JLL overtakes KingSturge
New York-listed real estate consultancy Jones Lang LaSalle (JLL) on May 27 announced its merger with former competitor King Sturge in a deal that values the smaller firm at around £197 million (€227 million). The transaction is expected to close officially on May 31 and will involve an initial £98 million cash payment followed by additional payments over the next five years. The merger will result in all 43 King Sturge offices (including Prague) across Europe becoming part of the JLL brand, with a full integration of business lines and teams. The deal’s main effect will probably be felt on the UK market, where 24 of all of King Sturge’s offices are located, yet expansion in Central and South-Eastern Europe was also a factor involved. The merger creates the largest real estate consultancy in EMEA (Europe, the Middle East and Africa), with 5,300 employees operating in 70 markets in 30 different countries.
Author: Miroslav Jílek