COMMERCIAL property services firm Jones Lang LaSalle has moved for rival King Sturge in a £197m deal, it was announced today.
Jones Lang LaSalle is paying the sum to property consultancy King Sturge’s partners – both firms have operations based in central Birmingham.
The deal, which confirms weeks of speculation, is expected to close on Tuesday.
Under its terms, the transaction will be broken down as £98m in cash at closing and the remaining balance paid out in cash over five years.
JLL’s Birmingham office is in One Colmore Square and headed up by Jan Thompson while King Sturge is based in Church Street and led by Ian Cornock.
All 43 King Sturge offices and businesses across Europe, including 24 in the UK, will become part of Jones Lang LaSalle and will operate under the JLL brand.
Integration of business lines and teams, and the full rebranding of all business activities, will begin immediately.
The merged business operates across 70 Europe, Middle East and Africa markets in 30 countries.
It employs 5,300 people providing real estate services to investor, owner and occupier clients. The UK business will have 2,700 employees across 34 offices.
Mr Thompson said: “This merger is very exciting and positive news for our clients and our business in Birmingham.
“Bringing our two firms together is a highly complementary strategic and cultural fit.
“We will retain our shared focus on delivering great client service ensuring we can fulfil their needs by providing a comprehensive range of services.”
Mr Cornock added: “The combined business has substantially increased its strength and potency not only in Birmingham, but in Edinburgh, Leeds, Glasgow and Manchester while Jones Lang LaSalle gains new offices in Bath, Bristol, Cardiff, Exeter, Liverpool, Newcastle-upon-Tyne, Nottingham, Southampton and Plymouth.
“These locations, along with London, create a powerful new combined UK business.”
