Roger Staubach has a storied background. He's a graduate of the US Navel Academy and served four years as a Navy officer. From there, he became a legendary quarterback for the Dallas Cowboys and won two Super Bowls. Interestingly, while playing pro football, he started a career in the real estate.
The result was The Staubach Company, an advisory practice that helps with site selection, acquisition and disposition of office, industrial and retail properties.
Well, this week, Staubach has another accomplishment to add to his resume: he has sold his company to Jones Lang LaSalle Inc. (NYSE: JLL) for $613 million. The transaction involves an initial $123 million cash payment and $100 million in stock. Then, over the next five years, the remaining amount will be paid out.
As for Staubach, this won't be a farewell. Instead, he'll be on the board of Jones Lang and also become the executive chairman for the Americas.
No doubt, Jones Lang needs a boost. After all, the stock price has plunged from $124 to $67 over the past year. Basically, with the huge write-downs on Wall Street, there has been collateral damage for commercial real estate brokers.
The good news is that Staubach Co. will add over 3,000 customers, which include biggies like Cisco Systems (NASDAQ: CSCO), PepsiCo (NYSE: PEP), T-Mobile USA and Target (NYSE: TGT). What's more, last year the firm completed 7,280 transaction for a total of $428 billion.
Tom Taulli is the author of various books, including The Complete M&A Handbook
Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
Deere up on Q4 earnings performance
Reid Hoffman: LinkedIn will go public (at some point)
