JLL's previously announced $2 billion acquisition of HFF is set to close on July 1 now that the two companies have received the requisite regulatory approvals. Still pending is the approval by HFF stockholders at the company's annual meeting earlier in the day on July 1. Once that is in hand, the transaction is expected to be finalized after the close of regular trading hours on the New York Stock Exchange.
The companies first announced the cash-and-stock deal on March 19, 2019.
JLL intends with this deal to expand its capital markets presence in the US and globally. “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 prepared remarks when the deal was announced. The transaction will allow JLL to quickly scale both its US capital markets presence and its debt advisory business in Europe and Asia Pacific.
Upon closing of the transaction, JLL shareholders are expected to own approximately 87% of the combined company, and HFF shareholders are expected to own approximately 13%.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
