New Valley 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.
External links
References
- Vector Group Ltd. 2015 Stockholders' Report Vector Group, retrieved 27 September 2016^
- Gordon Fairclough. Liggett's Chief Breaks Rank Again At Tobacco Trial Wall Street Journal, 26 June 2000, retrieved 27 September 2016^
- Vector Group Ltd Bloomberg Markets, Bloomberg.com, retrieved 27 September 2016^
- Home newvalley.com^
- 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, retrieved 2016-02-15^
- Vector Group Acquires Additional 20.59% Interest in Douglas Elliman Realty (NYSE:VGR) ir.vectorgroupltd.com, retrieved 2016-02-15^