Detroit-based fintech Rocket Companies, has announced an agreement to acquire Redfin, a Seattle-based real estate brokerage, in an all-stock deal worth US$1.75 billion.

Redfin shareholders will receive 0.7926 shares of Rocket’s Class A common stock per Redfin share, a 63% premium over its recent price.

The merger will combine Rocket’s mortgage services with Redfin’s real estate network, which has 50 million monthly visitors and over 2,200 agents in 42 states.

Rocket plans to integrate real estate searches with financing, title, and servicing to streamline home buying.

The boards of both companies have approved the deal, expected to close by Q3 2025, pending Redfin shareholder and regulatory approval.

Redfin CEO Glenn Kelman will stay on and report to Rocket CEO Varun Krishna. Rocket also plans to simplify its capital structure by eliminating its “Up-C” configuration and consolidating stock classes.

A special dividend of US$0.80 per share will be issued to Class A shareholders on Apr. 3.