Thousands of Remax Canadian franchisees and brokers are slated to be part of Real Brokerage’s acquisition of RE/MAX Holdings.

Real and RE/MAX Holdings said Monday they have entered into a definitive agreement under which Real will acquire RE/MAX Holdings to create what the two companies described as a leading technology-enabled global real estate platform named Real REMAX Group. The transaction implies an enterprise value for RE/MAX Holdings of approximately $880 million.

“We are incredibly excited for this next chapter as we bring together two highly complementary businesses to create a leading tech-enabled global real estate platform,” said Don Kottick, president of Remax Canada, in a LinkedIn post.

Kottick added that he was looking forward to a very bright future for Remax and Remax Canada.

The combined company will span nearly 8,500 franchisees and 180,000-plus agents, more than 100,000 of whom are based in the U.S. and Canada. Remax and Motto Mortgage will continue to operate under their current brands. Real will continue to operate as an owned brokerage under the Real brand.

“This acquisition is an important step on our journey to build a technology platform that empowers real estate professionals and improves the consumer experience,” said Tamir Poleg, chairman and CEO of Real. “Bringing together Real’s technology and operating model with Remax’s global reach and franchise model is a transformational moment for the industry. Together, we will create a more innovative, more productive and more connected real estate ecosystem that we believe will generate substantial long-term value for agents, franchisees, consumers and shareholders.”

Poleg will serve as chairman and CEO of the combined company. Real’s chief operating officer, Jenna Rozenblat, will serve as chief integration officer in connection with the transaction. Additional leadership positions within the Real Remax Group are expected to leverage the combined strengths of both organizations. The combined company’s 10-member board will include three members from the RE/MAX Holdings board.

Real Remax Group will be headquartered in Miami with significant operations remaining in the Denver area. Its stock is expected to trade on NASDAQ under the ticker REAX.