Lehman Bros. Buys Remainder of Archstone, Apartments

In New York, Bank of America and Barclays Bank PLC have entered into an agreement with Equity Residential and Lehman Brothers Holdings Inc. pursuant to which Bank of America and Barclays will sell their remaining 26.5 percent interest in Archstone, an apartment firm, for a purchase price of $1.58 billion to Lehman. Bank of America and Barclays will pay an $80 million break-up fee to Equity Residential if the sale to Lehman closes. Upon consummation of this transaction in the second quarter of 2012, Bank of America and Barclays will have sold a 53.0 percent interest in Archstone in two steps for a total purchase price of $2.905 billion. Archstone has net debt and third-party preferred securities of $10.5 billion.