JLL to Buy HFF in $2 Billion Deal: What It Means for CRE
Dan Bellow, leader of JLL’s Houston operations.
CHICAGO – Jones Lang LaSalle Incorporated (JLL) and HFF, Inc. have announced a definitive agreement under which JLL will acquire all outstanding shares of HFF in a transaction valued at approximately $2 billion.
Both companies maintain strong footprints in Houston and are prominent participants in capital markets and the brokerage of office, land, retail, and industrial properties.
Founded in 1998, HFF has completed more than $800 billion in transactions across more than 27,000 deals, and reported record revenue in 2018 exceeding $650 million. As part of the transaction, Mark Gibson, HFF’s Chief Executive Officer, will join JLL as CEO, Capital Markets, Americas, and will serve as Co-Chair of JLL’s Global Capital Markets Board.
The boards of directors of both companies have unanimously approved the transaction. The deal is expected to close in the third quarter of 2019, subject to customary closing conditions and regulatory approvals.
“Expanding the scale of our Capital Markets business is a central priority within our Beyond strategic plan to drive long-term, sustainable, and profitable growth. The combination with HFF offers a unique opportunity to accelerate that growth and position JLL as a leading capital markets intermediary with best-in-class capabilities,” said Christian Ulbrich, Global CEO of JLL.
Under the terms of the agreement, HFF shareholders will receive $24.63 in cash plus 0.1505 JLL shares for each HFF share they hold.
