R
ocket Cos. has agreed to acquire Redfin Corp. in a deal valued at $1.75 billion, according to a statement reviewed by Bloomberg News. The Detroit-based financial technology group will pay $12.50 per share for the Seattle-based real estate listing site in an all-stock transaction. This represents a 63% premium over Redfin's average stock price over the past month.

    Redfin operates a home search platform with over one million listings and a tech-powered brokerage of more than 2,200 agents. Rocket's stable includes mortgage, real estate, and personal finance businesses. The company expects to achieve $200 million in run-rate synergies by 2027 through the purchase.

    The deal is expected to close in the second or third quarter of this year, with Redfin CEO Glenn Kelman set to continue leading the business under Rocket's CEO Varun Krishna. Morgan Stanley advised Rocket on the deal, while Goldman Sachs Group Inc. worked with Redfin.