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Rocket completes Mr. Cooper acquisition in a deal now valued at $14.2 billion
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Scotsman Guide
Rocket Companies has closed its $14.2 billion acquisition of Mr. Cooper Group, adding a formidable loan servicing arm to pair with lending subsidiary Rocket Mortgage.
The all-stock deal, first announced in March, was initially valued at $9.4 billion but has increased by nearly $5 billion due to rising share prices.
Mr. Cooper’s servicing functions will be rebranded under the Rocket umbrella, raising the company’s servicing portfolio to nearly 10 million homeowners.
“Homeownership is the bedrock of the American Dream,” Rocket Companies CEO Varun Krishna said in a press release.
The previous day, shares slumped 3.77% on the news that the Federal Trade Commission has sued Rocket subsidiary Redfin and fellow real estate brokerage Zillow, alleging the companies colluded to suppress rental advertising competition.