Equity Residential and AvalonBay Communities have entered into an all-stock merger-of-equals agreement, with AvalonBay shareholders to receive 2.793 Equity Residential shares for each share of AvalonBay common stock. The transaction includes termination fees of approximately $1.005 billion for Equity Residential and $1.070 billion for AvalonBay, supported by a $2 billion bridge loan commitment.
