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Sign into your accountZillow Announces Trulia Acquisition
July 28 2014
Two of America's third party real estate portals have entered into a definitive agreement for Zillow (Z) to purchase Trulia (TRLA) for $3.5 billion in stock-for-stock trade. The Board of Directors of both companies have agreed to the transaction which represents a 25 percent premium to Trulia Stockholders, based on Trulia's closing price on Friday, July 25, 2014. The transaction will now face regulatory approval. Goldman, Sachs & Co. brokered the transaction. Trulia CEO Pete Flint will retain that title, join the Zillow Board of Directors along with one other designee, and will remain the leader of the Trulia.com business unit. He will report directly to Zillow CEO, Spencer Rascoff.
The two companies will carry on doing business as usual. The strategy for the merger outlined five key benefits for the companies:
- Faster Innovation – Combining development resources will allow the companies to accelerate innovation for consumers and professionals.
- Greater Access to Free Real Estate Market Data – Companies expect they will combine their data management, trend analysis, and forecasts.
- Broader Distribution – Home sellers and their agents, brokerages, and participating MLSs will benefit from seamless free distribution of listings across even more platforms to reach an even larger audience of consumers.
- Enhanced Value and ROI for Advertisers – The companies expect to offer shared services, marketing platforms for advertisers, enhance agent productivity and marketing, and deliver greater return on their investment.
- Corporate Cost Savings – By operating independent consumer brands though one corporation, the companies expect to realize synergies to improve operational efficiency over the long-term. By 2016, management expects to achieve at least $100 million in annualized cost savings.