JLL completes its acquisition of commercial real estate service provider, HFF

JLL Inc., along with full-service commercial real estate financial intermediaries, HFF, Inc., have jointly announced that they have received the requisite regulatory approvals and successfully closed the HFF buyout. This is partly thanks to the speedy approval of HFF stockholders which was proposed the day of the acquisition closure at the HFF annual stockholder meeting. The deal cost JLL $1.8 billion, a combination of cash and JLL stock, with the company having funded the cash portion of the purchase price consideration with a combination of cash reserves and its existing syndicated credit facility.

JLL and HFF entered into the agreement where JLL would acquire all the outstanding shares of HFF in cash and stock transactions earlier this year.

With the acquisition complete, Mark Gibson, former CEO of HFF, joins JLL as CEO, Capital Markets, Americas and Co-Chair of its Global Capital Markets Board.

"We are delighted to bring together JLL and HFF to create one of the most strategic, connected and creative capital advisors in the world," said Christian Ulbrich, Global CEO of JLL. "By combining the impressive capabilities, talent and expertise that distinguish both organizations, we will deliver exciting new growth opportunities and ensure we are best positioned to achieve ambitions for our clients and all our stakeholders. We warmly welcome our new HFF colleagues to the JLL family."

"The response from our clients, brokers and shareholders has been overwhelmingly positive," said Gibson. "Joining JLL marks an exciting new chapter in our history. It provides our team a tremendous opportunity to join a full-service real estate firm with a global presence and a client-centric, collaborative culture that closely aligns with our own. We look forward to working together to grow JLL's Capital Markets business and bring expanded services to our clients."

HFF is now wholly owned by JLL and certain of its subsidiaries and will do business as JLL. HFF's common stock, which previously traded under the ticker symbol "HF," has ceased trading and is delisted from the NYSE, moving forward.

SOURCE JLL.com
Edited by V. Haviland

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