Commercial real estate firm Jones Lang LaSalle (NYSE: JLL) today announced it will merge with property consultancy King Sturge.
The transaction is expected to close on 31 May 2011. Under its terms, Jones Lang LaSalle will pay consideration of £197 million ($319 million) to the partners of King Sturge, with £98 million in cash at closing and the balance paid out in cash over five years.
All 43 King Sturge offices and businesses across Europe, including 24 in the UK, will become part of Jones Lang LaSalle and will operate under the Jones Lang LaSalle brand. Integration of business lines and teams, and the full rebranding of all business activities, will begin immediately.
Read the full announcement here.