)
A major recalibration of the commercial real estate brokerage industry is about to become official.
JLL will close on its acquisition of HFF at the end of regular trading hours at the New York Stock Exchange on Monday, July 1, the company announced in a press release. The final stage in the process is a vote of approval from HFF shareholders at the company's annual meeting, which will also take place on July 1. The merger has been approved by regulatory agencies, according to the release.
The two brokerages initially announced the deal in mid-March as a cash and stock transaction valued at $2B. If the original terms hold, JLL will pay $24.63 in cash and 0.15 shares of JLL for each share of HFF, at a 5.7% premium over HFF's market value in March.
Though JLL was the bigger company entering the deal, many consider HFF to carry more respect and influence in the debt financing arena specifically. HFF CEO Mark Gibson will become CEO of JLL Capital Markets, Americas and co-chair the company's Global Capital Markets Board when the deal is finalized, and rumors have swirled that the incoming HFF team will be "calling the shots" for that part of the company, Commercial Observer reports.
Despite the sizes of the two organizations coming together, little has been publicly finalized about the specifics of the arrangement. Brokerage mergers often result in considerable employee movement, and the industry will not have to wait much longer to see how this one plays out.
CORRECTION, JULY 1, 1:15 P.M. ET: A previous version of this story misstated Mark Gibson's new titles at JLL. This story has been updated.
)
)
)
)
)
)
)
)
)
)
)
)