AvalonBay (AVB) and Equity Residential (EQR) join together to buy Archstone Enterprise - a...

|About: AvalonBay Communities, Inc. (AVB)|By:, SA News Editor

AvalonBay (AVB) and Equity Residential (EQR) join together to buy Archstone Enterprise - a portfolio of apartment communities - from the remnants of Lehman Brothers for $16B. AvalonBay will get about 40% of the assets and liabilities, and Equity Residential the rest. Both companies are commencing stock offerings to fund the deal. Both are down 1.5% AH. (PR)