Company: HOUS
Filing Date: 2025-04-01
Form Type: 8-K
Source: 0001398987-25-000053
Chunk: 0

Company: Anywhere Real Estate Inc.
Filing Date: 2025-04-01
Form: 8-K
Item: Item 1.01
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Item 1.01.      Entry into a Material Definitive Agreement.  

On April 1, 2025 (the “ Closing Date”), Secured Land Transfers LLC (the “ Seller”), a Delaware limited liability company and a wholly owned subsidiary of Anywhere Real Estate Inc. (the “ Company”), consummated the transactions (the “ Transactions”) contemplated by the previously disclosed binding term sheet, dated as of November 6, 2024 (the “ Term Sheet”), by and between the Seller and RE Closing Buyer Corp. (the “ Buyer”), a Delaware corporation and a subsidiary of the Company’s title insurance underwriter joint venture, in which the Company indirectly owns an approximate 22% equity interest and other joint venture partners own a majority equity stake. Buyer is the indirect parent of Title Resources Group, a title insurance underwriter. Pursuant to the Transactions, the Buyer purchased (i) newly issued preferred equity (the “ IT Preferred Equity”) representing 10% of the outstanding equity of Double Barrel Title LLC, a Delaware limited liability company and a subsidiary of the Seller that holds the Company’s Independence Title business (“ Independence Title”), for a purchase price of $7,359,800 (the “ IT Purchase Price”), and (ii) newly issued preferred equity (the “ TO Preferred Equity”) representing 10% of the outstanding equity of Over Under Title LLC, a Delaware limited liability company and a subsidiary of the Seller that holds the Company’s TitleOne business (“ TitleOne”, and together with Independence Title, the “ Agencies”, and each, an “ Agency”), for a purchase price of $11,440,200 (the “ TO Purchase Price”). The Transactions value the Agencies at an aggregate enterprise value of $188 million.

In connection with the consummation of the Transactions, on the Closing Date, the Buyer, the Seller, Anywhere Real Estate Group LLC (solely for purposes of Section 7.4(c) therein) and each respective Agency entered into an amended and restated limited liability company agreement of such Agency (as amended and restated, each, an “ LLC Agreement” and, together, the “ LLC Agreements”). The LLC Agreements provide that until the third anniversary of the Closing Date, the Buyer will have the right to purchase the remaining 90% of the equity in one or both of the Agencies for purchase price(s) based on the $188 million valuation. After the third anniversary and until the fifth anniversary of the Closing Date, provided that the Buyer did not exercise the foregoing purchase