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Compass (COMP) investor relations material
Compass M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary22 Sep, 2025
Deal rationale and strategic fit
Creates a premier residential real estate platform with approximately 340,000 agents and professionals globally, combining complementary brands, technology, and geographic footprints across 120 countries and all 50 U.S. states.
Diversifies revenue streams with over $1 billion in franchise, title, escrow, mortgage, and relocation services, expanding into attractive recurring segments and enhancing resilience.
Empowers real estate professionals and broker owners with a unified, technology-driven operating system, leveraging a $1.8 billion investment in proprietary platforms and accelerating AI capabilities.
Expands agent-to-agent referral opportunities and innovative client solutions, supporting enterprise clients and Fortune 50 companies.
Enhances client experiences through a seamless, integrated digital platform and expanded service offerings.
Financial terms and conditions
All-stock transaction with an exchange ratio of 1.436 Compass Class A shares per Anywhere share, valuing Anywhere at $13.01 per share.
The deal values the combined company at an enterprise value of approximately $10 billion, with an equity value of $1.6 billion and assumed debt of $2.6 billion.
Compass shareholders will own 78% and Anywhere shareholders 22% of the combined company post-transaction.
Morgan Stanley is providing a $750 million bridge loan to fund repayment of Anywhere's revolver and transaction costs.
The deal represents a 21% premium to Anywhere’s enterprise value and is expected to close in the second half of 2026, pending shareholder and regulatory approvals.
Synergies and expected cost savings
Targets over $225 million in net cost synergies within three years post-closing, mainly from vendor consolidation, office footprint optimization, and technology system integration.
Synergy goal represents about 8% of combined annualized operating expenses and is considered highly achievable.
Efficiencies and improved cost and debt profile are expected to drive significant free cash flow and a stronger balance sheet.
Consolidation of mortgage JVs and ancillary services expected to provide higher attach rates and additional recurring revenue.
Breakdown of $225M+ OPEX synergy sources
Detail deleveraging strategy to hit 1.5x by 2028
How will Anywhere brands maintain independence?
How will 1.5x leverage by 2028 be achieved?
Elaborate on the $225M synergy sources
How does the deal accelerate AI roadmap?
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Q3 202529 Oct, 2025
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Frequently asked questions
Compass, Inc. provides real estate brokerage services in the United States. The company operates through Compass East and Compass West segments. Compass, Inc provides sales and leasing services, as well as investment sales, property management, marketing and brand development in New York metropolitan area, Los Angeles metropolitan area and Chicago metropolitan area; and retail leasing agent services in the Seattle region. The company primarily serves residential real estate markets including condominiums, multifamily properties, single family homes, land developments and commercial properties.
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