The Real Deal: BREAKING NEWS: The deal is expected to close in the third quarter, subject to HFF shareholder approval. Both companies’ boards have unanimously approved the deal, which values HFF at $49.16 per share based on yesterday’s market close. “The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities”, JLL Global CEO Christian Ulbrich said in the release. According to The Real Deal‘s latest NYC investment sale ranking, Dallas-based HFF was the city’s number four firm by dollar volume, brokering 15 deals worth $3.34 billion. Chicago-based JLL came in seventh, with nine deals totaling $1.54 billion. Once the deal closes, JLL shareholders are expected to own approximately 87 percent of the combined company’s shares, while HFF shareholders are expected to own the remaining 13 percent. The deal comes amid a broader climate of consolidation. Facing an uncertain market, M&A activity among real estate firms has been on the up, hitting $524.7 billion — nearly 25 percent more than the 2007 record of $424.5 billion, according to figures from Thomson Reuters.