 | |
| Company type | Subsidiary |
|---|---|
| Industry | Diversified holding |
| Founded | 1986 |
| Founder | Bennett S. LeBow |
| Headquarters | , |
Key people | |
| Products | |
| Revenue | $1.7 billion (2015) |
| $59.2 million (2015) | |
| Total assets | $1.3 billion (2015) |
Number of employees | 1,090 (2015) |
| Parent | Vector Group |
| Website | www |
| Footnotes /references [1] [2] [3] | |
New Valley 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] [ 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.