CHICAGO, July 1, 2019 /PRNewswire/ -- Jones Lang
LaSalle Incorporated (NYSE: JLL) announced today that it closed its
acquisition of HFF, greatly expanding JLL's ability to provide
world-class capital markets services and expertise to its
clients.
HFF, regarded as one of the premier capital markets advisors in
the industry, had more than $650
million in revenue in 2018 and approximately 1,050 employees
with long-term client relationships, first-class skills and deep
knowledge of U.S. as well as global markets. JLL's acquisition of
this exceptional firm aligns with one of the key priorities of
JLL's Beyond strategic vision, which is to grow its Capital
Markets business. The combination of JLL and HFF enables greatly
enhanced capital markets services and significantly expanded client
reach. Clients will benefit from a global team of more than 3,700
capital markets professionals across 47 countries, delivering new
expertise and scale, more extensive market coverage and greater
deal flow.
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."
Transaction Details
This acquisition was first announced and unanimously approved by
each company's Board of Directors in March
2019 and received approval from HFF's shareholders earlier
today.
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 was
delisted from the NYSE effective today.
The purchase price for the acquisition was approximately
$1.8 billion, consisting of a
combination of cash and JLL stock. JLL funded the cash portion of
the purchase price consideration with a combination of cash
reserves and its existing syndicated credit facility. The
combination is expected to deliver significant run-rate synergies,
estimated at approximately $60
million over two to three years.
Forward-Looking Statements
This communication may contain certain statements that predict
or forecast future events or results, or intentions, beliefs and
expectations or predictions for the future of JLL (the "Company"),
which are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995, including
statements with respect to the anticipated effects of the
transaction, expectations with respect to synergies, the
transaction's anticipated benefits to stockholders and plans with
respect to the leadership of the combined company. Words such as
"believes," "expects," "anticipates," "estimates," "intends,"
"plans," "seeks," "projects" or words of similar meaning, or future
or conditional verbs, such as "will," "should," "would," "could,"
"may" or variations of such words and similar expressions are
intended to identify such forward-looking statements, which are not
statements of historical fact or guarantees or assurances of future
performance. However, the absence of these words or similar
expressions does not mean that a statement is not
forward-looking.
Actual results could differ materially from those projected or
forecast in the forward-looking statements. The factors that could
cause actual results to differ materially include, without
limitation, the following risks, uncertainties or assumptions:
unanticipated difficulties or expenditures relating to the
transaction, including, without limitation, difficulties that
result in the failure to realize expected synergies, efficiencies
and cost savings from the transaction within the expected time
period (if at all); potential difficulties in the Company's ability
to hire, retain and motivate employees as a result of the
transaction, including those experienced with post-transaction
integration efforts; the Company's ability to obtain and maintain
an investment grade credit rating and obtain financing on the
anticipated terms and schedule; disruptions of the Company's
current plans, operations and relationships with customers caused
by the transaction; the outcome of legal proceedings related to the
transaction; and other factors described in the Company's annual
report on Form 10-K for the fiscal year ended December 31, 2018, which was filed with the
Securities and Exchange Commission (the "SEC") on February 26, 2019, and other filings, including
quarterly reports, made by the Company from time to time with the
SEC. The factors described in such SEC filings include, without
limitation: the effect of political, economic and market conditions
and geopolitical events; the logistical and other challenges
inherent in operating in numerous different countries; the actions
and initiatives of current and potential competitors; the level and
volatility of real estate prices, interest rates, currency values
and other market indices; the outcome of pending litigation; and
the impact of current, pending and future legislation and
regulation.
The Company does not undertake, and expressly disclaims, any
duty to update any forward-looking statement whether as a result of
new information, future events or otherwise, except as required by
law. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
hereof.
About JLL
JLL (NYSE: JLL) is a leading
professional services firm that specializes in real estate and
investment management. Our vision is to reimagine the world of real
estate, creating rewarding opportunities and amazing spaces where
people can achieve their ambitions. In doing so, we will build a
better tomorrow for our clients, our people and our communities.
JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries
and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a
registered trademark, of Jones Lang LaSalle Incorporated. For
further information, visit ir.jll.com.
Connect with us
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https://twitter.com/jll
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Contacts
Investors:
JLL Investor Relations
Phone: + 1 312 252 8943
JLLInvestorRelations@am.jll.com
Media:
Gayle Kantro
JLL Senior
Director, Global Communications
+1 312 228-2795
Gayle.Kantro@am.jll.com
Azar Boehm
JLL Senior
Manager, Investor Services Public Relations
+1 212 292 7587
Azar.Boehm@am.jll.com
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SOURCE JLL-IR