Jones Lang LaSalle Buys Staubach

Huge merger, 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 transaction is expected to close in the third quarter subject to regulatory approval.

The move will give Jones Lang LaSalle access to 700 brokers with local client-lists that include the likes of law firm Hunton & Williams, Booz Allen & Hamilton and SAIC, said Robb Johnson, president of Staubach Co. Northeast, one of the regional entities in Staubach Holdings. "Our client list is literally a Who's Who of the Fortune 500," Johnson said.

The deal marks the 28th acquisition for Jones Lang LaSalle since 2006. In late 2005, it bought Spaulding & Slye, a Boston-based company with a large D.C. office, for $150 million in cash. The companies had a relatively smooth transition, but Spaulding & Slye was much smaller than Staubach, which has 1,600 employees in 70 offices and completed $28 billion in transactions in the fiscal year that ended in June 2007, according to the release.

The combined company will have 33,700 employees around the world and 11,500 in the Americas with the addition the Staubach employees. The transaction also will add 14 new corporate offices to Jones Lang LaSalle's 54 in the Americas, bringing the total in the Americas to 68 and globally to 184.

The transaction does not include Staubach Retail Services or Cypress, Staubach's investment development business, both of which will continue to operate under license agreements.