CHICAGO – (Realty News Report) – Jones Lang LaSalle Inc. and HFF Inc. today announced that they have entered into an agreement under which JLL will acquire all the outstanding shares of HFF for $2 billion.
Both firms have a significant presence in Houston and are a major forces in capital markets and the brokerage of office, land, retail and industrial.
Since 1998, HFF has closed more than $800 billion in over 27,000 transactions, 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.
The transaction has been unanimously approved by the boards of directors of both companies. The transaction is expected to close in the third quarter of 2019,
“Increasing the scale of our Capital Markets business is one of the key priorities in our Beyond strategic vision to drive long-term sustainable and profitable growth. The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities,” said Christian Ulbrich, Global CEO of JLL.
Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share.
March 19, 2019 Realty News Report Copyright 2019