The online real estate market moved towards consolidation a bit Monday morning as Zillow announced it was buying Trulia for $3.5 billion.
In a statement announcing the all-stock transaction, Zillow said Trulia will maintain its distinct identity. Trulia CEO Pete Flint will remain chief executive of that company, but report to Zillow CEO Spencer Rascoff
"Consumers love using Zillow and Trulia to find vital information about homes and connect with the best local real estate professionals," Rascoff said in the release. "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." Read more...
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