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Equity Residential And AvalonBay Communities Inc To Acquire Lehman Brothers Holdings Inc's Archstone Assets And Liabilities


Monday, 26 Nov 2012 04:01pm EST 

Equity Residential announced that the Company and AvalonBay Communities Inc. (AvalonBay) have entered into an agreement with Lehman Brothers Holdings Inc. (Lehman) to acquire, for approximately $16 billion, the assets and liabilities of Archstone Enterprise LP (Archstone), which consists principally of a portfolio of high-quality apartment properties in markets in the United States. Under the terms of the agreement, Equity Residential will acquire approximately 60% of Archstone`s assets and liabilities and AvalonBay will acquire approximately 40% of Archstone`s assets and liabilities. The transaction is expected to close during the first quarter of 2013. The combined purchase price for the assets consists of (i) $2.7 billion in cash, (ii)a fixed number ofshares of Equity Residential and AvalonBay`s common shares valued at $3.8 billion as of the market`s close on November 23, 2012, and (iii) the assumption of approximately $9.5 billion of debt and $330 million of preferred equity. Of the debt to be assumed, approximately $8.6 billion is held by Fannie Mae and Freddie Mac, each of which has agreed to the assumption of this debt by Equity Residential and AvalonBay. 

Company Quote

151.23
-0.36 -0.24%
24 Oct 2014