U.S. Markets close in 4 hrs 10 mins

News Summary: MAA buying Colonial Properties

The Associated Press

THE TRANSACTION: Real estate investment trust Mid-America Apartment Communities Inc. is buying peer Colonial Properties Trust Inc. in an all-stock deal. It helps expand MAA's presence in the South and Southwest portion of the U.S.

THE DETAILS: Each Colonial share will be converted into 0.36 of a share of MAA. At Friday's closing MAA price, that would be worth $24.46. The offer valued Colonial shares at about $2.15 billion at Friday's closing prices.

THE CLOSING: The deal is expected to close in the third quarter. It still needs approval from a majority of both companies' shareholders.