The deal is valued at around $444 million, with $150 million in cash and $294 million in equity. If finalized, it would merge the nation’s No. 1 brokerage by sales volume with the No. 8 largest brokerage.
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Compass is buying Christie’s International Real Estate and @properties at a deal valued at $444 million, the companies said in a statement on Monday.
If approved, the acquisition would merge the No. 1 brokerage by sales volume with the nation’s No. 8 brokerage by volume.
The sale is pending and wouldn’t close until next year, the companies said. The brands would remain separate “for the foreseeable future,” Compass representatives said during a call with investors on Monday.
“This partnership will allow us to empower strong independent brokerages and broker-owner entrepreneurs around the world who are Affiliates under Christie’s International Real Estate,” Compass CEO Robert Reffkin said in a statement. “Our companies share the same passion for empowering entrepreneurial agents. Together, we will be able to provide unparalleled resources and support to help everyone succeed and deliver exceptional client experiences.”
Compass said that it would pay $150 million in cash plus $294 million in stock, or 44 million Compass shares. The deal includes a $50 million “collar” to protect shareholders depending on the price of Compass stock a year after the closing.
@properties has the largest market share in Chicago, along with operations throughout the Midwest and Atlanta, Georgia. The company has…