Redfin is be taken over In a transaction All-Stock that appreciates the real estate list platform at $ 1.75 billion.
The acquiring company is Rocket companiesA finance and real estate company established in Detroit, Michigan that operates various brands, including Rocket MortGage, Rocket Money (formerly TrueBill) and rocket loans.
The new combined entity essentially bundles the respective strengths of the two companies in the search for house seekers and financing, so that everything brings together under one virtual roof.
“Rocket and Redfin’s approaches of loan and brokerage service have always been two halves of one vision to make the entire home sales process magical,” Redfin CEO Glenn Kelman said in one rack. “We want a customer to be able to check her phone to find out what she can afford, see which houses are good for her, plan a tour with a local, expert redfin agent and for a loan for a loan, all within a few minutes.”
Redfin was founded from Seattle in 2004 and serves a residential real estate agent platform for the American and Canadian markets. The self -proclaimed “Amazon of Real Estate” became public in 2017 and generally exchanged shares in the following years at around $ 20. But as with many technology companies, Redfin rose during the Pandemie, with his shares that reached a record high of $ 96 at the beginning of 2021, before he dropped to less than $ 10 over a large part of the last three years.
The Redfin shares had gone out in recent weeks, after being Q4 2024 Income missed estimatesWhile the company also offered weak guidelines for the current quarter.
Rocket companies, for his part, Went public in 2020And today has a market capitalization of $ 31 billion. The Company’s Propose Bid of $ 12.50 per share Repeats A 63% Premium on Redfin’s Volume Weighted Average Price (VWAP) for the month leading up to March 7, 2025. The Offer Entails Exchanging 0.7926 Shares of Rocket Companies’ Class Rocket Companies Shareholders Owning 95% of the New Combined Entity and Redfin Shareholders Owning 5%.
Although both schemes have already approved the transaction, it still requires Redfin’s shareholders to rub the deal, of which Redfin says it expects to happen in Q3, 2025, who has led the company since 2005, will continue to Redfin, who reports directly to Krishna.
This article has been updated to clarify that Redfin will remain a public company as part of rocket companies.
