Redfin (RDFN) shares are surging 70% Monday after mortgage giant Rocket Companies (RKT) announced it was buying the digital real estate brokerage in an all-stock deal valued at $1.75 billion.

Shares o🔴f the Detroit-based Rocket are down 14%.

Rocket said the transaction values Redfin shares at $12.50 each and "connects Redfin's nearly 50 million monthly visitors to Rocket's mortgage products."

Deal Seen Accretive to Rocket Adjusted EPS by End of 2026🌄

Rocket added it "expects the combined company to achieve more than $200 million in run-rate synergies by 2027," and that the deal is expected to be accretive to its adjusted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) by the end of 2026. Once the transaction closes, current Rocket shareholders will control 95% of the combine♌d firm, while Redfin shareholder😼s will own the rest. 

"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," Rocket Companies CEO Varun Krishna said.

Entering Monday, Rocket Companies shares had added nearly a quarter of their value over the past 12 months, while Redfin stock 💙had lost about 18% of its value in that span.

UPDATE—March 10, 2025: This article has been updated to include refreshed share prices.