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Jones Lang LaSalle to buy realty firm Staubach

June 17, 2008|From the Associated Press

DALLAS — Real estate services firm Jones Lang LaSalle Inc. said Monday that it would buy Staubach Co., a realty firm founded in 1977 by former Dallas Cowboys quarterback Roger Staubach.

Jones Lang will pay $613 million over five years for Staubach, including $123 million in cash and $100 million in stock at closing and the balance in cash over five years. It will pay as much as $114 million more depending on whether Staubach reaches performance goals.

Jones Lang said the deal would strengthen its tenant-representation business and add to earnings per share beginning next year.

Roger Staubach will join the Jones Lang board as executive chairman, Americas. Staubach Chief Executive Greg O'Brien will join Jones Lang as CEO of brokerage in the Americas.

Dallas-based Staubach is one of the nation's largest independent real estate brokerage firms, helping clients find office, industrial and retail space.

The company has more than 70 offices in North America and about 1,600 employees.

The sale won't include Staubach Retail Services or Cypress, Staubach's investment development business.

Chicago-based Jones Lang has annual revenue of $2.65 billion and more than 170 offices worldwide.

The company has been on an acquisition tear, buying 28 firms since 2006, many of them in Europe.

Staubach, 66, stepped down last year as CEO.

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