The Real Brokerage Inc. will acquire REMAX Holdings, Inc. for $880 million, an agreement between the two groups stipulates. The deal is expected to close later this year.

The new, combined entity — Real REMAX Group — encompasses over 180,000 real estate professionals across 120 countries, with a projected annual sales volume of $2.3 billion.

“REMAX is pleased to announce this transition with Real to create a leading global real estate platform,” REMAX Holdings CEO Erik Carlson said in a press release. “Real brings differentiated, best-in-class technology that we believe will drive greater choice, higher productivity and expanded support to our network. By joining forces, we will be positioned to deliver a more enhanced experience for all stakeholders, from agents to franchisees to consumers to shareholders, all while strengthening the culture and flexibility that make our brands special.”

REMAX and Motto Mortgage, REMAX’s mortgage brokerage franchise, will continue to operate under their current names, but gain access to Real’s cloud-based, technology-centric brokerage model and AI-powered suite of tools.

Real REMAX Group will be headquartered in Miami and trade on NASDAQ under the ticker REAX. Real CEO Tamir Poleg will serve as chairman and CEO.

“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 Poleg. “Bringing together Real’s technology and operating model with REMAX’s global reach and franchise model is a transformational moment for the industry.”