Mortgage company Rocket buying Mr. Cooper in all-stock deal valued at $9.4 billion

The mortgage company Rocket is buying competitor Mr. Cooper in an all-stock deal valued at $9.4 billion, just weeks after acquiring real estate listing company Redfin.

Rocket Cos. said Monday that bringing Mr. Cooper Group Inc. into the fold will create a business representing one in every six mortgages in the United States and give it almost 7 million additional clients. The deal will boost loan volumes, the company said, while lowering client acquisition costs.

“By combining Mr. Cooper and Rocket, we will form the strongest mortgage company in the industry, offering an end-to-end homeownership experience backed by leading technology and grounded in customer care," Mr. Cooper Chairman and CEO Jay Bray, who will become president and CEO of Rocket Mortgage, said in a statement.

The U.S. housing market has been slumping for years with homebuyers, and sellers, buffeted by soaring mortgages rates and sky high prices that have put homes out of reach for many Americans.

Companies like Rocket, which is on an acquisition streak, are attempting to create more of a one-stop shopping experience for frazzled would-be homebuyers.

Bray will report to Rocket Cos. CEO Varun Krishna.

Mr. Cooper shareholders will receive a fixed exchange ratio of 11 Rocket shares for each share of Mr. Cooper common stock. Mr. Cooper is based in Coppell, Texas.

Rocket shareholders will own approximately 75% of the combined company, while Mr. Cooper stockholders will own about 25%. The combined company's board will have 11 members, with nine being from Rocket and two from Mr. Cooper.

Earlier this month Rocket, based in Detroit, announced that it was buying Redfin in an all-stock deal worth $1.75 billion.

Redfin, which was founded in 2004, has more than 1 million for sale and rental listings on its online platform.

The National Association of Realtors announced this month that existing home sales rose 4.2% in February from January to a seasonally adjusted annual rate of 4.26 million units. That was in part thanks to easing mortgage rates and more properties on the market encouraging home shoppers.

The U.S. housing sales began to slump in 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes fell last year to their lowest level in nearly 30 years.

FILE - A Rocket Companies sign is displayed on the exterior of the New York Stock Exchange, Aug. 6, 2020, in New York. (AP Photo/Mark Lennihan, file)

FILE - A for sale sign stands outside a single-family home Thursday, June 27, 2024, in Englewood, Colo. (AP Photo/David Zalubowski, File)

RABAT, Morocco (AP) — Morocco is under huge pressure to win its second Africa Cup of Nations trophy when it hosts Senegal in the tournament final in Rabat on Sunday.

Morocco won its first Africa Cup 50 years ago in 1976.

Hundreds of fans wearing the kingdom’s red-and-green colors were milling around the 69,500-capacity Prince Moulay Abdellah Stadium hours before kickoff, many still looking for tickets.

Inside, members of the official Senegalese supporters’ club — some clad in green, some in yellow and others in red to make the colors of the Senegal flag – were dancing to drums and trumpets in a section behind one of the goals at least three hours before kickoff at 8 p.m. local time (1900 GMT).

Their noise was drowned out when the Moroccan players took their first steps out on the field for a pre-game walkabout. Their Senegalese counterparts were welcomed by a deafening chorus of whistles when they emerged for their walkabout.

The team lineups were yet to be announced.

Senegal, which is also chasing its second African Cup trophy after winning the 2021 edition, will have to do without suspended captain Kalidou Koulibaly and midfielder Habib Diarra.

Sadio Mané was to lead the Teranga Lions in what was likely to be his last Africa Cup match after taking part in six tournaments.

The Senegalese Football Federation decried a lack of "fair play" from the Moroccan hosts less than two days before the final, citing a lack of security, problems with the team hotel, training facilities and ability to get tickets for its supporters.

Defeat at the final stage would be a demoralizing blow for Morocco, which has invested heavily in soccer facilities and infrastructure before it co-hosts the 2030 World Cup. One of the most aggressive infrastructure buildouts in African sporting history fueled protests in October from mostly young Moroccans who feel other areas are being neglected. Key issues remain health, literacy and employment.

AP at the Africa Cup: https://apnews.com/hub/africa-cup-of-nations

Senegal players walk onto the pitch before the Africa Cup of Nations final soccer match between Senegal and Morocco, in Rabat, Morocco, Sunday, Jan. 18, 2026. (AP Photo/Mosa'ab Elshamy)

Morocco fan waits for the Africa Cup of Nations final soccer match between Senegal and Morocco, in Rabat, Morocco, Sunday, Jan. 18, 2026. (AP Photo/Mosa'ab Elshamy)

Senegal fans wait for the Africa Cup of Nations final soccer match between Senegal and Morocco, in Rabat, Morocco, Sunday, Jan. 18, 2026. (AP Photo/Mosa'ab Elshamy)