AvalonBay Communities and Equity Residential Announce Merger
AvalonBay Communities Inc. (NYSE: AVB) and Equity Residential (NYSE: EQR) have announced an all-stock merger, creating a combined entity with over 180,000 rental apartments and a pro forma equity market capitalization of approximately $52 billion. Benjamin Schall, current President and CEO of AvalonBay, will lead the new company, which will have dual headquarters in Chicago and Arlington, Virginia. The merger aims to drive superior cash flow generation, earnings, and dividend growth for shareholders, while also increasing the supply of market-rate and affordable housing.
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