by Nate Wooley | May 8, 2013 12:14 pm
Real estate website Trulia (NYSE:TRLA) is set to acquire software developer Market Leader (NASDAQ:LEDR).
The purchase — which will total $355 million in cash and stock — combines Market Leader’s real estate software with Trulia’s connections with brokers and agents, the Wall Street Journal reports.
In the sale, all Market Leader shareholders will receive $6 in cash as well as 0.2 shares of Trulia stock for each share they own. That valuation — $11.33 per share — is an 18% premium over Tuesday’s close.
The deal allows Trulia’s 46,000 subscribers to also have access to Market Leader’s real estate software suite. Subscribers will be able to build their own real estate site as well as handle contact management and lead generation.
The combined company will remain in San Francisco.
Shares in Trulia are down 2% in midday trading.
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