Shares of both companies were halted for news in the premarket Tuesday.
Jones Lang LaSalle will pay $24.63 in cash and 0.1505 shares of JLL stock for each share received of HFF stock. That's a $49.16 per share valuation for HFF, which represents a roughly 6% premium over HFF's closing price Monday, but a 53% premium to the stock's opening level of 2019.
Now, HFF shares were rising 5.65% to $49.14 apiece Monday morning, matching the price shareholders will receive when the deal closes.
JLL shareholders will own about 87% of the combined company.
"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," JLL CEO Christian Ulbrich said. "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. I believe that combining our organizations will deliver a range of compelling benefits for our clients, employees and shareholders."
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