Real and RE/MAX Shareholders Approve Merger, Forming Real RE/MAX Group

Real and RE/MAX Security Holders Approve the Deal

The Real Brokerage Inc. and RE/MAX Holdings Inc. cleared the shareholder votes needed for Real's proposed acquisition of RE/MAX at special meetings on Friday. Real reported that roughly 99% of votes cast by its shareholders supported the arrangement, including 98.9% when optionholders and restricted share unit holders voted as a single class. At RE/MAX Holdings, holders of about 78.8% of the voting power of common stock voted in favour.

The deal, first announced in April 2026, will create Real RE/MAX Group. The companies say the combined operation is expected to support more than 180,000 real estate professionals in more than 120 countries and territories. The transaction still requires a final order from the Supreme Court of British Columbia, and the companies expect closing in the next couple of weeks once remaining conditions are met.

On a pro forma basis, the merged company projects roughly $2.3 billion in 2025 revenue and $157 million in adjusted EBITDA before synergies. Antitrust clearance in the United States was granted in mid-July, when the Department of Justice gave early termination of the required Hart-Scott-Rodino waiting period.

Inside the Real-RE/MAX Combination: Growth, Brand and Integration

Real Brings Revenue Growth; RE/MAX Brings the Global Franchise Brand

The two companies arrive at the merger from very different financial positions. Real reported Q2 2026 revenue of $700.6 million, up 30% year over year, and a net loss of $8 million. RE/MAX reported Q2 2026 revenue of $68.5 million, down 5.8% year over year, and a net loss of $4.3 million. The transaction is therefore not a larger profitable company absorbing a smaller one: Real is by far the larger revenue generator, while RE/MAX contributes a 50-year-old franchise network, trusted brand and global broker/owner structure.

Why the Financial Case Still Depends on Execution, Not Just Scale

The projected $2.3 billion in pro forma 2025 revenue and $157 million in adjusted EBITDA before synergies imply thin profitability at the combined level. The companies have not disclosed a synergy target. Real's latest quarterly loss was driven partly by $11.6 million in acquisition-related expenses, and integration costs will continue after closing. The market will therefore look for evidence that the merged platform can convert its agent count and geographic reach into lower costs and higher productivity, rather than simply adding scale.

The Main Post-Closing Risk Is Combining Two Different Operating Models

Real operates a technology-focused brokerage platform, while RE/MAX is a franchise network built around local broker/owners and a trusted brand. The lower RE/MAX approval, 78.8% versus roughly 99% at Real, may reflect some discomfort among target shareholders. Leadership statements emphasise preserving the entrepreneurial culture, local leadership and trusted RE/MAX brand, but no specific integration timeline has been published. Delivering technology and education tools without disrupting franchise economics is the key test.

Next Moves for Agents, Broker/Owners and Investors After the Vote

For broker/owners and agents, the vote does not change day-to-day operations yet. The buyer and target say closing is expected within two weeks, subject to the British Columbia court order, so the following near-term items are linked to the announced timeline and terms.

• Broker/owners in the RE/MAX network: prepare for the ownership transition after the expected two-week closing window. No new franchise agreement or commission structure has been announced, but the combined group says it will keep the RE/MAX brand and local leadership, so ask for written confirmation of territory and brand rights.
• Agents at both companies: wait for the combined group's announced technology and education resources before changing platforms. The companies project 180,000 agents across 120-plus countries, but no integration schedule or training calendar has been published.
• Investors: watch for the first Real RE/MAX Group earnings after closing for integration costs, the $157 million adjusted EBITDA baseline before synergies, and any first synergy figure. Real's Q2 net loss included $11.6 million in deal costs, so early post-close results may still be loss-making.
• Competing brokerages: assess local markets where RE/MAX franchises and Real's technology platform overlap. The combined entity's stated advantage is scale and technology, but it has not yet shown how it will improve profitability or agent retention.