Mortgage giant Rocket Companies announced Monday it struck a deal to purchase digital real estate brokerage Redfin in an all-stock deal valued at $1.75 billion.

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According to a statement announcing the deal, Redfin shareholders will receive just under 0.8 shares of Rocket stock for each share of Redfin. Current Rocket shareholders will own about 95% of the ...

The deal values Redfin at $12.50 per share. Shares in Seattle-based Redfin soared 68.5% in morning trading to $9.81 per share, while shares in Detroit-based Rocket Cos. slumped 15%.