March 19, 2019
Chicago-based JLL agreed to acquire all the outstanding shares of HFF, Inc. in a cash and stock transaction with an equity value of roughly $2 billion. The transaction has been unanimously approved by the boards of directors of both companies.
JLL’s Christian Ulbrich says, “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.”
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.
HFF’s Gibson says, “This is a terrific transaction for our shareholders, providing them with an immediate cash payment and the opportunity to participate in the long-term value of the combined company.”
HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. The transaction is expected to close in the third quarter of 2019.
For comments, questions or concerns, please contact Dennis Kaiser