AcquisitionRocket Mortgage announced a definitive agreement to acquire RDFN in an all-stock transaction for $1.75BN in equity or $12.50 per share, a ~100%+ premium to the price of shares on Friday's close.
Strategic PartnershipRedfin will receive a guaranteed minimum payment of $75 million from Zillow for the first 12 months of lead generation services.
SynergiesRocket management is projecting ~$200MM in combined synergies by 2027, split between $140MM in operational expenses and $60MM in revenue.