Redfin is being acquired 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 (formerly Truebill), and Rocket Loans. The new combined entity essentially pools the two companies respective strengths in home search services and financing, bringing everything together under one virtual roof. Rocket and Redfins approaches to lending and brokerage service have always been two halves of one vision to make the whole home-buying process magical, Redfin CEO Glenn Kelman said in a statement. We want a customer to be able to check her phone to find out what she can afford, see which homes are just right for her, schedule a tour with a local, expert Redfin agent, and get pre-qualified for a loan, all in a matter of minutes.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 soared during the pandemic, with its stock hitting an all-time high of $96 in early 2021, before plummeting to below $10 for much of the past three years. Redfins shares had slipped more than 30% in the past couple of weeks, after its Q4 2024 earnings missed estimates, while the company also provided weak guidance for the current quarter. Rocket Companies, for its part, went public in 2020, and today has a market cap of $31 billion. The companys proposed bid of $12.50 per share represents a 63% premium over Redfins 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 A stock for each share of Redfin common stock, with Rocket Companies shareholders owning 95% of the new combined entity and Redfin shareholders owning 5%.While both boards of directors have already approved the transaction, it does still require Redfins shareholders to rubberstamp the deal, which Redfin says it expects to happen in Q3, 2025. Kelman, who has led the company since 2005, will continue at the helm of Redfin, reporting directly to Krishna.This article was updated to clarify that Redfin will remain a public company as part of Rocket Companies.