NEW VALLEY CORPORATION COMPLETES SALE OF 19.9% OF LADENBURG THALMANN.Business Editors MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. , FL--(BUSINESS WIRE)--December 23, 1999 New Valley Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : Bulletin Board: NVAL NVAL Not Available ) announced today that it has completed the previously announced sale of a 19.9% interest in its subsidiary Ladenburg, Thalmann & Co. Inc. to Berliner Effektengesellschaft AG ("BEAG BEAG Bombay Environment Action Group (India) "). New Valley received $10.2 million in cash and BEAG shares valued in accordance with the purchase agreement. Pursuant to the agreement, BEAG also acquired a three-year option to purchase additional interests in Ladenburg Thalmann subject to certain conditions. BEAG is a public financial holding company with subsidiaries involved in securities trading, corporate finance, private banking and intermediate financing for stock exchange candidates in the free market (Freiverkehr), regulated market (Geregelter Markt) and the new market (Neuer Markt) of the Berlin and Frankfurt stock exchanges. In addition, BEAG is a market specialist for over 5,000 companies. Established in 1876, Ladenburg Thalmann is a New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. member firm, headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , with regional offices in Boca Raton, Cleveland and Los Angeles. With industry expertise in Internet technology, telecommunications, health care and gaming/leisure, Ladenburg Thalmann offers a broad range of corporate finance services, particularly for middle market companies. The firm also serves as an active market maker for many listed and over-the-counter securities. New Valley is principally engaged in the investment banking and brokerage business, through Ladenburg Thalmann & Co. Inc., the real estate business in Russia, through BrookeMil Ltd. and Western Realty, and investment in Internet-related businesses. |
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