LONDON-Chicago-based Jones Lang LaSalle revealed this morning that it will pay $319 million to take over locally based King Sturge, the property consultant firm based here. The transaction is expected to close on Tuesday.

All 43 King Sturge offices and businesses across Europe, including 24 in the UK, will become part of JLL and will operate under the JLL brand. Under the terms of the deal, JLL will pay $159 million in cash at closing. The balance will be paid out in cash over five years, according to a joint statement by the firms.

Andrew Gould, formerly CEO of JLL’s UK office, will serve as CEO of the merged company. Richard Batten, a joint senior partner at King Sturge, will assume the role of UK executive chairman. “This is a coming together of two great companies who are culturally aligned, with fantastic business synergies, to create the best firm of property advisers in Europe,” he said in the statement.

Gould says the merged company will be one of the strongest real estate providers in Europe. The merged business will operate in 70 markets in Europe, the Middle East and Asia in 30 countries.

JLL is known for its penchant for taking over companies that add to its strength. The firm bought the former Dallas-based Staubach Co. tenant representation firm in June 2008 for $613 million.