Rocket Cos. (NYSE: RKT) is expanding its presence in the real estate sector with an agreement to acquire Redfin Corp. (Nasdaq: RDFN) in a deal valuing the listing platform at $1.75 billion.
Redfin operates a home search and brokerage platform with over one million listings and more than 2,200 agents. The integration of Redfin’s data models with Rocket’s platform aims to enhance its ability to assess homebuyer intent. The Detroit-based financial technology firm will pay $12.50 per Redfin share. Redfin CEO Glenn Kelman is expected to continue leading the business, Bloomberg is reporting.
The deal, advised by Morgan Stanley (NYSE: MS) for Rocket and Goldman Sachs (NYSE: GS) for Redfin, is projected to close in the second or third quarter of this year.