JLL buying HFF for $2B

Tuesday, 19. March 2019 16:35

Jones Lang LaSalle Inc. (JLL) is acquiring all outstanding shares of Texas real estate firm HFF Inc. in a cash and stock transaction for approximately $2 billion, the company's board of directors announced on Tuesday.

HFF's stockholders will receive $24.63 and 0.1505 JLL shares for each HFF share, a 6% premium on the closing price of the Dallas-based company on March 18. Upon the completion of process, which expected to be finished in the third quarter of 2019 and is subject to customary regulatory approval, JLL's shareholders will own 87% of the combined company.

"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," CEO of JLL Christian Ulbrich said in the press release.

Related Links: HFF Inc.Jones Lang Lasalle Inc.
Breaking the News / MD