Zillow or Truila??? It is going to be same but still different :-) Zillow agrees to acquire Trulia SEATTLE – July 28, 2014 – Zillow Inc. announced today that it has entered into a definitive agreement to acquire Trulia Inc. According to Zillow, the $3.5 billion stock-for-stock transaction approved by the Boards of Directors of both companies is expected to close in 2015. At closing, Trulia CEO Pete Flint will remain as CEO of Trulia and report to Zillow CEO Spencer Rascoff. Rascoff and a second member of Trulias Board of Directors will also join Zillows board, which will oversee the combined company. The agreement is subject to conditions, including the expiration of U.S. antitrust waiting periods and shareholder approval of both companies. Zillow says other operational and organizational details will be announced at closing. Zillow and Trulia are primarily media companies that generate most of their revenue through advertising sales to real estate professionals. Zillow says it has room to grow, noting in a media release that the two companies combined revenue currently represents less than 4 percent of the estimated $12 billion real estate professionals spend on marketing each year.
Posted on: Mon, 28 Jul 2014 19:39:29 +0000
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