Zillow has reached a final agreement to buy rival website Trulia for $3.5 billion in a stock-for-stock transaction.
The boards of the two companies approved the deal, which is expected to close in 2015, according to a press release from Zillow.
Zillow and Trulia will maintain their individual consumer brands. Pete Flint will stay on as Chief Executive Officer of Trulia and will report to Zillow’s CEO Spencer Rascoff. Flint will also join the Board of Directors of the joint company.
Zillow, which went public in 2011 and has seen share prices quadruple since the beginning of 2013, bought StreetEasy for $50 million a year ago.
The transaction combines two of the most visited real estate websites in the country. In June, Zillow reported 83 million unique visitors, both through the web and mobile applications. In that same month, Trulia reported 54 million monthly unique visitors. The two companies, however, have limited consumer overlap. — Claire Moses