Zillow buys Trulia for $3.5B

Online real estate company Zillow Inc. said it’s buying San Francisco rival Trulia Inc. in an all-stock deal worth $3.5 billion.

Seattle-based Zillow (NASDAQ: Z) said Trulia will remain an independent brand, but Trulia CEO Pete Flint will now report to Zillow CEO Spencer Rascoff.

"Both companies have been enormously successful in creating compelling consumer brands and deep industry partnerships, but it’s still early days in the world of real estate advertising on mobile and Web. This is a tremendous opportunity to combine our resources and achieve even more impressive innovation that will benefit consumers and the real estate industry," Rascoff said in a statement.

The deal wasn’t a surprise: As late as last week, there was speculation about the deal, although the purchase price was estimated to be only $2 billion.

Ben MillerContributing Editor- Puget Sound Business Journal

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