Traders should monitor shareholder and regulatory approvals, with closing expected in H2 2026. The significant cost synergies and expected accretion suggest upside potential post-integration, though integration execution risk remains. REAX shareholders gain exposure to RE/MAX's global brand, while RMAX shareholders receive a mix of stock and cash with potential upside in the combined entity.
Price Chart
Executive Summary
RE/MAX Holdings (RMAX) has agreed to be acquired by The Real Brokerage Inc. (REAX) in a transformative merger to create a leading technology-enabled global real estate platform, Real REMAX Group. The transaction implies an enterprise value of $880 million for RE/MAX and is expected to be accretive to Real's earnings within the first full year post-closing, combining Real's AI-powered brokerage with RE/MAX's global franchise network.
Key Facts
- The Real Brokerage Inc. (REAX) will acquire RE/MAX Holdings (RMAX) to form Real REMAX Group.
- Transaction implies an enterprise value of $880 million for RE/MAX, representing a 7x multiple of 2025 EBITDA.
- Combined company would have generated $2.3 billion in annual revenue and $157 million in Adjusted EBITDA before synergies in 2025.
- Real REMAX Group is expected to be headquartered in Miami, with stock trading on NASDAQ under ticker REAX.
- RE/MAX shareholders will receive either 5.152 shares of Real REMAX Group or $13.80 in cash per share, with cash consideration capped between $60M and $80M.
- Real shareholders will own ~59% and RE/MAX shareholders ~41% of the combined company on a fully diluted basis.
- Transaction is expected to close in the second half of 2026, subject to approvals.
- Deal is expected to generate $30 million in annual run-rate cost synergies, mostly realized by 2027.
- Dave Liniger, RE/MAX co-founder, controls 38% of voting power and has agreed to vote in favor of the transaction.
Financial Impact
The combined company would have generated $2.3 billion in annual revenue and $157 million in Adjusted EBITDA before synergies in 2025. The deal is expected to generate $30 million in annual run-rate cost synergies and is accretive to Real's earnings within the first full year post-closing.
Risk Factors
- Failure to obtain required regulatory or shareholder approvals
- Integration challenges between the two companies' platforms and cultures
- Potential litigation related to the transaction
- Failure to realize anticipated $30 million in cost synergies
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-049039 |
| Document: tm2612789d2_8k.htm | 0001104659-26-049039 |
| Document: 0001104659-26-049039-index-headers.html | 0001104659-26-049039 |
| Document: 0001104659-26-049039-index.html | 0001104659-26-049039 |
| Document: 0001104659-26-049039.txt | 0001104659-26-049039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | SC 13G/A | — | awaiting T+60 | — | — |
Sep 4, 2026 7w ago | 15-12G | — | awaiting T+60 | — | — |
Aug 26, 2026 8w ago | EFFECT | $13.40 | awaiting T+60 | — | — |
Aug 25, 2026 9w ago | 25-NSE | $13.50 | awaiting T+60 | — | — |
Aug 6, 2026 11w ago | DEFA14A | $10.77 | awaiting T+60 | — | — |
Aug 4, 2026 12w ago | 425 / 8-K | $9.70 | awaiting T+60 | — | — |
Jul 14, 2026 15w ago | DEFA14A | $10.72 | awaiting T+60 | — | — |
Jul 14, 2026 15w ago | 8-K | $10.72 | awaiting T+60 | — | — |
Jun 11, 2026 19w ago | Institutional Cluster | $9.01 | awaiting T+60 | — | — |
May 28, 2026 21w ago | DEFA14A | $9.54 $12.36 | ▲ +29.56% | ▲ +28.38% | — |
US Market Status
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