Virginia
Businesses in the News
Mergers
and Acquisitions
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the Record is
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Virginia Business Magazine
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Amerigroup Corp.,
a managed care provider headquartered in Virginia
Beach, bought CarePlus Health Plan of New York
City for $125 million. The acquisition is Amerigroup's
first in the New York market. With CarePlus's
114,000 members, Amerigroup's membership tops
1 million. (The Virginian-Pilot)
Capital One Financial Corp.,
a McLean-based provider of financial services,
acquired home equity loan broker HFS Group of
the United Kingdom in a $117 million cash deal.
The acquisition gives Capital One a broader
portfolio in the U.K where, with 4 million customers,
it is already one of the largest provides of
credit cards. (Business Wire)
Colonial Properties Trust of
Birmingham, Ala., acquired Cornerstone Realty
Income Trust Inc., a Richmond real estate
investment trust, in a $1.5 billion transaction.
The merger allows for a more diversified portfolio
since Cornerstone operates in the apartment
market and Colonial owns mostly retail and office
properties. Glade M. Knight, chairman and CEO
of Cornerstone, will join Colonial's board of
directors. (Richmond Times-Dispatch)
Dimon Inc., a Danville-based
tobacco-leaf company, plans to buy its next
largest competitor, Standard Commercial Corp.
of Wilson, N.C., for $670 million. The tobacco
market has witnessed a number of company consolidations
due to shrinking global demand for U.S.-grown
tobacco. (Richmond Times-Dispatch)
LandAmerica Financial Group,
a provider of real estate transaction services
headquartered in Richmond, reached an agreement
to acquire LoanCare Servicing Center Inc.,
a Norfolk-based provider of billing, collection
and other mortgage-related services. (The
Virginian-Pilot)
Smithfield Foods Inc.,
a Smithfield-based hog and poultry producer,
bought two East European meat processors, Morliny
S.A. of Poland, and Comtim Group SRL of Romania,
for $83 million. (PRNewswire)
