Compass Denies Takeover Talks
After a report this week that Compass was being eyed for a takeover by a private equity firm, the brokerage denied having been approached about that possibility.
“Compass has not been contacted by any private equity firms expressing interest in taking the company private,” a spokesperson stated. “There have been no talks with private equity firms on this matter.”
Robert Reffkin, Compass co-founder and CEO, would have to approve any sale, given that he holds shares that give him about half the company’s voting power.
But Compass took the unusual step of denying the report — public companies do not usually comment on takeover rumors — telling the website that “no private equity firm has contacted Compass expressing any interest in taking the company private.”
Business Insider reported that Vista Equity Partners, founded by billionaire Robert F. Smith, was exploring taking Compass private, citing three anonymous sources. The publication reported that another private equity firm could also be involved in the transaction, as well as a proptech startup that could boost Compass’ digital chops.
Source: Business Insider