Anywhere Real Estate Stock Soars 56%. It’s Being Bought by Compass.

The acquisition will create a real estate platform worth $10 billion in enterprise value. (Aaron Kraft/Compass)

Key Points

About This Summary

• Compass will acquire Anywhere Real Estate in an all-stock deal, establishing a $10 billion residential real estate platform.
• Anywhere shareholders will get 1.436 Compass shares for each Anywhere share, valuing Anywhere at about $1.46 billion.
• Robert Reffkin will continue as CEO of the combined company after the merger, which is expected to close in the second half of 2026.

The biggest U.S. brokerage by sales volume is about to get a whole lot bigger.

Compass reached an agreement to acquire Anywhere Real Estate in an all-stock transaction that will create a $10 billion residential real estate platform.

Anywhere shareholders will receive 1.436 shares of Compass Class A common stock for each share of Anywhere common stock, representing a value of $13.01 a share. The deal values Anywhere at around $1.46 billion.

Anywhere stock was soaring 56% to $11.02 in premarket trading. Compass stock fell 12% to $8.28.

Created with Highcharts 9.0.1Source: FactSetAs of Sept. 22

Created with Highcharts 9.0.1Anywhere Real EstateCompassJuly 2025Sept.-250255075100125150175200%

“By bringing together two of the best companies in our industry, while preserving the unique independence of Anywhere’s leading brands, we now have the resources to build a place where real estate professionals can thrive for decades to come,” said Compass CEO Robert Reffkin in a statement.

Reffkin, who co-founded Compass, will continue leading the combined company after the merger, which is expected to close in the second half of 2026.

Earlier this year, Anywhere Real Estate looked like it was on the hunt for acquisitions rather than being a takeover candidate itself. The company bid for luxury real estate broker Douglas Elliman in May, Bloomberg reported at the time, but no deal ever materialized.

Douglas Elliman stock was rising 4.4% on Monday.

The deal “will bring together approximately 340,000 real estate professionals globally onto a shared network operating in every major U.S. city and serving approximately 120 countries and territories,” the press release says.

Compass has found growth from a number of acquisitions despite a slow period for home sales over the past three years. Its principal agent count in its most recent quarter grew by 23% primarily due to acquisitions, the company said in its 10-Q.

The macroeconomic environment means “most brokerages are really struggling financially,” Rory Golod, Compass’ president of growth and communications, told Barron’s in June. “They don’t have the size, the scale, and sort of the balance sheet to get through this.”

Write to Nate Wolf at nate.wolf@barrons.com