Kirkland Represents Compass on Combination with Anywhere Real Estate in All-Stock Transaction
Kirkland & Ellis advised Compass, Inc. (NYSE: COMP) on a definitive merger agreement to combine in an all-stock transaction with Anywhere Real Estate Inc. (NYSE: HOUS). The combined company is expected to have an enterprise value of approximately $10 billion, including the assumption of debt. This transaction pairs Compass' years of investment in technology, innovative marketing offerings and real estate professionals with Anywhere's leading brands, broader and complementary businesses, and global reach. The combination of these companies will create a premier real estate platform, enabling agents and franchisees to best serve home sellers and home buyers.
Under the terms of the agreement, each share of Anywhere common stock will be exchanged for 1.436 shares of Compass Class A common stock, which represents a value of $13.01 per Anywhere common stock share based on Compass' 30 trading day volume weighted average price as of September 19, 2025. Upon completion of the transaction, current Compass shareholders will own approximately 78% of the combined company on a fully diluted basis, while Anywhere shareholders will own approximately 22%. The transaction has been unanimously approved by the Boards of Directors of both Compass and Anywhere. It is expected to close in the second half of 2026, subject to approval by both Compass and Anywhere shareholders, and satisfaction of customary closing conditions, including receipt of regulatory approvals. Robert Reffkin and TPG Angelo Gordon have entered into customary voting agreements in which they have agreed to vote their shares of Compass common stock and Anywhere common stock, respectively, in support of the transaction. Upon closing of the transaction, Compass CEO & Founder Robert Reffkin will lead the combined company.
Read the transaction press release
The Kirkland team included corporate lawyers Joshua Kogan, Rachael Coffey, Heath Mayo, Linda Yang and Vera Wang; antitrust & competition lawyers Andrea Murino, Jack Coles and Lauren Taylor; capital markets lawyers Ross Leff and Alborz Tolou; debt finance lawyers Jason Kanner, Andrea Weintraub, Michael Urschel, Raghav Gupta, Tad Bardenwerper, Marc Kassis and Clare Azzopardi; executive compensation lawyers Scott Price and Katherine Nemeth; tax lawyers Sehj Vather and Christopher Worek; litigation lawyer Lindsey Weiss Harris; and technology & IP transactions lawyers Seth Traxler and Amber Harezlak.
