Global real estate brokerages Compass and Anywhere Real Estate are set to complete their long-flagged merger this week, after shareholders from both companies voted in favour of the deal.
The transaction, valued at approximately US$1.6 billion (around A$2.4 billion), is expected to close tomorrow, following approval at special shareholder meetings.
Compass said around 99 per cent of votes cast by its shareholders supported the merger, while investors representing 72 per cent of Anywhere shares also voted in favour.
As reported by Inman, Compass chief executive Robert Reffkin said the vote reflected strong confidence in the combined group’s direction and long-term strategy for supporting agents and clients.
Alongside the merger, Compass has announced plans to raise capital through a US$750 million (about A$1.1 billion) private offering of convertible senior notes, with an option for purchasers to acquire a further US$112.5 million (around A$170 million).
If fully exercised, the total raise would reach US$862.5 million (approximately A$1.3 billion).
The merger proceeds after US antitrust regulators allowed the review period under the Hart-Scott-Rodino Act to expire earlier this month without intervention, despite concerns raised by US senators about consolidation within the brokerage sector.
Compass also updated its fourth-quarter guidance, forecasting revenue at the top end of its previously stated range of US$1.59 billion to US$1.69 billion, and confirmed it added more than 800 agents during the quarter.
The deal will create one of the largest residential brokerage groups in the United States, further accelerating consolidation across the global real estate industry.
