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 I was a Woman Against Feminism too
- 2 Fifty Shades of Grey movie trailer released: First look at Jamie Dornan as Christian Grey
- 3 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 The Tory donor whose firm is one of Britain’s biggest tax avoiders - with HMRC's blessing
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Taiwan plane crash: Typhoon Matmo could have caused TransAsia Airways disaster, airline suspects
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£18000 - £20000 per annum + OTE £25K: SThree: SThree Group has been well estab...
competitive: Progressive Recruitment: This really is a fantastic chance to joi...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...