NEW YORK (AP) — The Wall Street Journal is reporting that Lehman Brothers Holdings Inc.'s bankruptcy estate has reached a deal to acquire a bigger stake in apartment-building owner Archstone for $1.58 billion.
The report on the newspaper's website Thursday cites unnamed persons familiar with the matter.
Lehman's estate owns 73.5 percent of Englewood, Colo.-based Archstone and has sought to buy the remaining 26.5 percent that it doesn't already own.
The Journal report says that the deal calls for Lehman to buy the stake from Bank of America Corp. and Barclays PLC.
Both joined Lehman in a leveraged buyout of Archstone in 2007. Lehman collapsed in 2008 in the biggest corporate bankruptcy in U.S. history.
Barclays and Archstone declined to comment. Calls to representatives of Lehman and BofA were not immediately returned.