Global commercial real estate firm Jones Lang LaSalle has announced it will merge with international property consultancy King Sturge.

The combined firm will be the clear leader in the UK and also in continental Europe, with greatly enhanced strength and depth of service capabilities across the region that will directly benefit the clients of both companies.

The transaction is expected to close on 31 May 2011. Under its terms, Jones Lang LaSalle will pay consideration of £197 million to the partners of King Sturge, with £98 million in cash at closing and the balance paid out in cash over five years.

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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 Jones Lang LaSalle brand. Integration of business lines and teams, and the full rebranding of all business activities, will begin immediately.

Christian Ulbrich, Jones Lang LaSalle Chief Executive Officer for EMEA said: "The obvious strategic and cultural fit between Jones Lang LaSalle and King Sturge makes this a logical and very attractive proposition for both firms. It gives us a scale and depth of expertise that will make our client service delivery capabilities second to none in both the UK and continental Europe."

Richard Batten, Joint Senior Partner, King Sturge said: "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. We truly believe that we will be better together. The ability to operate on a global platform, and the opportunities that this will provide, is great news for all our staff and clients."

(CD/GK)