The transaction, which was agreed last October, had been pending subject to clearance from the Office of Fair Trading which was granted in April.
The newly enlarged company will be headed up by Alex Chesterman, founder and chief executive officer at Zoopla who will continue in the role of CEO, and David Dutton, former chairman of Digital Property Group, who will become its chairman.
Integration of the businesses is now underway, although it is expected to take some months to finalise. In the meantime it will be business as usual for both companies which will be operated separately until the integration has been completed.
Each of the existing brands of the combined business - Zoopla.co.uk, FindaProperty.com and Primelocation.com - will continue to operate for the foreseeable future.
The employees from both businesses will be combined to form a single team and, as a result of the merger and the duplication of certain roles, a formal consultation process is now underway with the staff of both businesses.
Chesterman said: “This merger is a huge step towards our goal of becoming the UK’s most useful online resource for property consumers and most effective online marketing partner for property advertisers.
“We still have much work to do over the coming months but the result of integrating these businesses will be a significantly enhanced experience for our users and significantly enhanced value for our advertisers.”
Dutton added: “This is an exciting day. Our combined businesses have the scale and the resources to transform the online property sector for the benefit of consumers and advertisers alike.
“We are committed to providing the most innovative products and the most cost-effective advertising propositions, which will give our users and members a genuine powerful alternative in our marketplace.”
