Rocket Companies, a Detroit-based fintech platform specializing in mortgage, real estate, and personal finance, announced an agreement to acquire Redfin in an all-stock transaction valued at $1.75 billion. Each share of Redfin common stock will be exchanged for 0.7926 shares of Rocket Companies Class A common stock, representing a 63 percent premium. Following the acquisition, Rocket Companies’ shareholders will hold approximately 95 percent of the combined entity, while Redfin shareholders will hold 5 percent. The transaction has received approval from the Boards of Directors of both companies and is expected to close by the third quarter of 2025, subject to regulatory and shareholder approvals. Upon completion, Redfin CEO Glenn Kelman will continue to lead Redfin’s operations, reporting to Rocket Companies' CEO Varun Krishna.
The acquisition aims to integrate Redfin’s real estate search platform and agent network with Rocket’s mortgage services, creating a more connected home-buying process. Rocket Companies plans to leverage Redfin’s 50 million monthly visitors and 2,200 real estate agents to boost its purchase mortgage growth. Krishna commented, "Together, we will improve the experience by connecting traditionally disparate steps of the search and financing process with leading technology that removes friction, reduces costs and increases value to American homebuyers."
