King Sturge in the money after deal

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The Independent Online

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.