On-line realty site Zillow(s z) is buying rival Trulia(s trla) in a $3.5 billion stock deal. This move comes less than a year after Zillow acquired StreetEasy for $50 million. In 2012, it bought apartment search site HotPads. Trulia bought Market Leader last year for $315 million.
The converged company will keep both brands and Trulia CEO Pete Flint will stay on as CEO of Trulia and report to Zillow CEO Spencer Rascoff, according to a statement. Flint will also join the Zillow board as part of the deal, which is expected to close next year.
While both companies specialize in real estate listings and data, they maintain there is little customer overlap.
Citing their own figures, Zillow said it had 83 million unique users in June while Trulia reported 54 million. The companies said about half of Trulia.com’s monthy visitors do not visit Zillow.com at all and 2/3rds of Zillow.com users do not use Trulia.com.