The Real Brokerage and RE/MAX Holdings expect to close their combination on Aug. 24, the companies said, setting a firm date for a deal that will fold the RE/MAX franchise brand into Real’s technology-driven platform under the name Real REMAX Group.
The two firms released preliminary results of the election in which RE/MAX stockholders chose how to receive their merger consideration, according to a joint announcement dated Aug. 20. Holders of 18,488,134 shares elected cash, with all remaining shares electing or deemed to elect stock.
How the consideration breaks down
Because cash elections exceeded the transaction’s cash cap of $60 million to $80 million, the payout was prorated. Stockholders who elected cash will receive approximately $4.33 per share plus about 0.3535 shares of Real REMAX common stock, on a post-consolidation basis. Those who elected stock will receive 0.5150 Real REMAX shares per RE/MAX share.
The share figures reflect a 10-for-1 consolidation of Real’s stock that will take effect Aug. 24 at 4:01 p.m. Eastern, immediately before closing. The exchange ratio was adjusted to 0.5150 to account for the consolidation. Real REMAX Group is expected to begin trading on the Nasdaq under the ticker “REAX” on Aug. 25.
The transaction remains subject to specified closing conditions, including a final order from the Supreme Court of British Columbia, where Real is incorporated.
What it means
The firm dates are the substance here. RE/MAX and Real securityholders approved the combination at a special meeting on Aug. 14, and the election results and Aug. 24 closing mark the mechanical steps that turn an approved deal into a completed one. Barring a hitch at the British Columbia court, the merger that has reshaped brokerage industry expectations since it was announced will be done next week.
The combination pairs two very different models: RE/MAX’s franchise network, built on an established global brand, and Real’s agent-centric, technology-forward platform. The companies have said the combined business would carry roughly $2.3 billion in pro forma 2025 revenue. Integrating a legacy franchise system into Real’s structure β and retaining agents through the transition β is the execution risk that will determine whether the deal delivers, and it is one that will play out over quarters, not days.
The proration is a small signal worth noting: with cash elections oversubscribed against a capped pool, a meaningful share of RE/MAX holders wanted to take money off the table rather than roll fully into the combined equity. That is a common pattern in cash-and-stock mergers and does not by itself indicate a lack of confidence, but it does mean the surviving shareholder base tilts toward those who elected stock.
The deal caps a turbulent stretch for RE/MAX, which posted a $4.3 million second-quarter loss as its U.S. agent count fell ahead of the merger. It also lands amid a broader wave of brokerage consolidation and franchise realignment as firms chase scale and technology in a slow transaction market.
