Mortgage lender Rocket Cos
ByALEX VEIGA AP business writer
Mortgage lender Rocket Cos. has agreed to acquire online real estate brokerage Redfin in an all-stock deal valued at $1.75 billion.
The transaction, announced Monday, gives one of the nation’s largest mortgage lenders an in-house network of more than 2,000 real estate agents across 42 states and Redfin’s popular home and rental housing listings platform, which draws nearly 50 million monthly visitors.
The deal values Redfin at $12.50 per share. Shares in Seattle-based Redfin soared 68.5% in morning trading to $9.81 per share, while shares in Detroit-based Rocket Cos. slumped 15%.
Detroit-based Rocket expects the acquisition will save the company $140 million in costs by eliminating duplicative operations and ot