Apartment Giants Merge: Equity Residential and AvalonBay Create $69 Billion Powerhouse
Equity Residential and AvalonBay Communities announced an all-stock merger on Thursday, creating one of the largest real estate companies in the U.S. with over 180,000 rental apartments.
The combined entity will have a market capitalization of approximately $52 billion and a total enterprise value of about $69 billion.
"Unbelievable" — Allan Swaringen, president and CEO of JLL Income Property Trust, on the scale and timing of the deal.
Swaringen noted that both companies' stocks are trading below net asset values, making them potential targets for acquisition and privatization.