Real-estate brokerage HFF sells itself to Jones Lang LaSalle for $2 billion
- Real-estate brokerage HFF announced it is selling itself to Jones Lang LaSalle.
- JLL will acquire all the outstanding shares of HFF with a combination of cash and stock at an equity value of approximately $2 billion.
- HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share.
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Under the terms of the deal, JLL will acquire all the outstanding shares of HFF in a combination of cash and stock, with an equity value of approximately $2 billion, according to a press release. HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share."The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities," Christian Ulbrich, Global CEO of JLL, said in the press release.
"We have long admired HFF for its expertise and leading reputation in the industry, as well as its client-first culture of teamwork, ethics and excellence, which aligns with our own. I believe that combining our organizations will deliver a range of compelling benefits for our clients, employees and shareholders."
HFF was up 50% this year including Tuesday's gain of more than 5%.