Rocket Cos. has announced a $9.4 billion acquisition of home loan service provider Mr. Cooper Group, marking its second major deal this month aimed at leveraging a rebound in U.S. housing demand. The acquisition follows Rocket's earlier transaction for real estate listing firm Redfin worth $1.75 billion. The deal will significantly expand Rocket's client base by nearly 7 million and create substantial recurring revenue. Additionally, it is expected to yield $100 million in pre-tax revenue and $400 million in operational savings. Mr. Cooper CEO Jay Bray will lead Rocket Mortgage post-acquisition.
Rocket Cos. has announced it is acquiring Mr. Cooper Group for $9.4 billion to enhance its mortgage business in response to a rebounding housing market.
This acquisition comes alongside an earlier deal for Redfin, marking a significant push by Rocket to capitalize on the improving home inventory and declining bond yields.
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