WHAT'S HAPPENING
Minneapolis-based HomeServices is forming a partnership with the Toronto-based private equity firm Brookfield to operate two brokerage networks and create a new residential real estate franchise brand -- Berkshire Hathaway HomeServices -- that will launch in 2013.
HOMESERVICES OF AMERICA INC.
Headquarters: Minneapolis
CEO: Ronald Peltier
Owner: MidAmerican Energy Holdings Co., a subsidiary of Berkshire Hathaway Inc.
Description: Full-service residential brokerage firm; it owns Edina Realty and 25 other realty firms in 21 states.
Size: 16,000 agents, facilitating $32 billion in residential real estate transactions in 2011.
BROOKFIELD ASSET MANAGEMENT
Headquarters: Toronto
Description: A $150 billion global alternative asset manager with a focus on property, renewable power, infrastructure and private equity.
The deal: A joint venture involving Brookfield's Prudential Real Estate and Real Living network franchises.
Size: 53,000 agents, generating $72 billion in residential real estate business in 2011.
THE NEW ENTITY: BERKSHIRE HATHAWAY HOMESERVICES
Headquarters: Irvine, Calif.
CEO: HomeServices' Peltier will serve as chairman of the operating committee of the new company; Earl Lee will serve as CEO of the California-based operation
Owners: HomeServices and Brookfield will have joint ownership; HomeServices has a majority share.
The new company: Joins the existing Prudential and Real Living franchises and their networks, and also launches a new name -- Berkshire Hathaway HomeServices -- which could start showing up on lawn signs and storefronts by late 2013.
