The Real Brokerage Inc. has agreed to acquire RE/MAX Holdings, Inc., the companies announced Monday, in a transaction that implies an enterprise value for RE/MAX Holdings of about $880 million. The deal will create a new holding company called Real REMAX Group.

At 7x fully synergized 2025 EBITDA, the implied enterprise value of roughly $880 million reflects the multiple the companies cited in their announcement. Each RE/MAX shareholder can choose between a cash payout of $13.80 per share or 5.152 shares of the new holding company, though proration provisions limit total cash paid out to a range of $60 million to $80 million. On a fully diluted basis, ownership of the combined entity is projected to split approximately 59% for Real shareholders and 41% for RE/MAX shareholders once the transaction is complete.

The deal value carries a note of ambiguity: while the companies' announcement and the transaction's enterprise value both cite $880 million, The Wall Street Journal described the deal as valued at roughly $550 million — a figure that corresponds to the financing commitment Real has secured, rather than the enterprise value. The Journal separately noted that the enterprise value including debt is about $880 million.

To cover RE/MAX's existing debt, the cash portion of the deal, and related expenses, Real arranged a $550 million financing package with Morgan Stanley $MS Senior Funding Inc. and Apollo Global Funding LLC serving as lead lenders.

Looking at 2025 figures on a combined basis, the two companies together would have posted roughly $2.3 billion in revenue and $157 million in adjusted EBITDA, excluding any synergy benefits. Individually, Real's 2025 adjusted EBITDA came in at approximately $62.9 million and RE/MAX Holdings contributed approximately $93.7 million. Cost savings from shared services, consolidated corporate functions, and technology efficiencies are expected to reach approximately $30 million annually, with the bulk materializing before the end of 2027.

Both the RE/MAX and Motto Mortgage brands will retain their current identities and franchise structures. Real will remain a separately owned brokerage. Leadership of Real REMAX Group will fall to Poleg, who currently chairs and leads Real, once the acquisition is finalized. Jenna Rozenblat, who currently holds the COO role at Real, has been designated to oversee integration efforts. Of the ten seats on the new company's board, three will be filled by directors drawn from RE/MAX Holdings' existing board.

Miami will serve as the corporate home of Real REMAX Group, though Denver will continue to host substantial operations; the company's shares are slated to list on Nasdaq $NDAQ as REAX.

Both boards have signed off on the deal, which is targeted to wrap up sometime in the latter half of 2026 once shareholders vote, regulators weigh in, and a British Columbia court grants its approval. Dave Liniger, RE/MAX's co-founder and chairman, commands roughly 38% of the company's voting power and has committed to supporting the transaction with his votes.

The acquisition is the latest in a series of brokerage consolidations. Earlier consolidation moves included Rocket's announced purchase of Redfin in March 2025 and, several months later in September, Compass reaching an agreement to take over Anywhere Real Estate, whose portfolio spans brands such as Coldwell Banker and Sotheby's International Realty, according to The Wall Street Journal.