The $2 billion deal that combines two of the biggest names in multifamily and commercial real estate is nearly complete, as Jones Lang LaSalle and HFF announced Friday that JLL’s acquisition of HFF is set to close on July 1.
Under the terms of the deal, which was originally announced in March, JLL will acquire all the outstanding shares of HFF in a cash and stock transaction that carries an equity value of approximately $2 billion.
According to the companies, the deal has received approval from all the relevant regulatory agencies and is now expected to close on July 1.
Earlier that day, HFF stockholders are expected to meet and vote on the deal. If they approve the deal, it will close after trading on the New York Stock Exchange ends for the day.
“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,” Christian Ulbrich, global CEO of JLL, said when the deal was first announced.
“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,” Ulbrich added. “I believe that combining our organizations will deliver a range of compelling benefits for our clients, employees and shareholders.”
Upon closing of the deal, JLL shareholders are expected to own approximately 87% of the combined company, while HFF shareholders are expected to own approximately 13%.