SEATTLE — A Detroit-based financial technology group announced that it has acquired Seattle-based digital real estate broker, Redfin.
Rocket Company has entered into an agreement to purchase Redfin in an all-stock transaction for a value of $12.50 per Redfin share, or $1.75 billion of equity value.
According to Redfin, the companies hope the merger:
- Introduces more consumers to the Rocket ecosystem
- Generates significant revenue synergies across “search, real estate brokerage, mortgage origination, title and servicing. Rocket will match homebuyers with the best real estate agents and the best loan officers across the combined companies.”
- Uses AI for customer insight.
“Rocket and Redfin have a unified vision of a better way to buy and sell homes,” said Varun Krishna, CEO of Rocket Companies. “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.”
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