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BREAKING- Zillow Announces Acquisition of Trulia

Shares of Trulia (NYSE: TRLA) are up 18 percent in premarket trading after Zillow (NASDAQ: Z) said that it will buy the real estate website for $3.5 billion. The acquisition is a stock for stock acquisition.

According to the press release:

The combined company will maintain both the Zillow and Trulia consumer brands, offering buyers, sellers, homeowners and renters access to vital information about homes and real estate for free, and providing advertising and software solutions that help real estate professionals grow their business. At closing, Trulia CEO Pete Flint will remain as CEO of Trulia reporting to Zillow CEO, Spencer Rascoff, and will join the Board of Directors of the combined company. In addition, at closing, a second member of Trulia’s Board of Directors will join the board of the combined company. Further operational and organizational details will be announced at closing.

Shares of Trulia are up more than 40 percent in the past five trading days in anticipation of the acquisition.

Disclosure: At the time of this writing, the author had no position in the company mentioned.

 

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