Zillow Completes Trulia Acquisition

(RTTNews) - Online real estate marketplace Zillow, Inc. said Tuesday that it has completed its acquisition of Trulia, Inc. in a stock-for-stock deal valued at $2.5 billion, and formed Zillow Group, Inc. (Z).

Under the deal, originally announced in late July last year, Trulia shareholders received 0.444 Class A shares of Zillow Group, Inc. for each Trulia, and own about 33% of the combined company as of closing. Current Zillow holders of Class A Common Stock and Class B Common Stock received one share of comparable Zillow Group Common Stock, representing about 67% of the newly combined company. Zillow Group now has about 70.5 million shares outstanding.

In connection with the close of the acquisition, the companies eliminated about 280 positions, mainly in San Francisco and Bellevue, Washington, due mainly to redundancy in the combined company's sales and administrative organizations. Another 70 positions will be eliminated as of the end of the second quarter, at which time Zillow Group will have about 2,000 employees.