Hill Int'l Buys Additional 23.8% Stake in Gerens Hill for $9.2M
Hill International (NYSE: HIL), the global leader in managing construction risk, announced today that it has acquired an additional ownership stake of 23.8% in its Madrid-based subsidiary Gerens Hill International S.A. for a purchase price of approximately €7.1 million ($9.2 million). As a result, Hill's ownership stake in Gerens Hill has increased from 69.4% to 93.2%.
Gerens Hill provides project management services throughout Spain and Mexico and also owns a 60% interest in Brazilian subsidiary Engineering S.A. In 2012, Gerens Hill generated more than 17% of Hill's worldwide consulting fee revenue.
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