Avalon Bay and Equity Residential to Merge Creating Housing Rental Company Worth $69B

Equity Residential (EQR.N), and AvalonBay Communities (AVB.N), have agreed to ​an all-stock merger to form a housing ‌rental company with an enterprise value of $69 billion, the firms said on Thursday, strengthening their presence in key ​U.S. markets.

The companies said they have ​a 95% overlap in markets where they own ⁠rental properties, a concentration expected to improve ​margins by enabling neighborhood-based operations, centralized services and ​lower cost-to-serve.

Read more at Reuters