One of the biggest mortgage lenders in the U.S. said it would pay $1.75 billion to buy a well-known real-estate brokerage. The deal, once it goes through, could have major consequences for millions of home buyers.

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.

Mortgage giant Rocket has agreed to buy Redfin in an all-stock deal valuing the online real-estate brokerage at $1.75 billion.

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.

Rocket Cos. said Monday it would pay $1.8 billion in stock for the online real-estate agency Redfin Corp. in an effort to make it easier for customers to buy property using their mobile devices.

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

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."