As expected, Zillow today closed the acquisition of its competitor Trulia in a stock-for-stock transaction. The total price of the acquisition was $2.5 billion. When Zillow first announced its intentions to take over Trulia, the stock price still valued the transaction at $3.5 billion.
As is often the case when two very similar companies merge, Zillow and Trulia laid off 350 employees in San Francisco and Bellevue, Wash. This, Zillow says, was “due primarily to redundancy in the combined company’s sales and administrative organizations.” 280 of these jobs have already been eliminated and another 70 employees will be laid off by the end of the second quarter. All of them have already been notified. Together, Zillow and Trulia now have about 2,000 employees.
Trulia’s CEO Paul Levine will now be Trulia’s president and Peter Flint, Trulia’s co-founder and former CEO, is joining Zillow’s board of directors. The combined Zillow/Trulia will now operate under…
View original post 94 more words