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 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.”