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Jones Lang LaSalle, Staubach to Merge

Real estate consulting firms Jones Lang LaSalle and The Staubach Company have reached a definitive agreement to combine operations. Under the terms, Jones Lang LaSalle will pay $613 million, with $123 million in cash and $100 million in stock, for all the outstanding capital stock of Staubach Holdings, Inc. The transaction does not include Staubach Retail Services or Cypress, Staubach's investment development business. The combined firm will operate under the Jones Lang LaSalle name and several Staubach executives, including founder Roger Staubach, will take key positions in the combined organization. The combined firm will have 33,700 employees worldwide, 11,500 of them in the Americas, and add 14 new corporate offices to Jones Lang LaSalle's 54 in the Americas. "We expect this unique opportunity to bring together the complementary strengths and resources of two powerful organizations into one integrated global company will create enormous new value for our clients, our people, and our shareholders," says Peter Roberts, Jones Lang LaSalle's CEO, Americas. Says Roger Staubach, "In today's global economy when so many of our clients want an international platform, this merger gives us the opportunity to provide those services seamlessly, as one team working together." The transaction is expected to close in the third quarter of this year, subject to regulatory approvals.

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