Real Brokerage to Acquire RE/MAX in $880M Deal

The Data

The Real Brokerage Inc. agreed Monday to acquire RE/MAX Holdings Inc. in an all-stock-and-cash deal valuing the franchisor at roughly $880 million, the two companies announced jointly. The combined firm — Real REMAX Group — would support more than 180,000 real estate professionals across 120+ countries, with pro forma 2025 revenue of $2.3 billion and adjusted EBITDA of $157 million before synergies.

The implied enterprise value works out to 7x fully synergized 2025 EBITDA. RE/MAX shareholders can elect $13.80 cash per share or 5.152 shares of the new entity, with aggregate cash capped between $60M and $80M. Real shareholders will own roughly 59% of the combined company; RE/MAX shareholders, 41%.

The Context

Two different operating models, stapled together. Real, a Miami-based, technology-focused brokerage, brings roughly 33,000 agents in the U.S. and Canada and its proprietary reZEN platform. Denver-based RE/MAX brings about 8,500 franchise offices and a globally recognized brand. The two firms supported about 1 million transaction sides in North America and 1.8 million globally in 2025.

Real CEO Tamir Poleg, who will chair the combined company, called it "a transformational moment for the industry" in the release. Agents and franchisees keep their brands but gain access to reZEN and Real Wallet financial services. RE/MAX co-founder Dave Liniger, who controls about 38% of RE/MAX voting power, has agreed to vote in favor.

The financing is heavy: a $550 million commitment from Morgan Stanley and Apollo to refinance RE/MAX debt and fund the cash leg. Management projects $30 million in annual run-rate synergies, mostly realized by 2027. The combination tracks a sector still digesting commission lawsuits, slower volume, and franchisor margin pressure.

Also Moving

• Manhattan Q1 investment sales hit $3.7 billion across 92 transactions — the best three-month performance since 2021 — with multifamily volume surging 246% year-over-year to $1.07 billion (GlobeSt).
• CMBS weighted-average debt yield reached 10.3% across $94.7 billion in loans, but cap rates remain below loan coupons in multifamily (-57 bps) and industrial (-80 bps) per CRED iQ (Commercial Observer).
• 27% of homeowners with sub-4% rates now say they're "very likely" to buy in the next 12 months — Inman Intel's April 2026 survey of 3,000 adults points to lock-in loosening (Inman).

What to Watch

Three signals over the next several months:

1. Shareholder votes and British Columbia court approval. Closing is targeted for the second half of 2026. Proxy filings will detail integration milestones.
2. Q2 and Q3 earnings calls for color on agent attrition during the announcement-to-close window. Real reported $62.9M adjusted EBITDA for 2025; RE/MAX, $93.7M.
3. Whether synergy math holds at higher rates. The deal underwrites roughly 100 basis points of margin expansion by 2027 — a higher-for-longer rate environment makes the $550M refinancing more expensive.

Data sources: HousingWire, GlobeSt, Commercial Observer, Inman Intel.