Rocket Companies, the Detroit-based real estate fintech platform, is acquiring Mr. Cooper Group Inc. in an all-stock transaction valued at around $9.4 billion.
This is the second major deal for the mortgage lender this month, which looks to become a one-stop-shop for real estate — earlier in March, Rocket bought the real estate brokerage Redfin in an all-stock deal for $1.75 billion.
By purchasing Mr. Cooper, a home loan servicer and direct competition, Rocket will gain an additional seven million clients, according to a statement.
Related: Rocket Is Acquiring Redfin for $1.75 Billion So Customers Can Buy and Sell Homes From Their Phones
“By combining Mr. Cooper and Rocket, we will form the strongest mortgage company in the industry, offering an end-to-end homeownership experience backed by leading technology and grounded in customer care,” said Jay Bray, Mr. Cooper Group Chairman and CEO, in the statement.
The deal has already been “unanimously approved” by the Boards of Directors of both Rocket and Mr. Cooper, according to the statement. It is expected to close in the fourth quarter of 2025 though it still needs approval from shareholders and other regulators.
Two of the 11 Rocket board members will be from the board of Mr. Cooper.
“Servicing is a critical pillar of homeownership – alongside home search and mortgage origination,” said Varun Krishna, Rocket CEO. “With the right data and AI infrastructure, we will deliver the right products at the right time.”
Rocket isn’t alone in its goal to modernize how we buy, sell, and finance homes. Consumer platform Zillow is also making moves to be a singular place for all things real estate — rather than just a place you browse listings.
“Everything else in our lives we can do from our phone, but once you start to click the make an offer button, everything goes offline in real estate, so we’re trying to bring that online,” Zillow CEO Jeremy Wacksman told Entrepreneur in February.
Related: Zillow’s CEO Says His Company Is Sticking With Remote Work Despite JPMorgan and Walmart Mandating a Return to the Office. Here’s Why.
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