Real Completes $880M RE/MAX Merger, Creates 180,000-Agent Giant
RE/MAX keeps its franchise model and Real keeps its revenue share, but both networks now sit inside one holding company.
The Real Brokerage closed its roughly $880 million acquisition of RE/MAX Holdings on August 24, folding RE/MAX’s 145,000-plus franchise agents into a company that also carries Real’s own 36,000-plus agents under a new parent, Real REMAX Group, which began trading on Nasdaq as REAX on August 25. For agents and for a developer’s in-house sales team, the deal does not force a rebrand or a new split. It changes who owns the network both brands plug into.
Why it matters
RE/MAX keeps its franchise model and brand. Real keeps its digital brokerage platform, commission structure and revenue-share and equity programs, according to the companies’ own statements. That means an agent working a REMAX office does not wake up on a Real split, and a Real agent does not inherit RE/MAX franchise fees. What changes is referral reach: a developer placing new-construction listings, or a builder’s sales team routing buyer leads to outside agents, now taps a single ownership structure spanning both networks in more than 120 countries, instead of two competitors with no shared pipeline.
The numbers
RE/MAX Class A shareholders could elect roughly $4.33 in cash plus 0.3535 Real REMAX Group shares, or 0.5150 shares outright, per share, according to RE/MAX’s 8-K filed with the SEC on the closing date. The cash option was oversubscribed and prorated: about 18.5 million shares elected cash-plus-stock against about 11.7 million that elected all-stock, with total cash consideration capped near $80 million. Real REMAX Group issued roughly 22.1 million shares to former Real holders and 14.5 million to former RE/MAX holders. RE/MAX’s outstanding credit facility was repaid in full at closing, and RE/MAX Class A stock was delisted from the NYSE the next trading day.
What’s next
The combined company reported the two businesses would have posted about $2.3 billion in 2025 revenue and $157 million in adjusted EBITDA on a standalone basis, before any cost synergies. For National brokerage networks, the near-term test is whether Real’s tech stack actually widens referral flow between the two brands or stays a back-office holding-company exercise while RE/MAX franchisees keep operating as before.
On the record
Primary record
- Public recordThe RE/MAX 8-K shows the cash election was oversubscribed and prorated: holders of about 18.5 million RE/MAX Class A shares chose the roughly $4.33 cash-plus-stock option against holders of about 11.7 million shares who chose the all-stock option, so RE/MAX's own shareholder base tilted toward taking cash off the table rather than betting on the combined stock.View the record on sec.gov
- The Real Brokerage / RE/MAX Holdings joint press release (via SEC EDGAR, Aug. 21, 2026)Real and RE/MAX Holdings Announce Real's Receipt of Court Approval of Proposed Arrangement
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