Zillow closes $2.5 billion acquisition of Trulia, plans to cut 350 staffers (John Cook/GeekWire)

Zillow and Trulia are now one. The online real estate giants today officially combined operations, with Zillow closing the acquisition of its longtime rival for $2.5 billion in stock , creating a juggernaut in the industry with 2,000 employees and roughly 130 million monthly visitors. That’s down from the $3.5 billion price tag when the deal was first announced last July. Zillow Group CEO Spencer Rascoff As a result of the acquisition, Zillow will now operate under the name Zillow Group, comprised of four real estate brands: Zillow, Trulia, StreetEasy and HotPads. In an interview with GeekWire, Zillow CEO Spencer Rascoff called it a “big day.” “I am excited about how we are positioned relative to the size of the opportunity,” said Rascoff. “There is $13 billion spent in real estate advertising and I think Zillow Group is poised to benefit as that real estate advertising budget moves online.” In addition, Zillow confirmed that layoffs will occur as part of the transaction, with 350 staffers expected to lose their jobs. The company eliminated 280 people at the combined company — mainly in San Francisco and Bellevue — today. Another 70 staffers will be let go by the end of the second quarter. “That is always the hardest part of any transaction like this because it involves real people,” said Rascoff. “And people are always our highest priority, and it has weighed on me and has been a focus of ours.” GeekWire reported on the layoffs earlier today , though the exact number was not previously known. Zillow Group — which will continue to trade on the Nasdaq under the ticker symbol “Z” — will employ 2,000 people after the layoffs are completed. It’s been a tough road for Zillow to close the acquisition of Trulia, one which Rascoff said took longer than he anticipated

View original post here:
Zillow closes $2.5 billion acquisition of Trulia, plans to cut 350 staffers (John Cook/GeekWire)

About kanmg

Check Also

Mario Armstrong Holiday Gifts - OtterBox

Mario Armstrong Holiday Gifts – OtterBox

**Sponsored Content** Digital Lifestyle Expert, Mario Armstrong, partnered with OtterBox to share the perfect gift …

Leave a Reply

Your email address will not be published. Required fields are marked *