Real Completes $880M RE/MAX Merger, Creates 180,000-Agent Giant

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.