| 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]
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.