New Valley LLC is an American

investment company An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under the ...

owned by

Vector Group Vector Group Ltd. is an American diversified holding company with two major businesses: Liggett Group LLC (tobacco) and New Valley LLC (real estate), including Douglas Elliman. Bennett S. LeBow founded Vector Group in 1986. Since then, he ha ...

History

Western Union The Western Union Company is an American multinational financial services company, headquartered in Denver, Colorado. Founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company in Rochester, New York, the company chang ...

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 First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provided nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and Online outlets for nea ...

) for $1.2 Billion. 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

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. 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

External links

* {{authority control American companies established in 1986 Financial services companies established in 1986 Investment companies of the United States Companies based in Miami Western Union 2005 mergers and acquisitions