Real Brokerage to Acquire RE/MAX in $880M Deal, Targeting $30M Savings
Real Brokerage agreed to acquire RE/MAX Holdings for an $880 million enterprise value, equal to 7x 2025 EBITDA and backed by a $550 million financing led by Morgan Stanley and Apollo. Combined ownership will be 59% for Real and 41% for RE/MAX shareholders, with annual cost synergies of $30 million.
1. Deal Terms and Valuation
The acquisition of RE/MAX Holdings by Real Brokerage values RE/MAX at an $880 million enterprise value, representing 7x 2025 EBITDA after synergy adjustments. Real will fund the transaction with a $550 million financing package led by Morgan Stanley Senior Funding Inc. and Apollo Global Funding LLC.
2. Ownership Structure and Shareholder Options
RE/MAX shareholders may elect $13.80 in cash per share or receive 5.152 shares in the new Real REMAX Group, subject to proration that caps cash payouts at $60–$80 million. The combined entity will allocate approximately 59% equity to Real shareholders and 41% to RE/MAX shareholders on a fully diluted basis.
3. Expected Synergies and Financial Impact
The merger is projected to yield annual cost savings of approximately $30 million through shared services, consolidated corporate functions, and technology efficiencies, with most benefits materializing before the end of 2027. Individually, Real's 2025 adjusted EBITDA was $62.9 million and RE/MAX's was $93.7 million; combined pro forma revenue and EBITDA would reach about $2.3 billion and $157 million.
4. Governance and Operations
The new holding company, Real REMAX Group, will be led by Real's current chair, Poleg, with Real COO Jenna Rozenblat overseeing integration. The 10-member board will include three directors from RE/MAX Holdings, and Miami will serve as the corporate headquarters while Denver remains an operational hub; shares will trade on Nasdaq as REAX.