Traders should monitor shareholder voting outcomes and regulatory approvals, as the deal is contingent on these milestones. The $13.80 cash alternative sets a near-term price floor for RMAX shares, while the stock election offers exposure to synergies and growth in the combined platform. Arbitrage opportunities may exist between current RMAX pricing and the implied value of the stock consideration.
Price Chart
Executive Summary
RE/MAX Holdings (RMAX) has agreed to be acquired by The Real Brokerage Inc. (REAX) in an all-stock and cash transaction valued at an $880 million enterprise value. The deal will create a combined entity, Real REMAX Group, with $2.3 billion in pro forma 2025 revenue and is expected to be accretive to Real's earnings within the first full year post-close. RMAX shareholders will receive either 5.152 shares of the new entity or $13.80 in cash per share, with a prorated mix to deliver $60–80 million in total cash.
Key Financial Metrics
Key Facts
- The Real Brokerage Inc. (REAX) will acquire RE/MAX Holdings (RMAX) to form Real REMAX Group.
- The transaction implies an enterprise value of $880 million for RMAX, representing 7x 2025 EBITDA.
- RMAX shareholders can elect to receive 5.152 shares of Real REMAX Group or $13.80 in cash per share, subject to proration to keep total cash between $60M and $80M.
- Post-transaction, Real shareholders will own ~59% and RMAX shareholders ~41% of the combined company on a fully diluted basis.
- The combined company would have generated $2.3B in revenue and $157M in Adjusted EBITDA (before synergies) in 2025 on a pro forma basis.
- The deal is expected to generate $30M in annual run-rate cost synergies, mostly realized by 2027.
- The transaction is expected to close in the second half of 2026, subject to shareholder, regulatory, and court approvals.
- Dave Liniger, who controls 38% of RMAX voting power, has agreed to vote in favor of the deal.
Financial Impact
The transaction implies a $880 million enterprise value for RMAX. The combined company had $2.3 billion in pro forma 2025 revenue and $157 million in Adjusted EBITDA. $30 million in annual cost synergies are expected, contributing ~100 bps of margin expansion.
Risk Factors
- Failure to obtain shareholder or regulatory approvals could derail the transaction.
- Integration risks between the two distinct business models (franchise vs. owned brokerage).
- Potential litigation or termination fees if the deal is not completed.
- Management distraction during the integration period.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001104659-26-049040 |
| Document: 0001104659-26-049040-index-headers.html | 0001104659-26-049040 |
| Document: 0001104659-26-049040-index.html | 0001104659-26-049040 |
| Document: 0001104659-26-049040.txt | 0001104659-26-049040 |
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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