National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Real Brokerage to Acquire RE/MAX Holdings
The Real Brokerage Inc. and RE/MAX Holdings, Inc. said Monday they have entered into a definitive agreement under which Real will acquire RE/MAX Holdings to create what the two companies described as a leading technology-enabled global real estate platform named Real REMAX Group. The transaction implies an enterprise value for RE/MAX Holdings of approximately $880 million.
The combined company will span nearly 8,500 franchisees and 180,000-plus agents, more than 100,000 of whom are based in the U.S. and Canada. REMAX and Motto Mortgage will continue to operate under their current brands. Real will continue to operate as an owned brokerage under the Real brand.
“This acquisition is an important step on our journey to build a technology platform that empowers real estate professionals and improves the consumer experience,” said Tamir Poleg, chairman and CEO of Real. “Bringing together Real’s technology and operating model with REMAX’s global reach and franchise model is a transformational moment for the industry. Together, we will create a more innovative, more productive and more connected real estate ecosystem that we believe will generate substantial long-term value for agents, franchisees, consumers and shareholders.”
Poleg will serve as chairman and CEO of the combined company. Real’s COO, Jenna Rozenblat, will serve as chief integration officer in connection with the transaction. Additional leadership positions within the Real REMAX Group are expected to leverage the combined strengths of both organizations. The combined company’s 10-member board will include three members from the RE/MAX Holdings board.
Real REMAX Group will be headquartered in Miami with significant operations remaining in the Denver area. Its stock is expected to trade on NASDAQ under the ticker REAX.
Morgan Stanley is serving as exclusive financial advisor to Real, Willkie Farr & Gallagher LLP and Gowling WLG (Canada) LLP are serving as legal advisors in the U.S. and Canada, respectively, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.
J.P. Morgan Securities LLC is serving as exclusive financial advisor to RE/MAX Holdings, Morrison & Foerster LLP is serving as legal advisor and H/Advisors Abernathy is serving as strategic communications advisor.
- ◦Sale/Acquisition
