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After investors voted to endorse AVB’s acquisition of EQR, the REITs expect to close the mammoth transaction in August.

Global merger activity reached a record $2.6 trillion in the first half of the year as companies pursued larger acquisitions, while analysts expect dealmaking to broaden into smaller companies.

AVB will have positions largely focused on capital allocation, while Equity Residential executives will take operations and legal spots.

Equity Residential (EQR) and AvalonBay Communities (AVB) are expected to benefit from their merger t

Equity Residential and AvalonBay’s $69 billion deal follows years of weak profits and slow to no rent growth.

(Bloomberg) -- AvalonBay Communities Inc. and Equity Residential agreed to merge in an all-stock transaction that will unite two of the biggest apartment real estate investment trusts with a combined market value of more than $50 billion.Most Read from BloombergSpot the Difference: Putin Gets Trump Treatment From Xi in ChinaModi’s Toffee Gift to Meloni Ignites Rally in Wrong Indian StockIran Says the US’s Latest Proposal Has ‘Narrowed the Gaps’Goldman CEO Slides Into Musk’s DMs During Bid to Lea

The all-stock combination of the two apartment REITs would create a company with more than 180,000 rental units across the U.S.

In an environment of increased public scrutiny, the REITs are emphasizing their ability to boost housing production and partner with nonprofit developers.