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

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.

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.

Mortgage giant Rocket Companies announced Monday it struck a deal to purchase digital real estate brokerage Redfin in an all-stock deal valued 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.