US-based Remax Holdings Inc. has announced its planned acquisition by real estate brokerage Real (The Real Brokerage Inc.) in what is reportedly a US$880m ($1.2m) deal.
The deal is expected to be finalised later this year, with the merged company operating as Real Remax Group. The new group is expected to span more than 120 countries, with at least 180,000 real estate professionals, creating one of the largest real estate networks in the world.
Remax Holdings Inc is the parent company of franchisor Remax LLC, which operates the global network. The new dual business will be led by chairman and CEO Tamir Polig, with both brands operating separately in the US and Canada.
Remax Australia managing director Joel Davoren said “The most important thing to note is that Remax Australia will continue as a brand and that the news from Remax Holdings does not require rebranding.”
Davoren said the local business has a history of independent operations that suit the market.
“Australian real estate requires unique solutions, and we expect this to continue, with the possibility of potential benefits coming from some of the AI and technology-based solutions that Real is currently utilising overseas,” Davoren said.
“Our focus remains on providing the best in market solutions for our Remax Australia network.”
