Strengthens leadership position by combining U.S. tenant representation expertise with global platform and Corporate Solutions business
CHICAGO, IL and DALLAS, TX /PRNewswire-FirstCall/ -- Jones Lang LaSalle Incorporated JLL, the world's leading financial and professional services firm specializing in real estate, and The Staubach Company, the leading real estate services firm specializing in tenant representation in the United States, have reached a definitive agreement to combine operations.
(Colin Dyer, CEO of Jones Lang LaSalle, left, and Roger Staubach, executive chairman, Staubach Co. in top right photo.)
CHICAGO, IL and DALLAS, TX /PRNewswire-FirstCall/ -- Jones Lang LaSalle Incorporated JLL, the world's leading financial and professional services firm specializing in real estate, and The Staubach Company, the leading real estate services firm specializing in tenant representation in the United States, have reached a definitive agreement to combine operations.The merger will reinforce Jones Lang LaSalle's global leadership by combining its integrated global platform and industry-leading Corporate Solutions business with Staubach's extensive tenant representation capability and deep presence in key markets in the United States.
Under the terms of the agreement, Jones Lang LaSalle will pay $613 million, with $123 million in cash and $100 million in stock paid at the transaction close and the balance paid out in cash over five years, for all of the outstanding capital stock of Staubach Holdings, Inc.
Under the terms of the agreement, Jones Lang LaSalle will pay $613 million, with $123 million in cash and $100 million in stock paid at the transaction close and the balance paid out in cash over five years, for all of the outstanding capital stock of Staubach Holdings, Inc.
The agreemen
t also calls for potential earn out payments of up to $114 million that are subject to the achievement of certain performance metrics measured over a period of up to approximately four and one-half years after the closing.
t also calls for potential earn out payments of up to $114 million that are subject to the achievement of certain performance metrics measured over a period of up to approximately four and one-half years after the closing. The transaction is expected to close in the third quarter subject to Hart-Scott-Rodino approval as well as other customary closing conditions. The transaction details have been posted on Jones Lang LaSalle's Web site, http://www.joneslanglasalle.com.
The transaction is expected to be accretive to earnings per share in 2009 and beyond, on a GAAP basis, as integration costs are fully expensed and debt and associated financing costs are reduced.
Transaction Highlights:
- - Complementary cultures characterized by client focus and collaboration
-- Highly structured transaction includes cash and stock consideration, majority of payments in cash deferred over five years.
-- Transaction expected to be EPS accretive in 2009
Greg O'Brien, (top left photo) currently Staubach's CEO, will be the CEO of Brokerage, Americas, leading the newly created business that will set strategic direction in tenant representation and agency leasing.
John Gates, (middle left photo) currently Staubach's President and COO, will serve as President of Brokerage, Americas. Both Greg O'Brien and John Gates will join the firm's Americas Executive Committee, which is headed by Peter Roberts, Jones Lang LaSalle's CEO, Americas.
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