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Non-Tech : TRLA-Trulia Real Estate Site
TRLA 4.1600.0%Sep 28 5:00 PM EST
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From: Savant7/28/2014 2:16:54 PM
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Trulia: Zillow Announces Acquisition of Trulia for $3.5 Billion in Stock; roughly $68.37 per share based on this morning's Z price (Z halted)
Zillow (Z) announced that it has entered into a definitive agreement to acquire TRLA for $3.5 billion in a stock-for-stock transaction.
  • Trulia shareholders will receive 0.444 shares of Class A Common Stock of Zillow for each share of Trulia, and will own approximately 33% of the combined company at closing.
  • The Boards of Directors of both companies have approved the transaction, which is expected to close in 2015. The combined company will maintain both the Zillow and Trulia consumer brands
  • Current Zillow holders of Class A Common Stock and Class B Common Stock will receive one comparable share of the combined company at closing, and will represent approximately 67% of the combined company. The transaction assumes Trulia's convertible notes will be assumed by the combined company at closing.
  • The value of the deal represents a premium of 25% to Trulia's closing price on July 25, 2014.
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