Architect behind Heron Tower plans share-swap buyout to gain independence from US parent, say reports
The UK arm of the American architect behind the Heron Tower and the Pinnacle is to buy itself out from its US parent, according to reports.
The Financial Times has reported that Kohn Pedersen Fox's UK management are preparing for a share-swap deal that would make the UK firm fully independent from the US company. According to the reports. staff were told on Friday of the intended deal, with the firm being advised by financial consultant Ondra.
Lee Polisano, president of Kohn Pedersen Fox, told the FT: “This is the natural evolution of the company. The offices work largely independent of each other. It is a share swap in a way as we would give up shares in the other company. Our proposal is based on a view of how much the London business is worth.”
He added: “We have seen an increase in activity. People are dusting down old schemes and tweaking existing plans. The spirits are lifting a bit but there is still caution.”
It is thought the UK firm, founded by Polisano and David Leventhal, would change its name if the deal went through.