The Real Brokerage Inc., and REMAX Holdings, Inc., the parent company of REMAX, have announced that securityholders of both companies approved Real’s proposed acquisition of REMAX Holdings during special meetings held today.
Once the deal is completed, the combined company will operate as Real REMAX Group, a holding company.
Tamir Poleg
“We’re grateful for the strong support from securityholders of both companies, and appreciate the confidence this signals in our vision for a more connected, innovative real estate ecosystem,” Chairman and Chief Executive Officer Tamir Poleg of Real said in a statement. “Together, through Real REMAX Group, we’ll have the scale, talent and resources to invest more, build faster and create even greater value for the more than 180,000 real estate professionals who choose our brands, and for the clients they serve.”
The special resolution was approved by approximately 99 percent of Real shareholders and 78.8 percent of REMAX Holdings securityholders holding common stock, according to the statement.
“Today’s vote is an important milestone for REMAX franchise owners and the broader REMAX network,” REMAX Holdings CEO Erik Carlson said. “This combination provides the opportunity to strengthen the value for Broker/Owners and their agents while preserving the entrepreneurial culture, local leadership and trusted REMAX brand that have fueled success for more than 50 years.”
Erik Carlson | Credit: Chris Schneider / Dish
In its most recent earnings report, The Real Brokerage reported second-quarter revenue of $700.6 million, up 30 percent year over year. REMAX revenue fell 5.8 percent, and U.S. agent count hit its lowest level in at least two years in Q2.
The transaction is expected to close within the next couple of weeks upon the satisfactory completion of all closing conditions, including a final approval order from the Supreme Court of British Columbia. The combined company is expected to “support more than 180,000 real estate professionals across more than 120 countries and territories.”
