The consolidation is expected to have a significant impact on highly competitive luxury real estate markets like Miami-Dade County. In areas such as Key Biscayne, brokerages like One Sotheby's International Realty and Coldwell Banker are already major competitors for high-end listings.
With this merger, these brands will now fall under the same corporate ownership as Compass, a key player in the Miami market. This shift is likely to alter competitive dynamics, potentially changing how agents align themselves and how exclusive listings are managed. The combined referral network and market share could give the new entity substantial influence in the region.
A Trend of Industry Consolidation
This merger is the latest and largest in a series of consolidations within the U.S. real estate industry. As technology and scale become increasingly important, larger firms are acquiring smaller ones to expand their reach and efficiency. An earlier example of this trend was Rocket's acquisition of Redfin on July 1, 2025. These deals signal a move toward fewer, more powerful players controlling a larger share of the market.
Strategic Combination of Strengths
The strategic rationale for the merger centers on combining the distinct advantages of each company. Compass has invested heavily in developing a proprietary technology platform designed to help agents with marketing, client management, and transaction processing.
Anywhere contributes its global reach, established brand recognition, and a diversified business model that includes franchise operations and ancillary services. The fusion of Compass's tech-forward approach with Anywhere's established global network aims to create a more efficient and comprehensive platform for real estate professionals worldwide.
This combination of innovative technology and legacy brands is intended to provide a competitive edge in an industry that is rapidly evolving. The new company will be positioned to serve nearly every major city in the United States and a wide array of international markets, creating a seamless network for referrals and client services across the globe.
