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Bank of America, Barclays sell Archstone stake to Lehman Brothers estate for $1.58 billion
NEW YORK (AP) ' Bank of America Corp. and Barclays Bank PLC are selling their stake in apartment building owner Archstone to Lehman Brothers Holdings Inc.'s bankruptcy estate for $1.58 billion.
The transaction will give Lehman's estate full ownership of Englewood, Colo.-based Archstone.
The move blocks plans by Chicago-based Equity Residential to buy the stake, which would get $150 million from the two banks and Lehman for walking away from the deal.
BofA and Barclays joined Lehman in a $22.2 billion leveraged buyout of Archstone-Smith Trust in 2007. Initially, Lehman owned a 47 percent stake in Archstone and the banks owned a 53 percent stake.
Lehman collapsed in 2008 in the biggest corporate bankruptcy in U.S. history.
The companies say the transaction is expected to close in the second quarter.