Today in the real estate world, online real estate database Zillow has announced its acquisition of competitor Trulia. This transaction has a price tag of $3.5 billion, and it has been approved by the Boards of Directors of both companies.

When the transaction closes in 2015, Trulia and Zillow will continue to operate as separate and distinct brands. The websites will continue providing real estate information without charge, as well as providing advertising and software solutions to help businesses grow. The two websites do not have an extensive consumer overlap, so the two brands will be maintained separately providing their respective differentiated products. Trulia’s CEO Pete Flint will remain CEO of the company and join the Board of Directors of the combined company.

The deal is expected to deliver a variety of benefits. By combining resources, the companies will share real estate market data, housing trend analysis and forecasts to make more extensive and accurate data available to consumers. Advertisers for these sites should expect to experience enhanced value and return on investment due to shared services and marketing platforms. The company also expects to increase innovation on mobile and web to provide its consumers with a more versatile and valuable experience.

Additional details about the acquisition will become available as they are announced. Both companies are excited about this new chapter and are excited to see where the acquisition takes them.

To read Trulia’s official press release. As additional details become available, we will make sure to let you know!