New Valley LLC explained

New Valley LLC
Type:Subsidiary
Founder:Bennett S. LeBow
Location City:Miami, Florida
Location Country:United States
Industry:Diversified holding
Revenue:$1.7 billion (FY 2015)
Net Income:$59.2 million (FY 2015)
Assets:$1.3 billion (FY 2015)
Num Employees:1,090
Parent:Vector Group
Footnotes:[1] [2] [3]

New Valley LLC is an American investment company owned by Vector Group.[4]

History

Western Union was renamed New Valley in the early 1990s as the corporate parent of all Western Union-related businesses. In 1994, New Valley sold its Western Union businesses to First Financial Management (later acquired by First Data) for $1.2 Billion.[5]

After more than 100 years of being a publicly traded entity, New Valley became a wholly owned subsidiary of Vector Group on December 13, 2005 when Vector Group acquired the remaining 42.3% of New Valley's common shares that it did not already own. New Valley presently has a 70% stake in Douglas Elliman, the largest residential real estate brokerage in the New York metropolitan area.[6] The company also has stakes in various hotels and golf courses in the United States. In conjunction with the spin-off of its Ladenburg Thalmann subsidiary New Valley retained a 7.6% stake in Ladenburg Thalmann Financial Services, an investment bank and stock brokerage based in Miami.

References

  1. Web site: Vector Group Ltd. 2015 Stockholders' Report. Vector Group. 27 September 2016.
  2. News: Fairclough. Gordon. Liggett's Chief Breaks Rank Again At Tobacco Trial. 27 September 2016. Wall Street Journal. 26 June 2000.
  3. Web site: Vector Group Ltd. Bloomberg Markets. Bloomberg.com. 27 September 2016.
  4. Web site: Home . newvalley.com.
  5. News: Western Union Auctioned for $1.15 Billion : Bankruptcy: First Financial Management wins unusual open-court bidding for the money transfer company.. Los Angeles Times. 1994-09-20. 2016-02-15. 0458-3035. en-US. Reuters.
  6. Web site: Vector Group Acquires Additional 20.59% Interest in Douglas Elliman Realty (NYSE:VGR). ir.vectorgroupltd.com. 2016-02-15.