Company: HOUS
Filing Date: 2025-09-22
Form Type: 425
Source: 0001193125-25-210060
Chunk: 183

Company: Anywhere Real Estate Inc.
Filing Date: 2025-09-22
Form: 425
Chunk 183
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 approximately 120 countries and territories. The combined company will broaden its international referral network and 
 significantly expand Compass’ innovative client solutions and technology to more home sellers, home buyers, and real estate professionals.                                                                                                          |

| • | Diversifies Compass’ revenue streams. The transaction is expected to diversify Compass by adding                                                                                                                                                                                                                  
 over $1 billion1 in revenue from Anywhere’s established franchise, title and escrow, and relocation operations. The approximately 1.2 million transactions2 on a combined basis provide an opportunity to incorporate additional services and create more seamless transactions for home buyers and home sellers. |

| • | Meaningful opportunity to realize non-GAAP OPEX synergies and strong                                                                                                            
 combined free cash flow. Compass anticipates achieving $225+ million3 in non-GAAP OPEX synergies, net of dissynergies and friction costs. These                                 
 efficiencies, together with the improved cost and debt profile of the combined company, are expected to drive significant free cash flow and a stronger combined balance sheet. |

| • | Empowers more real estate professionals with technology to better serve their clients. Compass will                                   
 continue to invest in technology to help agents grow their business and enhance the services they offer home buyers and home sellers. |

Terms and Conditions 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%. Timing and Approvals 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.

| 3 | We have not reconciled non-GAAP OPEX synergies to a GAAP measure                                                                                                                      
 because certain expenses excluded