Equity Residential and AvalonBay Communities Inc have agreed to purchase apartment owner Archstone from Lehman Brothers Holdings for about $6.5 billion in cash and stock, the companies said on Monday.The deal would expand Equity Residential's presence in mid-Atlantic and Northeast states. While AvalonBay would expand its base in Southern California.For Lehman, the big financial firm which collapsed at the height of the financial crisis in 2008, it will give it cash to help pay its creditors as it liquidates.The buyers also are assuming Archstone debt for a total transaction value of $16 billion.
AvalonBay Communities, Inc. (AvalonBay) is a real estate investment trust (REIT). Shares of AVB traded higher by 0.32% or $0.41/share to $128.95. In the past year, the shares have traded as low as $117.97 and as high as $151.23. On average, 601016 shares of AVB exchange hands on a given day and today's volume is recorded at 520958.
Equity Residential (EQR) is a real estate investment trust (REIT). Shares of EQR fell by 0.06% or $-0.03/share to $54.43. In the past year, the shares have traded as low as $52.39 and as high as $65.72. On average, 1624860 shares of EQR exchange hands on a given day and today's volume is recorded at 1496174.
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