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Jones Lang LaSalle completes $600m Staubach merger.

Jones Lang LaSalle 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.

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.

"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, 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 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, 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, 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, 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."
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Comment:Jones Lang LaSalle completes $600m Staubach merger.
Publication:Real Estate Weekly
Date:Jul 16, 2008
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