By Shaina Mishkin

Two of the nation's largest real estate brokerages are one step closer to combining, they said Wednesday.

The antitrust review waiting period for Compass and Anywhere Real Estate's proposed merger expired just before midnight on Jan. 2, the companies said in Securities and Exchange filings Wednesday morning.

The news sent both stocks higher: Compass shares were up 6.3% shortly after the market opened while Anywhere stock surged nearly 14%. If the stocks hold on to their gains, it will be the highest close since November 2021 for Compass and since March 2022 for Anywhere, according to Dow Jones Market Data.

The deal will unite the two largest brokerages in the U.S. by sales volume, according to 2024 data assembled by the Real Estate Almanac. The two companies combined booked roughly $418 billion in sales volume in 2024, nearly three times more than their nearest competitor.

Because of its size, the Compass-Anywhere deal is subject to an antitrust review waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. In that period, the Department of Justice and the Federal Trade Commission reviews the proposed deal for antitrust concerns. If big regulatory challenges were to appear, it would become apparent in that time period.

The deal wasn't met without pushback. Senators Elizabeth Warren and Ron Wyden sent a letter to the Justice Department and Federal Trade Commission in December urging the bodies to investigate the merger, citing concerns about real estate listing transparency and real estate market control.

But expiration of the waiting period without issue signals smooth sailing ahead. The merger must still meet other closing conditions, including approval by the company's stockholders. On Wednesday, Anywhere's special meeting of stockholders is scheduled to take place at 9 a.m. Eastern, while Compass's will occur at 1 p.m.

"Subject to satisfaction of such customary closing conditions, including receipt of stockholder approvals, completion of the Merger is expected to occur shortly after all closing conditions are satisfied," Compass said in its SEC filing.

Write to Shaina Mishkin at shaina.mishkin@dowjones.com

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January 07, 2026 10:05 ET (15:05 GMT)

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