Update . . . it happened.

Jones Lang LaSalle will acquire Staubach Co. for $613 million in cash and stock

June 16, 2008: 06:31 PM EST

NEW YORK (Associated Press) - Commercial real-estate services company Jones Lang LaSalle Inc. said Monday it agreed to pay a total of $613 million in cash and stock for The Staubach Co., a real-estate services company specializing in tenant representation.

Jones Lang LaSalle will pay $123 million in cash and $100 million in stock when the deal closes, and pay the rest in cash payments over five years.

Jones Lang LaSalle could also pay $114 million more in potential earnout payments to Dallas-based Staubach.

The deal is expected to close in the third quarter.

Chicago-based Jones Lang LaSalle expects the deal to help its earnings in 2009 and beyond.
The deal does not include Staubach Retail Services or Cypress, Staubach's investment-development business.