£160m deal would end the independence of major UK surveyor
Jones Lang LaSalle, the US-based property giant, is reportedly in talks to buy King Sturge, the 13th largest consultant in the UK.
The price tag for King Sturge is thought to be around £160m, reports Property Week.
The tie-up would create the biggest agent in the country by turnover, and would combine Jones Lang LaSalle’s strength in London with King Sturge’s coverage of the regions.
The partners at King Sturge are now expected to vote on the deal. King Sturge has 728 chartered surveyors – almost one hundred more than Davis Langdon.
Jones Lang LaSalle reported a turnover of $708.4m for the third quarter of 2010, a growth of 20% compared to the same quarter in 2009.