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3w ago

Rocket Companies Announces $9.4 Billion Acquisition of Mr Cooper Group

The deal, expected to close in late 2025, follows Rocket's $1.75 billion Redfin acquisition earlier this month, expanding its real estate and mortgage ecosystem.

FILE - A for sale sign stands outside a single-family home Thursday, June 27, 2024, in Englewood, Colo. (AP Photo/David Zalubowski, File)
Screens display the logos of Rocket Companies (RKT), the parent company of Rocket Mortgage and Quicken Loans, in Times Square during the company's IPO on the New York Stock Exchange (NYSE) in New York City, New York, U.S., August 6, 2020.
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Overview

  • Rocket Companies has agreed to acquire home loan services provider Mr Cooper Group in an all-stock transaction valued at $9.4 billion.
  • The acquisition is projected to close in the fourth quarter of 2025, adding nearly 7 million clients to Rocket's platform.
  • Rocket expects the deal to generate $100 million in pre-tax revenue and save $400 million through operational efficiencies and cost reductions.
  • Mr Cooper Group CEO Jay Bray will lead Rocket Mortgage, Rocket's flagship business, after the deal is finalized.
  • Market reactions to the announcement included a 27% rise in Mr Cooper's stock price, while Rocket's stock declined by 4.4%.