Business

The deal

October 31, 2012 at 3:24AM

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.