But sources said Compass and its lawyers, including Mike Davis, a confidant of President Donald Trump, appealed to her superiors, including Deputy Attorney General Todd Blanche, and told his office that any antitrust concerns could be addressed without a full investigation.
A spokesperson for Blanche’s office told the WSJ that the DOJ was “fulfilling its obligations” to review the deal, noting that even after the deal closes, “there is nothing to prevent the Department from taking enforcement actions in the future if anticompetitive effects are found.”
In a response to HousingWire, a DOJ spokesperson wrote in an email that the department would not comment on this matter. Blanche has not yet responded to HousingWire’s request for comment.
Antitrust experts told HousingWire that the typical antitrust review timeline for a merger of this size can vary. If issues are resolved or nothing happens during the waiting period of the Hart-Scott-Rodino Antitrust Improvements (HSR) Act of 1976, the deal could proceed quite quickly, as happened with Compass and Anywhere. However, if antitrust regulators make a second document request, the process could potentially be extended by several months. This may suggest why Compass initially projected a closing date for the acquisition in the summer or fall of 2026.
When contacted by HousingWire, Compass declined to comment on the DOJ’s antitrust review of the merger.
Competitive or anti-competitive?
Since announcing the planned merger in mid-September, Compass and its CEO Robert Reffkin have insisted the deal was not anti-competitive.
In an open letter To Compass agents, affiliates and employees, Reffkin, who is now also CEO and chairman of Compass International Holdings, wrote that the company believes “choice and competition drive innovation, and we will never impose one-size-fits-all mandates.” He also noted that all six individual brands that Compass acquired through Anywhere would continue to operate independently.
The reports from the WSJ and Bloomberg come after federal lawmakers, including Sens. Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.), had appealed to the DOJ and the Federal Trade Commission (FTC) to consider blocking the deal. In a letter sent to federal regulators in December, they argued that the acquisition could hurt homebuyers by contributing to higher real estate agent fees and limiting access to real estate listings.
These concerns came as analyzes of both The Capitol Forum And Capstone found that the combined company’s market share would far exceed the 30% market share threshold set by the DOJ and FTC in their 2023 report. Merger Guidelines.
The real estate sector is responding
Within the residential construction industry, real estate professionals have widely recognized that this deal has the potential to make major waves.
For United Real Estate CEO Dan Duffy, closing this deal is a “win for the buying and selling public” as he believes it will accelerate professionalism in the real estate industry.
“Those who can will improve. Those who cannot will leave the sector,” Duffy said in an emailed statement to HousingWire. “The public will enjoy better, more elegant and more efficiently delivered services thanks to the vast number of options they have when buying or selling homes in the U.S. We welcome strong competitors. They make us better.”
He added that he believes the current fragmentation and competitive atmosphere within the residential real estate technology and brokerage industry will persist despite this mega-merger.
In a message is LinkedIn on Friday, congratulating Reffkin on the news, NextHome co-CEO James Dwiggins said he agrees with the concept that the industry will be transformed by Compass’ acquisition of Anywhere, but he believes the industry will be swamped by a massive wave of mergers and acquisitions.
“You will see other major companies merge and acquire each other to build what I believe are three or four major companies that control 60-70% of residential real estate in the US. It will look like the airline industry (United, Delta, American) and then some smaller players that specialize in local markets,” Dwiggins wrote. “All of these mergers and acquisitions will happen over the next 24 months.”
According to Dwiggins, the completion of this transaction is not “game over,” but in fact the beginning of “a game of chess between the biggest players in residential real estate.”
“There are still many steps to take and Compass has just made the first one,” he wrote. “The next 36 months will be incredible to watch!”
See it as positive
As for smaller agents and brokers, both those now under the Compass umbrella and those from other companies, they see the deal as positive.
“Like one Corcoran & Anywhere broker, I look forward to this next chapter with Compass. I believe this will only expand and enhance our service offering while unlocking critical data and insights to best serve our clients,” wrote David Eskander, a New York City-based Corcoran broker. is LinkedIn. “Onwards and upwards!”
In Austin, Texas – one of the markets where Compass is now expected to have a market share of over 30% – Kinan Becka top broker and team leader of the eXp Real Estate mediated One resource teamsees the merger as an opportunity to build stronger customer relationships and make better use of technology and AI tools, allowing him to offer customers a more personalized experience.
“At its core, real estate remains a relationship business,” Beck wrote in an email to HousingWire. “The most successful and experienced agents build trust and long-lasting relationships before, during and long after the transaction. Those relationships are the driving force behind repeat business and referrals – not the name on the agent sign.”
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