Detroit's Rocket Companies to buy Redfin

Between the lines: The deal is among Rocket Companies' largest acquisitions since it went public in 2020, the Free Press reports.

• In 2022, Rocket bought the personal finance app Truebill — which has since been rebranded as Rocket Money — for $1.275 billion in cash.

State of play: As a result of the all-stock transaction, shareholders of Rocket Companies would own about 95% of the new company and Redfin shareholders about 5%.

• Redfin shares would be converted to Rocket shares at a fixed ratio of 0.7926, or $12.50 per share, representing a premium of 63% of Redfin's average stock price.

The intrigue: The influx of Redfin's data is expected to strengthen Rocket's AI models for personalizing and automating customers' experiences.

What they're saying: "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 in a statement.

What's next: The deal is pending the approval of Redfin shareholders and is expected to close in the next six months.