The companies hope the deal will create a credible challenger to long-standing market leader Rightmove.
The merger is set to be a big win for estate agents and house builders across the UK, creating an alternative in a market that has had a single dominant player for a number of years.
Alex Chesterman, founder and chief executive officer of Zoopla, said: “This deal will be transformational for both businesses allowing us to compete effectively in a market where it takes significant investment to challenge the current market leader.
“More importantly, the deal will deliver real value for UK estate agents and developers and we will be in a position to provide them with the widest possible exposure and be their most cost-efficient marketing partner.”
Mark Milner, chief executive officer of the Digital Property Group, added: “The combined strengths of both businesses will result in world class products and a team that continues to lead innovation for property consumers and agents alike.
“The focus will remain on providing market-leading products for our users and an excellent service in terms of value and performance for our members and this deal will allow us to deliver even further on that mission.”
