Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Zillow to Acquire NYC Real Estate Website for $50 Million

Zillow (NASDAQ: ZG  ) announced  today that it will acquire New York City-focused real estate website StreetEasy for $50 million in cash.

According to the company, around 1.2 million unique users head to every month to research real estate in the Big Apple. "StreetEasy is an excellent strategic fit with Zillow, as we share a common goal: To help consumers become smarter about real estate by communicating comprehensive, unbiased information about apartments and homes," said Zillow CEO Spencer Rascoff in a statement. "StreetEasy is an incredibly strong and recognized brand in New York City, and complements Zillow's dominant and growing national brand."

The website has been around since 2006 and has established partnerships with the biggest real estate brokerages in the city. Co-founder and CEO Michael Smith is looking forward to his company's newest alliance: "We're very excited to be joining forces with Zillow ... as we continue our commitment to data integrity, innovation and collaboration with the local real estate community."

Subject to customary closing conditions, Zillow expects to seal the deal within the next few weeks.

Zillow also announced today a public offering of 2.5 million shares. Certain shareholders are offering an additional 2.5 million shares. The company won't receive any proceeds from the selling stockholders. Zillow plans to give the underwriters a 30-day option to buy up to an additional 753,522 shares.

-- Material from The Associated Press was used in this report.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2600449, ~/Articles/ArticleHandler.aspx, 9/29/2016 11:23:53 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,298.98 -40.26 -0.22%
S&P 500 2,165.29 -6.08 -0.28%
NASD 5,297.29 -21.26 -0.40%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/29/2016 11:03 AM
ZG $36.24 Up +0.34 +0.95%
Zillow Group (A sh… CAPS Rating: ***