Rocket Companies announced a $1.75 billion deal to acquire Redfin. The mortgage titan hopes to leverage Redfin to take market share.

Redfin is being acquired in an all-stock transaction that values the real estate listing platform at $1.75 billion.

Dan Gilbert's Rocket Companies plans to buy the online real estate brokerage firm Redfin, a $1.75 billion deal that would expand Rocket's presence in all things residential real estate. The all-stock deal was announced Monday morning and, pending approval by Redfin shareholders, is expected to close in the second or third quarter.

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.

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.

One of the biggest mortgage lenders in the U.S. announced this week that it plans to buy a well-known real-estate brokerage — and the deal, once it goes through, could have major consequences for millions of home buyers.

Redfin CEO Glenn Kelman on the benefits of joining Rocket: "Homes.com is running a Super Bowl ad, and Redfin might not be able to afford that. At least not on our own, but Rocket ran a Super Bowl ad."