Rocket Companies (NYSE:RKT) said on Monday it would acquire real estate listing platform Redfin (NASDAQ:RDFN) in an all-stock deal valued at $1.75 billion, seeking to boost its lending business.
Rocket's $12.50 per share offer equates to a near 115% premium to Redfin's Friday close. Redfin's shares rose about $4.37, or 75%, to $10.19, while Rocket's fell $1.69, or 10.7%, to $14.08.

Founded in 2004, Redfin operates a home search platform with more than one million for-sale and rental listings and a tech-powered brokerage of more than 2,200 agents.

Rocket, whose flagship business is its mortgage-lending arm, aims to lean on technology and AI to help link prospective buyers with its financing arm and speed up deals once the transaction closes, the company said.
The deal is expected to close in the second or third quarter, Detroit-based fintech Rocket said.

It expects the combined company to achieve more than $200 million in run-rate synergies by 2027.

Redfin CEO Glenn Kelman will continue to lead the business.

"Rocket and Redfin's approaches to lending and brokerage service have always been two halves of one vision to make the whole home-buying process magical," said Kelman.

"We want a customer to be able to check her phone to find out what she can afford, see which homes are just right for her, schedule a tour with a local, expert Redfin agent, and get pre-qualified for a loan, all in a matter of minutes."

COMTEX_463475956/2559/2025-03-10T10:12:39