Virginia
Businesses in the News
Mergers
and Acquisitions
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Capital One Financial Corp.,
a McLean-based provider of credit card services
and products, bought Onyx Acceptance Corp.,
an auto finance company in Foothill Ranch, Calif.
Capital One said the purchase would enhance
its product line and create the second-largest
independent auto lender in the U.S. Onyx will
be combined with Capital One Auto Finance Inc.
(Wire reports, 9/23/04)
LandAmerica Financial Group,
a Richmond provider of real estate transaction
services bought assets of Horizon Certification
Services of San Antonio, Texas. The acquisition
done through LandAmerica’s subsidiary LandAmerica
Tax and Flood Services, included Horizon’s customer
list and a portfolio of outstanding flood certifications.
(PRNewswire, 9/20/04) The company also
acquired Aaron & Wright Technical Services
of Houston, a provider of environmental and
structural due diligence services for commercial
real estate clients. The deal, done through
LandAmerica’s Assessment Corp. subsidiary, did
not include Aaron & Wright Inc., an appraisal
company. (Press release, 9/7/04)
Dominion, a Richmond-based
utility company, acquired three electric power
generation facilities from USGen New England
Inc. for $656 million, including $120 million
for inventory and reimbursement of capital expenditures.
The company said the purchase, undertaken through
a bankruptcy court-supervised divestiture of
USGen New England’s fossil-fuel assets, rounded
out the mix of fuels sources and technology
in Dominion’s New England holdings. (PRNewswire,
9/7/04)
Hilb, Rogal & Hobbs Company,
an insurance broker headquartered in Richmond,
purchased the stock of Frank F. Haack &
Associates Inc., a Wisconsin-based insurance
brokerage with revenue of $22 million. Terms
of the acquisition (Business Wire, 9/1/04)
