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Dan Gilbert's Rocket Companies, which includes mortgage, real estate, and personal finance services, announced Monday that it plans to acquire the online real estate brokerage firm Redfin for $1.75 billion.
The purchase expands Gilbert's presence in the housing industry by connecting Redfin’s nearly 50 million monthly visitors to Rocket's mortgage products, the company said in a press release.
“Rocket and Redfin share a unified vision of a better way to buy and sell homes,” said Varun Krishna, CEO of Rocket Companies, in a statement. “Together, we will enhance the experience by integrating traditionally separate steps of the home search and financing process with cutting-edge technology that eliminates friction, reduces costs, and increases value for American homebuyers.”
A press release stated:
"By combining Redfin’s home search and real estate agent network with Rocket’s mortgage origination and servicing capabilities, the company envisions a more seamless experience—from search to close, to servicing, and future transactions."
