Jones Lang LaSalle completes $600m Staubach merger.
Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. Incorporated announced the completion of the transaction to merge operations with The Staubach Company, the leading real estate services firm specializing in tenant representation in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
The combined firm will operate under the Jones Lang LaSalle brand.
Under the terms of the transaction, Jones Lang LaSalle paid $123 million in a combination of cash and assumed net liabilities and $100 million in stock at closing, with an additional $390 million paid out in cash over five years, for all of the outstanding capital stock of Staubach Holdings, Inc. Potential earn out payments of up to $114 million will be paid subject to the achievement of certain performance metrics Performance metrics are measures of an organizations activities and performance. Performance metrics should support a range of stakeholder needs from customers, shareholders to employees . .
"We are delighted to welcome to our firm more than a thousand talented Staubach colleagues who share our culture of client service and integrity," said Colin Dyer Colin Dyer has been a Director of Jones Lang LaSalle since September 2004, when he was elected President and Chief Executive Officer of the firm. Before that, from 2000 to 2004, he was the founding CEO of the WorldWide Retail Exchange, an Internet-based business-to-business , chief executive officer of Jones Lang LaSalle.
"By combining the strengths of our organizations, our ability to grow and to help our clients realize real value will be elevated to an unprecedented level."
Substantially all of Staubach's employees are integrating into the Jones Lang LaSalle organization, including Roger Staubach Roger Thomas Staubach (born February 5, 1942 in Cincinnati, Ohio) is a businessman, Heisman Trophy winner and former American professional football player where he was the quarterback for the Dallas Cowboys for most of the 1970s during their reign as America's Team. and other senior Staubach leaders, who will hold key positions within the combined organization.
Staubach's active involvement in the firm will include joining the Jones Lang LaSalle board of directors and taking on the new role of executive chairman, Americas, to focus on client relationships, new business development and strategy. Greg O'Brien, former Staubach CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , will serve as CEO of Brokerage, Americas, leading the newly created business that will set strategic direction for tenant representation and agency leasing throughout the firm's Americas region. John Gates
John Gates, born Solomon Regenstriet in New York City in 1913, was a prominent American Communist from 1939 to 1958. , former Staubach president and COO, will be the president of brokerage, Americas. Both O'Brien and Gates will join the firm's Americas Executive Committee, which is headed by Peter Roberts Sir Peter Geoffrey Roberts, 3rd Baronet (23 June 1912 – 22 July 1985) was a British Conservative Party politician.
He was elected at the 1945 general election as Member of Parliament (MP) for Sheffield Ecclesall. , Jones Lang LaSalle's CEO, Americas.
"The overwhelmingly positive reaction we have received since announcing the merger agreement last month has reinforced our conviction that we are doing the right thing for our clients and our people," said Roger Staubach, executive chairman, Americas for Jones Lang LaSalle.
"Our clients told us they wanted a global platform and now, working with our Jones Lang LaSalle colleagues across the world, we will be able to provide the broader range of integrated services they require at the same exceptional level of client service they have grown to expect."