Invitation Homes Inc. and Starwood Waypoint Homes agreed to merge in an all-stock transaction.

Based on the Aug. 9 closing price of the common stock of the companies, the merged entity's equity market capitalization would be roughly $11 billion and its total enterprise value, including debt, would be approximately $20 billion.

Invitation Homes stockholders will own about 59% of the combined company's stock, while Starwood Waypoint Homes stockholders will own about 41%.

More details to follow.