Compass, Inc. (NYSE: COMP) completed an all‑stock combination with Anywhere Real Estate Inc. (NYSE: HOUS) on January 9, 2026, creating Compass International Holdings. The transaction values Compass’s shares at roughly $1.6 billion and places the combined enterprise value near $10 billion when the $2.6 billion of Anywhere’s debt is included.
The merger brings together Compass’s proprietary technology platform and Anywhere’s extensive franchise network, positioning the new entity as the largest technology‑enabled residential brokerage in the United States. By combining platform scale with a broad geographic footprint, the company aims to accelerate agent productivity, expand cross‑sell opportunities in title, escrow and mortgage services, and improve operating leverage in a post‑NAR settlement environment that has intensified competition and reduced commission sharing.
Financially, Compass is assuming $2.6 billion of debt and expects to realize about $255 million in annual cost synergies, a figure that aligns with the company’s guidance for net cost savings. The deal was financed in part by a $750 million convertible senior notes offering that was upsized and priced to support debt repayment and general corporate purposes, with a target net leverage of roughly 1.5× adjusted EBITDA by the end of 2028.
Investors reacted favorably to the completion, citing the shareholder approval of the merger, the raised fourth‑quarter guidance, the capital raise, and the expiration of the Hart‑Scott‑Rodino antitrust waiting period as key drivers of confidence in the transaction’s value creation potential.
CEO Robert Reffkin emphasized that the merger “empowers real‑estate professionals with everything they need to grow their business and better serve their clients.” He added that the company will preserve the independence of Anywhere’s leading brands—Century 21, Coldwell Banker, and Sotheby’s International Realty—while integrating them onto a shared, modern technology platform.
The combined company is poised to become the industry’s largest brokerage by transaction volume, leveraging scale to drive margin expansion, reduce cost inflation, and navigate the regulatory changes introduced by the 2024 NAR settlement. The merger also positions Compass to capture a larger share of the market, improve operating leverage, and deliver higher returns to shareholders over the long term.
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