RE/MAX Holdings, Inc. (RMAX)

RE/MAX was founded in 1973 in Denver, Colorado, by Dave and Gail Liniger. The company built a franchise network of independent real estate brokerages and agents that operated under the RE/MAX brand in the United States, Canada and many other countries. Its revenue came mainly from continuing franchise fees, annual dues, broker fees and franchise sales, rather than from owning brokerages directly.

RE/MAX Holdings completed its initial public offering on the New York Stock Exchange in October 2013 under the ticker RMAX, using an Up-C structure in which the Linigers and other holders retained interests in an operating partnership. In 2016 it launched Motto Mortgage, a franchise brand of mortgage brokerages, and it acquired Booj, a real estate technology company, as well as later the technology platform First and the mortgage processing company wemlo.

The business was affected in the years before the transaction by slowing housing activity caused by higher mortgage rates, a decline in agent counts, and changes in industry practice following litigation over broker commissions. These conditions put pressure on the franchise model that relied on a large agent base, and competition grew from technology-centered brokerages.

In 2026 RE/MAX agreed to a business combination with The Real Brokerage, a technology-focused residential brokerage, valued at about $880 million. The combined company, known as Real REMAX Group, would hold both the RE/MAX franchise network and Real's agent-based platform. Shareholders of RE/MAX voted on the deal before it closed.

The transaction closed on August 24, 2026. RE/MAX Class A holders could elect cash and stock, consisting of about $4.33 in cash and 0.3535 Real REMAX Group shares per share, or an all-stock option of 0.5150 shares per share. The cash election was oversubscribed, so proration applied, with total cash consideration of about $80 million. About 14.5 million shares of Real REMAX Group were issued to former RE/MAX holders and 22.1 million to former Real Brokerage holders. RE/MAX stock was expected to stop trading on the NYSE before the market opened on August 25, 2026, its credit agreement was repaid, and its directors and officers resigned.