Home Fairfield Jones Lang LaSalle to acquire HFF in $2B deal

Jones Lang LaSalle to acquire HFF in $2B deal

Jones Lang LaSalle, an international real estate services firm with offices in White Plains and Stamford, is acquiring brokerage HFF Inc. for $2 billion in cash and stocks.

JLL Jones Lang LasalleJLL of Chicago will acquire all the outstanding shares of Dallas-based HFF in a cash and stock transaction, which was approved by the boards of both companies.

HFF has closed more than $800 billion in over 27,000 transactions over the past 21 years, according to a press release, achieving record revenue in 2018 of more than $650 million.

Mark Gibson, CEO of HFF, will join JLL as CEO, Capital Markets, Americas and co-chair of its Global Capital Markets Board.

“We believe the combination with JLL will create a superior platform for our shareholders, clients and employees than either company would have independent of the other and will significantly accelerate our firm’s strategic plan,” Gibson said.

Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. Based on the closing price of JLL stock of $163.02 on March 18, the cash and stock consideration to be received by HFF shareholders at closing is valued at $49.16 per HFF share. The transaction is expected to close in the third quarter.

Christian Ulbrich, Global CEO of JLL, said “The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities.”


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