WASHINGTON (dpa-AFX) - Apartment REITs, Equity Residential (EQR) and AvalonBay Communities, Inc. (AVB) on Monday announced that they have named the executive team that will lead their $69 billion merger of equals, with AvalonBay CEO Benjamin Schall to serve as president and CEO of the combined firm.
The all-stock deal, announced May 21, would create a company with over 180,000 rental apartments.
The deal is expected to close in the second half of 2026, pending shareholder approval.
Key appointments reporting to Schall include Michael Manelis as COO, Kevin O'Shea as CFO, Matthew Birenbaum as chief development officer, Sean Breslin as chief investment and growth officer, and Scott Fenster as general counsel. Steve Sterrett will serve as board chair.
The combined company will be dual headquartered in Arlington, Virginia, and Chicago, and will operate under a new name to be announced at closing.
On the NYSE, shares of Equity Residential are currently gaining 0.04 percent, changing hands at $68.23.
On the NYSE, shares of AvalonBay are up 0.11 percent, changing hands at $189.81.
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