King Sturge in the money after deal
Saturday 28 May 2011
Jones Lang LaSalle's £197m takeover of rival property consultant King Sturge is set to create more than 80 millionaires.
The global giant will pay £98m in cash to King Sturge's 86 partners when the deal completes on Monday, with the rest paid out in cash over five years.
The latest deal in the feverish real estate sector will make the combined business the market leader in the UK and Europe.
Simon Hawes, a partner at PwC, said: "The property world is awash with rumours of possible future tie-ups.
"The market is becoming increasingly global, with growing polarisation between the global service providers and smaller, regional businesses."
All 43 King Sturge offices and businesses across Europe will become part of Jones Lang, including 24 in the UK. They will operate under the Jones Lang brand and integration will start immediately.
Andrew Gould, Jones Lang's UK chief executive, will run the merged business with Richard Batten, joint senior partner at King Sturge, taking the job of executive chairman.
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 3 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 4 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 5 April Fools' Day 2015: The best hoax news stories from around the internet
University of Cambridge: Remains of 1,300 scholars are found under building
April Fools' Day 2015: The best hoax news stories from around the internet
April Fools' Day 2015 live: The best pranks and fake stories from around the world
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...