SEATTLE –Zillow Inc. announced that it has entered into an agreement to acquire Trulia, Inc. for $3.5 billion in a stock-for-stock transaction. The Boards of Directors of both companies have approved the transaction, which is expected to close in 2015.
Zillow and Trulia are the two most visited real estate web sites with a combined total of more than 85 million unique visitors in June, ComScore reported. Move Inc., which runs the Realtor.com web site, had 23.8 million visitors last month, ComScore said.
The combined company will maintain both the Zillow and Trulia consumer brands, offering buyers, sellers, homeowners and renters access to vital information about homes and real estate for free, and providing advertising and software solutions that help real estate professionals grow their business. At closing, Trulia CEO Pete Flint will remain as CEO of Trulia reporting to Zillow CEO, Spencer Rascoff, and will join the Board of Directors of the combined company. In addition, at closing, a second member of Trulia’s Board of Directors will join the board of the combined company.