Real to acquire REMAX in $880M deal, forming Real REMAX Group

The Real Brokerage Inc. has agreed to acquire REMAX Holdings Inc. in a transaction valuing the franchisor at about $880 million, a deal that would combine one of the fastest-growing U.S. brokerages with one of the industry’s largest global franchise networks.

The all-stock and cash transaction, announced Monday, will create a new holding company called Real REMAX Group that will support more than 180,000 real estate professionals across over 120 countries and territories, according to the companies’ joint announcement. On a pro forma basis, the combined firm would have generated about $2.3 billion in 2025 revenue and $157 million in adjusted EBITDA before synergies.

Real, a Miami-based, technology-focused brokerage with roughly 33,000 agents in the U.S. and Canada, will marry its AI-enabled brokerage platform and proprietary reZEN software with Denver-based REMAX’s globally recognized brand and roughly 8,500 franchise offices. The companies say more than 100,000 of the platform’s agents are based in the U.S. and Canada.

Under the agreement, REMAX and Motto Mortgage will continue to operate under their existing brands and franchise models, while Real will remain an owned brokerage brand. The combined business will span brokerage, franchising, fintech and ancillary services, including integrated mortgage and title offerings.

“This acquisition is an important step on our journey to build a technology platform that empowers real estate professionals and improves the consumer experience,” Tamir Poleg, chairman and CEO of Real, said in an announcement. “Bringing together Real’s technology and operating model with REMAX’s global reach and franchise model is a transformational moment for the industry.”

Erik Carlson, CEO of REMAX Holdings, said the combination is designed to give franchisees and agents “greater choice, higher productivity and expanded support” by layering Real’s technology stack on top of the existing REMAX network.

What the deal means for agents and franchisees

The companies are positioning the transaction as a scale and efficiency play in a brokerage sector still digesting rising costs, lawsuits over commissions and a slower housing market. For housing professionals, the key changes are expected to show up in technology, economics and brand positioning rather than in immediate structural disruption:

• Technology access: Agents under either Real or REMAX brands are expected to gain access to reZEN, Real’s integrated transaction management and back-office platform, along with AI tools and financial services such as Real Wallet.
• Franchise economics: REMAX franchisees are projected to benefit from stronger agent attraction and retention, new revenue opportunities and lower operating costs through shared services and technology efficiencies, while keeping their existing business models and brand identities.
• Scale and deal flow: Real and REMAX together supported roughly 1 million transaction sides in North America and 1.8 million transaction sides globally in 2025, according to the release. Larger networks can command better terms with vendors, tech providers and ancillary service partners.

For brokers and team leaders evaluating their long-term affiliations, the combination may signal a more aggressive push toward integrated, AI-driven platforms at scale. It also suggests that legacy franchise brands and newer virtual brokerages see more upside in partnership than in continued competition, especially as commission structures and agent value propositions evolve quickly.

Financial terms and structure

The deal assigns REMAX Holdings an implied enterprise value of about $880 million, or 7x fully synergized 2025 EBITDA. RE/MAX shareholders will be able to elect to receive either $13.80 in cash per share or 5.152 shares of Real REMAX Group, subject to proration that caps aggregate cash consideration between $60 million and $80 million.

Real shareholders will receive one share of Real REMAX Group for each Real share, following a planned 10-for-1 share consolidation immediately prior to closing. After the transaction closes, Real shareholders are expected to own roughly 59% of the combined company and REMAX shareholders about 41% on a fully diluted basis, assuming the midpoint of the available cash consideration.

The companies said the transaction is expected to be accretive to Real’s earnings and adjusted EBITDA margin in the first full fiscal year after closing, excluding one-time merger and integration costs. They project approximately $30 million in annual run-rate cost synergies, largely from shared services, corporate costs and technology efficiencies, with most of the savings realized by 2027. That level of savings would add roughly 100 basis points of margin expansion once fully realized.

On a stand-alone basis, Real reported an adjusted EBITDA of about $62.9 million in 2025, while REMAX Holdings generated about $93.7 million in adjusted EBITDA, for a combined $156.6 million, according to figures included in the announcement.

Real has secured a $550 million financing commitment led by Morgan Stanley Senior Funding Inc. and Apollo Global Funding LLC to refinance REMAX’s existing debt, fund the cash consideration and cover transaction costs. The companies expect strong cash flow at the combined entity to support rapid deleveraging to below 2x net debt to adjusted EBITDA by the end of the second full fiscal year post-close.

Leadership, headquarters and timing

Upon closing, Poleg will serve as chairman and CEO of Real REMAX Group. Real’s chief operating officer, Jenna Rozenblat, will serve as chief integration officer for the transaction. The combined company will have a 10-member board that includes three directors from the current REMAX Holdings board.

The new holding company will be headquartered in Miami, with significant operations remaining in the Denver area. Its shares are expected to trade on Nasdaq under Real’s current ticker, REAX.

The transaction, which has been approved by both companies’ boards, is expected to close in the second half of 2026, subject to shareholder approval, regulatory clearances and court approval in British Columbia, where certain elements of the deal will be executed via a plan of arrangement. RE/MAX co-founder and chairman Dave Liniger, who controls about 38% of RE/MAX Holdings’ voting power, has agreed to vote his shares in favor of the deal. Officers and directors of Real and their affiliates, holding roughly 16% of Real’s shares, have also agreed to support the transaction.

Why it matters for the brokerage landscape

The planned acquisition underscores how scale, technology and diversified revenue streams are reshaping the brokerage business. For large franchisors facing margin pressure and slower growth, aligning with a younger, cloud-native brokerage can accelerate tech adoption and open up new fee-based services. For tech-forward brokerages, acquiring a global brand and established franchise network can add stable, recurring revenue and international reach that would be difficult and time-consuming to build organically.

For agents, team leaders and franchise owners, the key questions in the coming months will center on how quickly and effectively Real’s platform is deployed across the REMAX network, how economics and fee structures evolve for each brand, and how regulators view concentration in certain markets. The companies’ promise to maintain separate brands and models will be tested against integration goals and cost-savings targets.

Housing professionals watching this transaction will want to track the proxy filings and integration updates for more detail on proposed technology rollouts, fee changes, and any plans around ancillary services — especially mortgage and title — which are increasingly central to brokerage profitability.