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Rocket Companies is Acquiring Redfin

Redfin (RDFN) shares surged 70% on Monday following an announcement from mortgage giant Rocket Companies (RKT) that it would acquire the digital real estate brokerage in an all-stock deal valued at $1.75 billion. Meanwhile, Rocket Companies' shares dropped 14%. The company stated that the deal values Redfin shares at $12.50 each and aims to link Redfin’s nearly 50 million monthly visitors with Rocket’s mortgage offerings. Rocket anticipates that the merger will generate over $200 million in run-rate synergies by 2027 and expects the acquisition to boost its adjusted earnings per share (EPS) by the end of 2026. Once finalized, Rocket shareholders will own 95% of the combined company, with Redfin shareholders holding the remaining 5%. Rocket Companies CEO Varun Krishna highlighted that the partnership will streamline the homebuying process by integrating property searches and financing through advanced technology, reducing costs, and enhancing value for buyers. Prior to Monday’s developments, Rocket Companies' stock had gained nearly 25% over the past year, whereas Redfin’s shares had declined by approximately 18% in the same period.