A plan has been announced for US-based brokerage Compass to acquire Pacific Union International Realty, one of the largest brokerages on the West Coast.
Pacific Union made $14 billion in sales in the last year and is the fifth-largest brokerage in the US, with 1,700 agents across 54 offices.
Pacific Union CEO Mark McLaughlin has been critical of Compass in the past, taking public shots at the company for its launch of a commercial division and large market share claims.
Speaking to Inman, one Pacific Union insider said, “I thought Mark would roll over in his grave before doing business with Compass.”
The deal was revealed to employees earlier this week via email. That email was leaked to the media, reported first by Inman ahead of the planned announcement.
New York-based Compass, which started in 2012 and has more than 4,000 agents, claims it generated $370 million in revenue last year.
This isn’t the first acquisition for Compass – they’ve acquired nine brokerages in the last year. The biggest one prior to Pacific Union was Paragon, a San Francisco-based brokerage worth $2.3 billion.
Neither Compass nor Pacific Union have made a public statement about the acquisition yet, although the move has placed the future of Pacific Union CEO Mark McLaughlin in question.
