Rocket Companies said Wednesday it has completed a mega-deal valued at $14.2 billion to acquire mortgage servicer Mr. Cooper Group.

The Detroit-based online mortgage giant said its purchase of Texas-based Mr. Cooper, which was announced in March, brings together the country's largest loan originator and its largest mortgage servicer, which will now offer services to a combined 10 million homeowners. Rocket also scooped up real estate listing platform Redfin earlier this year as it looks to solidify its position as a one-stop mortgage shop.

In March, the all-stock deal was valued at $9.4 billion. On Wednesday the Rocket announcement said it had swelled to become a $14.2 billion acquisition. Under the deal, Mr. Cooper shareholders got a fixed exchange ratio of 11 Rocket shares for each share of Mr. Cooper stock.

Both companies' stock prices rose significantly from when the deal was announced — Rocket was trading at about $20 at midday Wednesday, up about 60%, and Mr. Cooper was up about 70% to close at about $210 per share Tuesday. It has since been delisted.

Varun Krishna, CEO and director of Rocket, said in the announcement that Mr. Cooper's CEO, Jay Bray, had built "a technology-driven platform that is the backbone of Mr. Cooper, helping it scale to become the largest servicer in the country." Rocket, he says, plans to combine that platform with Rocket's mortgage origination ability, AI technology and strong branding to streamline the mortgage process and reduce costs.

Bray will join Rocket Mortgage as president and CEO, reporting to Krishna, who also has been serving as Rocket Mortgage CEO. Bray will also join Rocket's board of directors. Mr. Cooper will be rebranded under the Rocket umbrella, the announcement said.

“This transaction brings to a close a multi-year journey during which Mr. Cooper grew to become the nation’s largest servicer and produced enormous value for our clients, partners, stakeholders and investors,” Bray said in a statement.

Rocket in July finalized its deal to acquire Redfin, the Seattle real estate listing platform, for $1.75 billion.

Rocket previously said adding Mr. Cooper would create a business representing one in every six mortgages in the United States and bring its loan volume to $2.1 trillion.

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