New Valley LLC is an American investment company owned by Vector Group.[4]
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Diversified holding |
| Founded | 1986 |
| Founder | Bennett S. LeBow |
| Headquarters | Miami, Florida , United States |
Key people |
|
| Products | |
| Revenue | $1.7 billion (FY 2015) |
| $59.2 million (FY 2015) | |
| Total assets | $1.3 billion (FY 2015) |
Number of employees | 1,090 |
| Parent | Vector Group |
| Website | www |
| Footnotes / references [1][2][3] | |
History
editWestern 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][citation needed]
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
edit- ^ "Vector Group Ltd. 2015 Stockholders' Report" (PDF). Vector Group. Retrieved 27 September 2016.
- ^ Fairclough, Gordon (26 June 2000). "Liggett's Chief Breaks Rank Again At Tobacco Trial". Wall Street Journal. 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. Reuters. 1994-09-20. ISSN 0458-3035. Retrieved 2016-02-15.
- ^ "Vector Group Acquires Additional 20.59% Interest in Douglas Elliman Realty (NYSE:VGR)". ir.vectorgroupltd.com. Retrieved 2016-02-15.