Is Anywhere trying to buy Douglas Elliman?
Bloomberg reports that the brokerage giant offered $4 a share as part of a proposed merger deal involving the New York-based firm.
It appears that real estate companies are looking for M&A opportunities heading into the summer months.
Bloomberg reported on May 23 that Anywhere Real Estate floated a merger offer to Douglas Elliman. Citing anonymous sources, Bloomberg said Anywhere offered $4 a share, though its source noted it was unlikely that Douglas Elliman would accept an offer at that price.
Elliman is the sixth-largest brokerage by sales volume, according to the Real Estate Almanac, bringing in more than $36 billion in volume last year. Anywhere is the largest real estate enterprise, topping $535 billion in sales across its owned and franchise brands in 2024.
On Friday afternoon, Elliman's stock was trading at $2.89 a share, up 74 cents on the day. Anywhere's stock was also up 14 cents a share on Friday to $3.36.
Anywhere focused on growth: Real Estate News reached out to Anywhere about the merger news and was told by a spokesperson that the company does not comment on market rumors and speculation. But at the T3 Leadership Summit this week, several of its leaders said Anywhere is ready to grow.
"We're looking at what the next iteration of the company is, and it truly is growth," Sue Yannaccone, president and CEO of Anywhere Brands and Anywhere Advisors, said at the event. "I think there's a lot of opportunity, whether it be through consolidation, whether it be us getting back into the acquisition game," she added.
Douglas Elliman did not immediately respond to a request for comment.
A time of transition: Douglas Elliman, which is based in New York City, has been dealing with a variety of challenges in the past year. Two of the company's star agents — Tal and Oren Alexander — made national headlines following multiple allegations of rape and sexual assault that have led to arrests and civil lawsuits.
And in October, a leadership shakeup at the brokerage resulted in the departure of two top executives: President and CEO Howard Lorber stepped down, with board member Michael Liebowitz taking his place; a few days later, Scott Durkin, CEO of Douglas Elliman Realty, was fired and replaced by Richard Ferrari.
A busy time for M&As: If a merger between Anywhere and Elliman comes to pass, it would be the latest in a string of major brokerage acquisitions. In March, Rocket Companies announced the purchase of Redfin for $1.75 billion, while Compass acquired Chicago-based @properties and Christie's International Real Estate for $444 million in a deal announced in December.