Rocket to Buy Real Estate Broker Redfin for $1.75 Billion (2)

Rocket Cos. is pushing deeper into the property market with a deal to buy Redfin Corp. that values the real estate listing site at $1.75 billion.

The Detroit-based financial technology group will pay $12.50 for every Redfin share in an all-stock transaction, according to a statement Monday that confirmed an earlier Bloomberg News report. The price represents a premium of 63% over the volume weighted average price of Redfin’s common stock for the 30 days through Friday.

Shares in Redfin rose as much as 80% on Monday for their biggest intraday gain on record. The stock was up 75% ...