The managers of Kansas City-based HOK Sport Venue Event, the world's leading sports architecture firm, and the board of its St. Louis-based parent company, HOK Group Inc., have agreed to a transfer in ownership of HOK Sport Venue Event to the leaders of that practice, according to a Kansas City Business Journal article published Thursday.
Financial terms were not disclosed, according to the article, which said that HOK Group shareholders approved the transaction at a meeting on Thursday. Subject to final terms, the buyout is expected to be complete by the end of 2008.
The article states that the deal also calls for HOK Sport Venue Event, a wholly owned subsidiary of HOK Group since 2000, to launch a new corporate name and brand after becoming an independent company.
An employee-owned firm with 26 regional offices on four continents, HOK Group posted $631 million in revenue last year up 32 percent from $479 million in 2006, according to the article. HOK Sport reported $154 million in 2007 billings, up 22 percent from $126 million in 2006.
According to a press release announcing the split, the buyout will not affect clients or projects, and both practices will continue to collaborate on projects where their combined expertise will benefit the client and the project.
Ed
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