Zillow Acquires Trulia for $2.5 Billion in Stock
Posted on February 17, 2015
Two online real estate giants are now one. Zillow has completed its acquisition of competitor Trulia for $2.5 billion in stock. The combined companies will be known as Zillow Group. Zillow Group says it houses the "collection of largest home-related brands on mobile and Web."Zillow says it eliminated 280 jobs as part of the combination. It plans to cut another 70 jobs by the end of the second quarter. The company says it will have about 2,800 employees after the end of its second quarter.
Spencer Rascoff CEO of Zillow Group, says in the announcement, "This is a pivotal day in online real estate and we couldn't be more excited to welcome Trulia to Zillow Group. Each of our brands share a consumer-first philosophy, and our powerful combination of insights and expertise will drive even greater innovation for consumers, empowering them with essential information they need to make critical financial decisions. Our combination will also enable real estate professionals to more efficiently and easily reach the nation's largest audience of engaged buyers, sellers and homeowners, and extract even more value from their advertising."
The FTC investigated the deal between Zillow and Trulia. Bloomberg reports that this investigation was completed last week. This freed up the two online real estate sites to complete their deal.