Real estate site Zillow announced July 28 that it was acquiring rival real estate site Trulia for $3.5 billion in a stock-for-stock transaction. The deal is expected to close in 2015.
The combined company will maintain both the Zillow and Trulia brands, and Trulia CEO Pete Flint will maintain his position and report to Zillow CEO Spencer Rascoff.
In June, Zillow reported 83 million unique users across mobile and Web while Trulia reported 54 million monthly unique users across its sites and mobile apps. The two brands have limited consumer overlap — approximately half of Trulia's monthly visitors do not visit Zillow, and approximately two-thirds of Zillow's monthly visitors across all devices do not use Trulia. The companies said that maintaining the two distinct consumer brands will allow them to continue to offer different products, attract more users and maximize content.
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