The deal is valued at $444 million, with $150 million in cash and $294 million in cash. When completed, it will rank as the nation’s No. 1 brokerage. 1 by sales volume and the 8th largest brokerage.
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Compass is buying Christie’s International Real Estate and @properties for $444 million, the companies said in a statement Monday.
If approved, the acquisition will include brokerage No. 1 by sales volume and the country’s No. 8 brokerage by volume.
The sale is pending and will not close until next year, the companies said. The products will remain separate “for the foreseeable future,” Compass representatives said in a call to investors on Monday.
“This partnership will allow us to empower the strong independent brokerages and broker-owners around the world that belong to Christie’s International Real Estate,” Compass CEO Robert Reffkin said in a statement. “Our companies have the same passion for developing entrepreneurs. Together, we will be able to provide unparalleled resources and support to help everyone succeed and deliver exceptional customer experiences. “
Compass said it would pay $150 million in cash and $294 million in stock, or 44 million Compass shares. The deal includes a $50 million “collar” to protect shareholders depending on Compass’s stock price a year after closing.
@properties has the largest market share in Chicago, as well as operations throughout the Midwest and Atlanta, Georgia. The company has also begun expanding its reach into luxury markets such as Park City, Utah, and other countries. @properties purchased Christie’s International Real Estate in November 2021.
Reffkin said Monday that the merger will combine the companies’ best-in-class agent technology.
“I am convinced that @properties is the company that has built the best technology for agents when I look at other companies outside of Compass,” said Reffkin. “I’m very happy to see us able to use the best of both.”
He said this purchase will allow the company to focus on serving broker owners, which he said is a turning point for Compass.
“Everything that Compass stands for promotes entrepreneurs. Until now, we have focused on agent entrepreneur,” he said. “This increases the company’s ability to help private entrepreneurs with brokers.”
Christie’s International Real Estate includes a focus on 50 countries and territories.
Compass said @properties’ Northern California operation will be an independent brokerage “while maintaining its relationship with the network.”
Thad Wong and Mike Golden, CEOs of @properties Christie’s International Real Estate, will continue to operate existing brands, Compass officials said.
“Compass shares our commitment to advancing the real estate industry through technology, marketing, and exceptional service and welcoming local, independent vendors through Christie’s International Real Estate and @properties brands,” said Wong.
“This is a highly complementary union that honors our unique brands and empowers agents to provide the best possible experience to the clients they serve,” Golden added in a statement.
The deal also included mortgage and title companies Proper Rate and Proper Title.
Compass said it will continue to grow internationally and within the US after the sale.
Compass has been a publicly traded company since 2021. The company said in a filing with the US Securities and Exchange Commission on Monday that it entered into a merger agreement with @properties and Christie’s on November 25 and that the board of directors unanimously approved it. meeting.
This post will be updated.
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