CHICAGO-It’s almost official: Jones Lang LaSalle Inc., based here, is going to take over Dallas-based Staubach in an $835 million deal, sources tell GlobeSt.com. There will be an official announcement made on Monday, June 16 confirming the long-awaited deal, sources say.
The rumored merger broke a little more over the weekend, when other publications quoted sources saying that the deal would be announced this week for $735 million. However, a source tells GlobeSt.com that the number is about $100 million short. More details, aside from an expected Monday announcement, were not forthcoming. “There’s a lot of apprehension at both companies (regarding the future of employees). The people who know what’s going on signed non-disclosure,” the source says. There was no response to the news from official Staubach or JLL channels.
The deal has been the most talked expected marriage in commercial realestate, after the merger of NNN Realty Advisors and Grubb & Ellis last year. However, both sides have done well at hiding the engagement. It’s said that Roger Staubach, the ex-NFL star who founded the company, has given off hints, such as resigning as president and CEO to become executive chairman of the new 300-private-shareholder Staubach ownership operation, and giving up stock to franchisees so they’d convert operations into branch offices. Also, JLL hasn’t kept quiet, buying up Kempber’s Holding GmbH, a Germany-based retail company, and other overseas firms, for more than $134 million.
Staubach’s firm now totals more than 1,500 professionals in the US, Canada and Mexico. With 2007 global revenue of $2.7 billon, JLL has approximately 170 offices worldwide and operates in more than 700 cities in 60 countries. The public company’s stock closed at $65.94, up for Friday but down from $68.50 from a week ago.