Zillow Inc. is the biggest real estate website in the United States. The company has announced a USD412 million share sale after its previously announced plans of acquiring New York-based StreetEasy. The share sale was priced at USD82 per share piece. This was according to a statement released by the company after trading closed yesterday.
The proceeds from the sale would be used for general corporate purposes. Last December, the company acquired HotPads for USD16 million in cash. Earlier, the company announced its plans of purchasing StreetEasy for USD50 million in cash. StreetEasy is a residential real estate website that receives more than 12 million unique users every month.
Zilliow faced increased competition from Trulia Inc. and other real estate listings websites in the US. This made the company more active through acquisitions to maintain its growth as the housing market in the country recovers. By purchasing StreetEasy, Zillow would be able to expand into the bigger real estate market of New York.
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