Real estate services provider Jones Lang LaSalle Inc said on Tuesday it will buy capital markets services provider HFF Inc in a cash-and-stock deal valued at about $2 billion.
Source: www.reuters.com
Jones Lang LaSalle Inc. (NYSE: JLL) has agreed to acquire all outstanding shares of HFF, Inc. (NYSE: HF) in a cash and stock transaction for ~$2 billion. As per the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. This share price will be based on the closing price of JLL stock of $163.02 on March 18, 2019. The cash and stock consideration to be received by HF shareholders is valued at $49.16 per HF share. Upon completion of the acquisition, JLL shareholders will own ~87% of the combined company, while HF shareholders will own remaining ~13%. The deal is expected to close in Q3 2019.
