Real estate portal Zillow has completed its acquisition of former rival Trulia for $2.5 billion in stock.

The new company will be known as the “Zillow Group;” however, Trulia will continue to operate as a separate brand and will maintain its own website.

The deal was announced last year but could not be completed until it was approved by the Federal Trade Commission, which gave the go-ahead last week. Zillow’s stock surged almost 10 percent when news of the deal broke, and now sits at $119.52 per share as of this writing.

The deal will result in more than 350 layoffs, the firm said, as it moves to consolidate its back office and sales staff. Former Trulia CEO Pete Flint will retain a seat on the merged company’s board but will not be involved in the day-to-day running of the company. Instead, former Trulia COO Paul Levine has been named president of Trulia, and will report directly to Spencer Rascoff, CEO of Zillow Group.

While the merged companies will remain separate brands in terms of their positioning to consumers, brokers and agents will be able to buy ads across both sites with the same point of contact, Rascoff said.

“This is a pivotal day in online real estate and we couldn’t be more excited to welcome Trulia to Zillow Group,” Rascoff said in a statement.