Jones Lang LaSalle Inc. agreed to acquire all the outstanding shares of commercial real estate financial intermediaries HFF Inc. in a cash and stock deal with an equity value of roughly $2 billion.

Under the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 of a Jones Lang LaSalle share for each HFF share.

The respective boards of directors of the two companies have unanimously approved the transaction, which is expected to close in the third quarter, subject to approval by HFF shareholders and customary closing conditions.

More details to follow...