Jones Lang LaSalle and Staubach Co. reach agreement to merge operations

Jones Lang LaSalle Inc. (JLL) and The Staubach Co. have reached an agreement to combine operations. The merger will reinforce JLL's global leadership by combining its integrated global platform and industry-leading corporate solutions business with Staubach's tenant representation capability and deep presence in key markets in the U.S. 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 agreement 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 four and one-half years after the closing. The combined firm will operate under the JLL brand.