Trulia Acquired By Zillow For $3.5 Billion

San Francisco-based Trulia is being acquired by Zillow in a $3.5 billion, stock-for-stock transaction, the two companies said this morning, in a deal expected to close in 2015. According to the two, they will continue to operate both consumer real estate brands. Trulia will continue to be operated by CEO Pete Flint, who becomes a member of the board of Zillow, but will report to Zillow CEo Spencer Rascoff. The companies said that the deal is expected to enable the companies to accelerate innovation and provide more tools to the market, give broader distribution of data to consumers and real estae professions, and also help them save around $100M in annual costs.