Fintech firm Rocket Companies (NYSE:RKT) agreed to acquire Redfin Corp. (NASDAQ:RDFN), a digital real estate platform, in an all-stock transaction valued at $12.50 per share, or approximately $1.75 billion in equity.
Under the terms of the agreement, Redfin shareholders will receive 0.7926 shares of Rocket Class A common stock for each Redfin share—a 63% premium over Redfin’s 30-day volume-weighted average price. Rocket shareholders will own approximately 95% of the combined company upon completion, with Redfin shareholders holding the remaining 5%.
“Rocket and Redfin’s approaches to lending and brokerage service have always been two halves of one vision to make the whole home-buying process magical,” said Glenn Kelman, CEO of Redfin. “We want a customer to be able to check her phone to find out what she …
