Hostage lender rocket cos. The online real estate brokerage in an all-stock deal has been agreed to obtain a price of $ 1.75 billion to acquire raidfin.
The transaction announced on Monday gives one of the country’s largest hostage lenders in 42 states one of the in-house networks of more than 2,000 real estate agents and one of the popular homes and rented housing listing platforms of the Redfin, attracting about 50 million monthly visitors.
The deal values redfin at $ 12.50 per share. The shares in Seattle -based Redphine rose by 68.5% to $ 9.81 per share, while the shares in Detroit declined by 15%.
The Detroit-based rocket hopes that the acquisition will save the company to save $ 140 million at the cost by abolishing duplicical operations and other expenses. The rocket also estimates that the step will promote more than $ 60 million revenue by enabling the company to connect its customers with redfin agents and eventually, offering other real estate services to customers that offer rockets, including title insurance and debt servicing.
Companies said Glenn Kelman, CEO of Redfin, expected to be at the top of real estate brokerage, reported to the CEO of the rocket, the companies said.
Under the terms of the deal, each stock of Redfin Common Stock will be exchanged for a fixed ratio of 0.7926 shares of rocket cos. Class A Common Stock, which represents a premium of 63% at a weighted average price of the common stock of Redfin for 30 days ended on 7 March.
Once finally finalized, the current rocket cos. The shareholders will be owned by about 95% of the joint company on a completely thin base, while the Redfin shareholders will have about 5%, the companies said.
The board of directors of the companies has already approved the transaction, although Redfin shareholders still have to sign the sale. Companies hope that transactions will stop in the second or third quarter this year.
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