Jul 28, 2014
Zillow announced today that it’s entered into a definitive agreement to acquire its chief competitor Trulia for $3.5 billion in stock.
The companies will maintain their separate brands, with Trulia CEO Pete Flint staying on board and reporting to Zillow CEO Spencer Rascoff. Although the deal has been approved by both companies’ boards of directors, it’s not expected to close until sometime next year. When the deal closes, Flint and another Trulia director will join the combined company’s board of directors.
Talks to bring real estate’s two most popular sites together started six weeks ago, Rascoff told Inman News.
Unique visitor traffic to most popular real estate networks, June 2014
|Network||June mobile and desktop unique visitors||% of total unique visitors to real estate sites in June|
Source: comScore Note: Traffic to firms’ network of sites included.
Rascoff says the plan is for Zillow to offer a portfolio of brands in the real estate space, as it does with HotPads and StreetEasy in New York.