Google (GOOGL) said Thursday it has purchased the real-estate giant RE/MAX for $1.3 billion.
The deal will allow Google to compete aggressively in the real property market.
RE/MAK was the No. 1 home-equity provider in the U.S. in 2016, according to data compiled by Bloomberg.
Google said it plans to invest $2.6 billion in RE/Mortgage Brokers Inc., the realty brokerage group RE/Max bought in 2014 for $6.2 billion.
RE Max was reorganized as RE/MOA in January.RE/MA, founded in 1987, is a pioneer in the home-loan market.
Its real-property lending business, which includes loans to homeowners, is among the most aggressive in the industry.
Its real estate brokerages have been the target of a series of legal battles over the years, including one filed by New York state, which accused RE/ MA of deceptive practices in mortgage-related disclosures.
RE MA’s real estate division had a net income of $1 billion last year.
RE MAX’s sales and marketing arm has a net profit of $600 million.RE MA has said its sales and management arm, RE/MONA, has revenue of $800 million.