REAX · The Real Brokerage Inc.

The Real Brokerage Inc. announced a definitive agreement to acquire RE/MAX Holdings, Inc., creating a combined entity named Real REMAX Group. The transaction values RE/MAX Holdings at an enterprise value of approximately $880 million, representing a fully synergized multiple of 7x 2025 EBITDA. The combined company would have generated pro forma annual revenue of approximately $2.3 billion and Adjusted EBITDA of $157 million in 2025. The acquisition unites Real's AI-powered brokerage platform with REMAX's iconic brand and global franchise network spanning over 120 countries and territories, supporting more than 180,000 real estate professionals. The transaction is expected to be accretive to Real's earnings and Adjusted EBITDA margin within the first full fiscal year post-close, excluding non-recurring expenses. Cost synergies of approximately $30 million in annual run-rate savings are anticipated, primarily from shared services, corporate costs, and technology efficiencies, contributing roughly 100 basis points of margin expansion once fully realized. The combined company will be led by Real CEO Tamir Poleg as Chairman and CEO, with Real's COO Jenna Rozenblat serving as Chief Integration Officer. The board will include 10 members, with 3 from RE/MAX Holdings. The transaction is expected to close in the second half of 2026, subject to shareholder and regulatory approvals. Real has secured a $550 million financing commitment from Morgan Stanley and Apollo to refinance existing debt and fund the cash consideration. The deal is intended to be tax-free for U.S. federal income tax purposes. Real shareholders are expected to own approximately 59% of the combined company, and RE/MAX Holdings shareholders approximately 41% on a fully diluted basis.