Berkshire Hathaway's (NYSE:BRK-A) (NYSE:BRK-B) HomeServices of America and Brookfield Asset Management's (NYSE:BAM) real estate arm will join forces to create a new franchise brand, Berkshire Hathaway HomeServices. The new network will include more than 53,000 Prudential Real Estate and Real Living Real Estate agents.

Brookfield CEO Bruce Flatt said in a press release that the company was "excited to be a partner in creating a home for the best real estate brokers and agents in the country."

Famed investor and Berkshire Hathaway chairman and CEO Warren Buffett said he believes the deal will "deliver value to the residential real estate industry."

Since becoming a Berkshire subsidiary in 1998, HomeServices of America has grown from 4,000 agents in three markets to more than 16,000 agents in 21 states.

Editor's note: An earlier version of this article incorrectly stated the licensing agreement of Prudential and Real Living. The Fool regrets the error.

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