Rocket Mortgage is acqiring Redfin. You read that correctly

Rocket to acquire Redfin

Rocket is buying Redfin in a $1.75 billion deal, the companies announced Monday.

Rocket is the parent company of Rocket Mortgage and other real estate-related businesses. Its acquisition of Redfin was described as an all stock transaction.

“Rocket and Redfin have a unified vision of a better way to buy and sell homes,” Varun Krishna, CEO of Rocket Companies, said in a news release. “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.”

Redfin was founded in 2004 and features more than one million properties and more than 2,000 agents. CEO Glenn Kelman will continue to lead Redfin.

“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,” Kelman said. “We want a customer to be able to check her phone to find out what she can afford, see which homes are just right for her, schedule a tour with a local, expert Redfin agent, and get pre-qualified for a loan, all in a matter of minutes. Varun and I see how much better real estate could be when AI guides customers not just through that first step in their search, but all the way home, through the sale, the loan and then a lifetime of accumulating equity and wealth.”

The deal is expected to close later this year.