(Bloomberg) — The online mortgage provider Rocket Cos. is acquiring Mr. Cooper Group Inc. in all-stock deal valued at $9.4 billion that will create a mortgage behemoth that handles one in every six mortgages in the US.
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The combined company will service a book of $2.1 trillion loans and nearly 10 million clients, according to a statement Monday. Mr. Cooper shareholders will receive 11 Rocket shares for each of Mr. Cooper’s stock they own, representing a 35% premium, it said in the statement.
The boards of both companies have already approved the deal, which is expected to close in the fourth quarter after receiving regulatory approvals, it added. Following the deal, Mr. Cooper’s Chief Executive Officer Jay Bray will become president and CEO of the Rocket Mortgage division, reporting to Varun Krishna, who is the CEO of the broader Rocket company.
Dan Gilbert will remain chairman of the broader company.
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