Jones Lang LaSalle will pay £197 million ($319 million) to partners of international property services firm King Sturge to merge with the firm, confirmed Jones Lang LaSalle spokeswoman Gayle Kantro in an e-mail.
Jones Lang LaSalle’s views the transaction “as a merger that brings together two companies that are highly complementary and have a strong cultural fit to form one market-leading organization,” Ms. Kantro said.
King Sturge’s 43 offices and businesses across Europe will become part of Jones Lang LaSalle and will operate under the Jones Lang LaSalle name.
Jones Lang LaSalle will pay £98 million in cash at closing, with the balance paid out in cash over five years.
Andrew Gould, CEO of Jones Lang LaSalle, will serve as CEO of the merged business in the U.K. Richard Batten, joint senior partner of King Sturge, will assume the role of U.K. executive chairman
The transaction is expected to close on May 31.