JLL completes takeover of HFF
JLL has completed the acquisition of US real estate investment adviser HFF, announced in March.
HFF specializes in real estate investment advisory services and generated revenue of approximately $650 million in 2018 with 1,050 employees. The acquisition significantly expands JLL's real estate investment services and client base.
Mark Gibson, formerly CEO of HFF, will join JLL as CEO of Capital Markets Americas, and will also become co-chair of Global Capital Markets on the board of the same name.
The acquisition of HFF was first announced in March 2019 and was unanimously approved by the respective boards of the two companies. On July 1, shareholders of HFF also approved the deal.
HFF is now 100% owned by the Buyer and will market as a fully integrated company under the JLL brand. HFF's common stock has been delisted from trading and is no longer listed on the New York Stock Exchange effective July 1, 2019.
The acquisition price of around USD 1.8 billion was paid in cash and JLL shares. The companies expect to generate synergy effects worth around 60 million dollars over the next two to three years. (ah)
