Commercial real estate firm Jones Lang LaSalle is set to complete its merger with international property consultancy King Sturge.
The merger will see Jones Lang LaSalle pay £197 million to partners at King Sturge, with £98m paid at the close of the deal and the balance to be paid out over five years.
All 43 King Sturge offices and businesses across Europe, including 24 in the UK, will become part of JLL.
Andrew Gould will serve as chief executive of the merged business in the UK while Richard Batten will assume the role of executive chairman.
Mr Gould said: “We are tremendously excited to combine these two outstanding firms. Each has a reputation for excellence based on teamwork and putting clients first.
“Our new leadership team is already in place, consisting of senior directors from both firms, and their immediate focus will be to begin to realise the extraordinary potential of the merger for our clients and colleagues.”
The merged business operates in 70 EMEA markets across 30 countries, employing 5,300 people providing integrated real estate services worldwide to investor, owner and occupier clients.
The new UK business will have 2,700 employees across 34 offices with the merger expected to close on 31 May.
Jones Lang LaSalle chief executive officer for EMEA, Christian Ulbrich 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.”