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Investments

FTC continues its review of Zillow’s proposed acquisition of Trulia

Second request part of standard review for such a transaction

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KEYWORDS FTC / Housing / Trulia / Zillow
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Zillow (Z) and Trulia (TRLA) have received a second request for information from the Federal Trade Commission, which is reviewing Zillow’s proposed acquisition of competitor Trulia.

This is standard procedure for such a transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The transaction, which was announced July 28, 2014, is subject to approval of both companies' stockholders and satisfaction of other customary closing conditions, including expiration or termination of the waiting period under the Act.

The effect of the second request is to extend the waiting period imposed by the Act until 30 days after Zillow and Trulia have substantially complied with the second request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.

The companies are gathering information to respond promptly to the second request and are cooperating with the FTC in connection with its review. Both companies expect the transaction to close in 2015.

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