In a move set to reshape the global real estate landscape, Compass announced Monday it will acquire rival firm Anywhere Real Estate, consolidating some of the biggest brands in the business.

The all-stock transaction is valued at approximately US$1.6 billion.

The combined company will be worth around US$10 billion and will bring together roughly 340,000 real estate professionals across about 120 countries and territories, said an official statement.

The deal marks a game-changing merger in the residential real estate sector, combining Compass — the largest residential brokerage in the United States by sales volume — with Anywhere’s portfolio of prominent brands, including Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Coldwell Banker Commercial, Corcoran, ERA and Sotheby’s International Realty.

“Today marks a monumental step towards our mission to empower real estate professionals with everything they need to grow their business and better serve their clients,” said Compass CEO and founder Robert Reffkin. “I have deep respect for Anywhere’s leadership, agents, employees, culture, and brands. 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.”