Real and RE/MAX have finally tied the knot, and the new couple is already planning a big shopping spree. Real REMAX Group Inc. (NASDAQ:REAX) announced the completion of its business combination and, in the same breath, authorized a share repurchase program of up to $450 million.
The deal also included a 10-for-1 consolidation of Real's shares and introduced a new ownership structure. As of Monday's close, Real's common shares and RE/MAX Holdings' Class A shares stopped trading under their former Nasdaq and New York Stock Exchange listings. Former Real shareholders received one Real REMAX Group share for each post-consolidation Real share they held.
Shares of the combined company began regular trading Tuesday on Nasdaq under the REAX ticker.
Board Authorizes Up To $450 Million Buyback
Separately, Real REMAX Group's board authorized a share repurchase program of up to $450 million, limited to 25 million common shares. The company may repurchase shares through open-market purchases, privately negotiated transactions, or other methods depending on market conditions.
"This authorization reflects our Board's confidence in Real REMAX Group's long-term strategy and our commitment to balanced capital allocation," Chairman and CEO Tamir Poleg said.
Combined Company Has More Than 180,000 Agents
Real REMAX Group combines Real's technology and operating model with RE/MAX's global franchise network across brokerage, franchising, and ancillary services. The combined company has more than 180,000 agents, including over 100,000 in the U.S. and Canada, and operates across more than 120 countries and territories.
REAX Stock Price Today
Real Brokerage shares closed 9.09% down at $24 on Monday, according to market data.
