Rocket Companies to take Redfin private in $1.75B deal

Redfin is being taken private in an all-stock transaction that values the real estate listing platform at $1.75 billion. The acquiring company is Rocket Companies, a Detroit, Michigan-based finance and real estate holding firm that operates various brands including Rocket Mortgage, Rocket Money, and Rocket Loans. “Rocket and Redfin have a unified vision of a better way to buy and sell homes,” Rocket Companies’ CEO Varun Krishna said in a statement. “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.” Founded out of Seattle in 2004, Redfin serves a residential real estate brokerage platform for the U.S. and Canadian markets. The self-proclaimed “Amazon of real estate” went public in 2017, and its shares generally traded flat at around $20 in the subsequent few years. But as with many tech companies, Redfin soare ... Read full article.