Compass’ years-long upstart bid to supplant the brokerage giant formerly known as Realogy as the industry’s largest publicly traded company neared its ultimate triumph Monday when the two companies announced that they would be joining forces.

The two companies announced in a joint news release that Compass would be acquiring Anywhere in a $1.6 billion deal after years of the former startup eating into Anywhere’s market share to ascend to the No. 1 spot in brokerage sales volume.

Under the terms of the deal, the two real estate giants would merge through an all-stock transaction and emerge with an expected enterprise value of around $10 billion.

The acquisition was first reported by The Wall Street Journal.

“By bringing together two of the best companies in our industry, while preserving the unique independence of Anywhere’s leading brands, we now have the resources to build a place where real estate professionals can thrive for decades to come,” Compass CEO and founder Robert Reffkin said in a statement.

Anywhere CEO and President Ryan Schneider said in the release that the merger would result in a greater international footprint and a better real estate experience.

“We have a unique opportunity to utilize the incredible breadth of talent across our companies,” Schneider said in the statement, “especially our world-class agents and franchisees, to deliver even more value to homebuyers and homesellers across every phase of the homebuying and homeselling experience.”

Compass and Anywhere both declined to comment further on details of the acquisition beyond a press release published on Monday, but a Compass rep affirmed that each Anywhere brand will continue to operate independently and retain its own platforms, individual brand and cultures.

Original Article by: Daniel Houston, Inman