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Zillow will acquire Trulia for $3.5 billion

Real estate website Zillow is acquiring competitor Trulia in a deal estimated at $3.5 billion, The New York Times reports.

The Times reports that "together, the two will dominate the traffic for online home listings." Zillow reported 83 million users last month, while Trulia reported 54 million users.

"The companies know each other very well," Spencer Rascoff, Zillow's chief executive, told the Times. "We've been competitors and rivals for nine years, but I've always had respect for them." Rascoff said the merger had been in talks for roughly six weeks.