Edit in JSFiddle

var tallest = 0;
    $('.two-columns').each(function(){
        elemHeight = $(this).outerHeight();
        if(elemHeight > tallest) {
            tallest = elemHeight;
        }
    })
    $('.two-columns').css('height',tallest);

<div class="two-columns col1">
    <p>col 1 text tout ça</p>
    <p>col 1 text tout ça</p>
</div>
<div class="two-columns col2">
    <p>col 2</p>
</div>

.two-columns { width:47% !important; padding: 0 1%; float:left}
.col1 {background: #ddd; }
.col2 {background: red; }