The tobacco giant announced this month that its subsidiary UST LLC sold its International Wine & Spirits Ltd. unit for $1.2 billion to a buyer controlled by investment funds run by Sycamore Partners Management. The deal included Ste. Michelle Wine Estates.
The used car retailer filed its quarterly earnings report for the period ended Aug. 31. The company reported net revenues of $8 billion in its second quarter, which was a roughly 49 percent increase compared to the same period the previous fiscal year.
The company announced this week that it plans to hire more than 3,700 new employees nationwide by the end of the year. More than 275 of those new employees are expected to be based in Richmond. The company has more than 27,000 employees and more than 220 stores across the country, according to a company news release.
The company’s Dominion Energy Questar Corp. struck a deal to sell its natural gas pipeline business to Southwest Gas Holdings Inc. for about $1.5 billion and assumption of about $430 million in long-term debt. The deal is expected to close by Dec. 31. The pipeline company transports and stores natural gas in Wyoming, Colorado and Utah.
The insurance underwriter recently announced the Department of Justice and Securities and Exchange Commission informed the company that neither agency will recommend action against Markel CATCo Investment Management Ltd., after investigations into its subsidiary Markel CATCo Re Ltd.’s loss reserves recorded in late 2017 and early 2018.
An internal review conducted by outside counsel found in April 2019 no evidence that employees acted in bad faith in regard to setting reserves and related disclosures.
The company’s counsel passed those findings along to government officials. In late September, the DOJ and SEC informed Markel that they had wrapped up their own investigations and didn’t plan to recommend enforcement actions against Markel CATCo Investment Management Ltd.
Inquiries into the matter were first made by the DOJ, SEC and Bermuda Monetary Authority in late 2018.
Performance Food Group (PFGC)
The Goochland-based foods distributor released its latest proxy statement, disclosing compensation packages paid last year to its top executives.
Chairman, President and CEO George L. Holm received a total pay package of $8.2 million. He received a base salary of $1 million, $5.4 million in stock awards and $1.9 million in other incentives.
Click here and see page 56 for the full compensation table.
The proxy also announced the date of the company’s annual shareholders meeting, to be held Nov. 18.
Executive Vice President Patrick T. Hagerty sold 500 shares at about $49 per share for a total of $24,500. Hagerty directly owns 149,533 shares of common stock.
Universal Corp. (UVV)
The tobacco company announced this month that it sealed the deal on its acquisition of Shank’s Extracts, Inc., a private ingredient and flavoring company based in Pennsylvania.