Today, Redfin shares soared 75% after the digital real estate company was acquired by Rocket Companies in an all-stock deal valued at $1.75 billion.
Glenn Kelman, CEO of Redfin informed shareholders, “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…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.”
Varun Krishna, CEO of Rocket Companies told investors, “Rocket and Redfin have a unified vision of a better way to buy and sell homes. 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.”
According to Redfin, “Rocket Companies will benefit from Redfin’s nearly 50 million monthly visitors, 1 million active purchase and rental listings and staff of 2,200+ real estate agents across 42 states – with Redfin agents ranking in the top 1% of agents working at any nationwide brokerage.”
Since the announcement, Rocket’s shares have fallen by 11%.
By CEO NA Editorial Staff
