#cost-synergies

#cost-synergies

Equity Residential and AvalonBay Communities agreed to an all-stock merger of equals that will create a $69 billion multifamily giant controlling more than 180,000 apartments across the country, the companies announced Thursday. The combined real estate investment trust will have a pro forma equity market capitalization of about $52 billion and an enterprise value of roughly $69 billion, according to the company announcement. The new entity will be headquartered in both Chicago and Arlington, Virginia, operate under a new name to be announced at closing, and maintain dual listings on the NYSE.

Leaders including CEO Robert Reffkin credited disciplined expense management and rapid integration progress for the results, highlighting early success in extracting synergies from the Anywhere deal. We achieved strong financial and operational results in our first quarter as a newly combined company.

Omnicom on Monday provided a deeper look at how its leadership and agency structure are changing following the close of its $13 billion-plus acquisition of rival Interpublic Group last week, according to a press release. The ad-holding group, now the world's largest, estimates it will eliminate another 4,000 jobs globally to realize its cost synergy targets, CEO John Wren told Adweek.