Rocket Companies to Buy Redfin
Summary
Rocket Companies (NYSE: RKT), a Detroit, MI-based provider of a fintech platform consisting of mortgage, real estate and personal finance businesses, acquired Redfin, a (NASDAQ: RDFN), a Seattle, WA-based digital real estate brokerage. The amount of the deal was not disclosed. With he acquisition, the companies will: • Introduce more consumers to the Rocket ecosystem Led by CEO Glenn Kelman, Redfin is a real estate brand with over 1 million listings of homes for sale and rent and a technology-enabled real estate agency of over 2,200 agents. Led by CEO Varun Krishna, Rocket Companies provides a digital platform that gives access to home financing in all 50 states across 3,000+ counties and parishes. Upon closing of the transaction, it is expected that Redfin CEO Glenn Kelman will continue to lead the Redfin business, reporting to Rocket Companies’ CEO Varun Krishna.