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Chicago-based Jones Lang LaSalle Inc. has closed its $1.8 billion acquisition of HFF, expanding its ability to provide capital market services and expertise to its clients.

HFF, regarded as a leading capital market advisers in the industry, had more than $650 million in revenue in 2018 and approximately 1,050 employees with long-term client relationships and deep knowledge of U.S., as well as global markets.

JLL's acquisition aligns with one of the key priorities of the company's Beyond strategic vision, which is to grow its capital markets business. The combination of JLL and Dallas-based HFF is expected to enhance capital market services and expand client reach. The deal creates a global team of more than 3,700 capital market professionals across 47 countries, and is intended to deliver new expertise and scale, as well as 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," JLL Global CEO Christian Ulbrich said in a statement. "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."

Gibson added: "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."

This acquisition was first announced and unanimously approved by each company's board of directors in March 2019 and has now been approved by HFF's shareholders.

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 New York Stock Exchange effective today.

The purchase price for the acquisition was funded with 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.