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ompass Inc. and Madison‑based Anywhere Real Estate announced on Sept. 22 that they will merge in an all‑stock transaction. The combined company is projected to have an enterprise value of roughly $10 billion, including assumed debt, while the transaction itself is valued at $4.2 billion. Both boards approved the deal unanimously, and it is expected to close in the second half of 2026, pending customary conditions.
The new platform will bring together about 340,000 real‑estate professionals operating in 120 countries and territories. Compass CEO and founder Robert Reffkin will head the merged entity; the future role of Anywhere’s president and CEO Ryan Schneider remains to be clarified. The merger combines Compass’s technology, marketing, and client‑service strengths with Anywhere’s global reach and portfolio of franchise brands, creating a premier real‑estate network that serves home buyers, sellers, and industry professionals.
Reffkin described the move as a “monumental step” that will empower agents to grow their businesses while preserving the independence of Anywhere’s leading brands. Schneider highlighted the opportunity to leverage the breadth of talent across both companies to deliver added value throughout the home‑buying and selling journey.
Anywhere, formerly Realogy, offers brokerage through Anywhere Advisors, relocation via Cartus, title and settlement services with Anywhere Integrated Services and Upward Title & Closing, lead generation through Leads Group, and personal lines insurance. Its franchise banners—Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Coldwell Banker Commercial, Corcoran, ERA, and Sotheby’s International Realty—total about 18,000 offices and more than 300,000 independent sales associates across 119 counties and territories, plus nearly 600 company‑owned offices. The integrated model provides cross‑selling opportunities and a single point of contact for clients.
In 2019, Anywhere captured roughly 15.3 % of U.S. transaction dollar volume and about 13 % of all broker‑involved home sales. The merger is expected to add over $1 billion in revenue from Anywhere and create approximately 1.2 million transactions, opening avenues for additional services.
Compass secured a $750 million financing commitment from Morgan Stanley Senior Funding Inc. and plans to deleverage, targeting a net leverage ratio of 1.5× adjusted EBITDA by the end of 2028. Reffkin and TPG Angelo Gordon entered customary voting agreements to support the transaction. Morgan Stanley & Co. LLC served as Compass’s exclusive financial advisor, with Kirkland Ellis LLP as legal counsel; Goldman Sachs & Co. LLC advised Anywhere, while Wachtell, Lipton, Rosen & Katz provided legal counsel.
