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JLL to Pay $2 Billion for Rival HFF

Inc. in a late-cycle deal that marks JLL’s largest acquisition since the firm was formed in 1999 by the merger of LaSalle Partners Inc. and Jones Lang Wootton. The cash and stock deal will greatly increase the size of Chicago-based JLL’s business of selling and financing commercial property in the U.S. JLL, which had $16.3 billion in revenues in 2018, has long been a leader in this business in Europe and Asia, but until now has been a second-tier player as a broker of sales and mortgages in the U.S. Dallas-based HFF, which had $662 million of 2018 revenue, has been a lead player in the so-called capital markets business in the U.S. Since 1998, the firm has brokered and advised clients in more than $800 billion worth of deals.