Jones Lang LaSalle buys Spaulding & Slye for $150M
Nov. 28, 2005
(Reuters) Jones Lang LaSalle Inc., a real estate services and money management firm, said on Monday it had agreed to buy privately held company Spaulding & Slye to boost its resources in the New England and Washington, DC, areas.
Under terms of the agreement, Jones Lang LaSalle will pay $150 million cash at the closing of the deal with real estate services and investment company Spaulding & Slye, with additional payment subject to certain contract provisions and performance.
Jones Lang LaSalle said the deal would be financed with its existing revolving credit facility. It expected the transaction to slightly add to earnings in 2006 but increasingly boost earnings over time.
Spaulding & Slye has offices in Boston and Washington, DC, and about 500 employees almost all of whom will be integrated into similar roles in the combined organization.
"This transaction is consistent with our articulated growth strategy which includes strengthening our local and regional service offerings around the globe," Jones Lang LaSalle's Chief Executive Colin Dyer said in a statement.
With the addition of the Spaulding & Slye employees, Jones Lang LaSalle will have about 20,000 staff globally with over 500 in the Washington DC area and over 300 in the Boston area.
Banc of America Securities acted as financial adviser to Jones Lang LaSalle and DLA Piper Rudnick Gray Cary served as legal advisor. Spaulding & Slye's financial adviser was Covington Associates and legal advisor was WilmerHale. (Reuters) Jones Lang LaSalle Inc., a real estate services and money management firm, said on Monday it had agreed to buy privately held company Spaulding & Slye to boost its resources in the New England and Washington, DC, areas.