CNBC is reporting that Rocket Companies is acquiring Redfin in an all-stock deal worth $1.75 billion. The deal is expected to close in 2nd or 3rd quarter of this year. Comparing the two companies, CNBC says Redfin operates a home search platform with more than 1 million for-sale and rental listings and a tech-powered brokerage of more than 2k agents. While 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.
“Rocket and Redfin have a unified vision of a better way to buy and sell homes…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.” Said Varun Krishna, CEO of Rocket Companies.
