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Mars to purchase Cheez-It, Pop-Tarts maker in $35.9B deal
Updated Aug. 16 McLean-based snack and pet care giant Mars announced Wednesday it has entered into a $35.9 billion, all-cash deal to purchase Kellanova, the maker of Cheez-It, Pop-Tarts, Pringles, Eggo and other food brands. Kellanova, created in October 2023 when Kellogg split into two companies, had 2023 net sales of more than $13 billion, […]
Virginia Credit Union-Member One merger approved
Virginia Credit Union’s merger with Roanoke-based Member One Federal Credit Union was finalized Thursday, following a vote by Member One’s customers to approve the deal announced in January. Effective Thursday, Member One becomes a division of VACU “as the organization works toward full integration of its systems and service platforms,” according to a news release […[...]
Merger mania
Banking mergers and acquisitions are picking back up again after the slowest year in recent history, and Virginia is no exception. Last year marked a modern low in merger and acquisition activity, with only 98 deals completed nationwide. That’s not just the lowest level of activity since the pandemic — it’s the slowest year since […]
Lester Group acquires Williamsburg building supply company
The Lester Group, a Martinsville-based company with a diverse portfolio including lumber products and real estate development, acquired Williamsburg-based Custom Builder Supply on June 3, the company announced earlier in June. Lester Group CEO Jay Dickens declined to release financial terms of the deal. Randy Cooper founded Custom Builder Supply in 1988 and worked there […]
Dominion closes sale of Utah gas utility for $4.3B
Richmond-based Fortune 500 utility Dominion Energy has closed on its $4.3 billion sale of subsidiaries Questar Gas and Wexpro to Canadian pipeline and energy company Enbridge, Dominion announced Monday. Salt Lake City, Utah-based natural gas utility Questar serves more than 1.2 million customers in Utah, Wyoming and Idaho. Wexpro supplies natural gas under a cost-of-service […]
Chesterfield fintech Paymerang to be acquired for $475M
Chesterfield County-based payment and invoice automation company Paymerang has signed a definitive agreement to be acquired by Atlanta-based corporate payments processor Corpay for $475 million, according to an SEC filing by Corpay and a news release. The transaction is expected to close in the second quarter of the year, subject to regulatory approval and standard […]
Sterling drone-jamming firm to be acquired by Taser maker Axon
Dedrone, a Sterling-based maker of drone-jamming and detection devices, has reached an agreement to be acquired by Scottsdale, Arizona-based Taser manufacturer Axon Enterprise. The transaction is expected to close in the second half of 2024, the companies announced Monday, and terms of the deal were not disclosed. Dedrone’s portable gunlike jammers can thwart aerial drones […]
Burke & Herbert completes merger
Alexandria-based Burke & Herbert Financial Services has completed a merger with West Virginia’s Summit Financial Group, the company announced May 3. The $371.5 million deal, first announced in August 2024, created a bank holding company with more than $8 billion in assets. The combined company will have more than 75 branches across Virginia, West Virginia, […]
Intelsat to be acquired by SES for $3.1B
McLean-based satellite services provider Intelsat announced Tuesday that it has made a deal to be acquired by SES, a Luxembourg-based competitor, for $3.1 billion in cash. The deal is expected to close during the second half of 2025, depending on regulatory clearances and other factors, according to a news release. Intelsat CEO David Wajsgras will […]
Wilbanks Smith and Thomas acquired
Norfolk-based Wilbanks Smith and Thomas Asset Management has been acquired by Cleveland-based registered investment adviser Clearstead Advisors. The companies signed the merger in February 2024. Financial terms of the acquisition, which closed April 1, were not disclosed. Clearstead rebranded WST’s advisory business as Clearstead Advisory Solutions, a division of Clearstead Advisors. A wealt[...]
Capital One-Discover deal faces federal scrutiny
McLean-based Capital One Financial announced plans in February to buy Discover Financial Services for $35.3 billion in an all-stock deal that would mark Capital One’s largest ever acquisition and make it the nation’s biggest credit card lender. The transaction is expected to close in late 2024 or early 2025, according to the banks. At close, […]
First National to acquire Prince George-based community bank
Strasburg-based First National has entered into a definitive merger agreement to acquire Prince George-based Touchstone Bankshares in an all-stock transaction worth approximately $47 million, First National announced Tuesday. The parent companies’ merger combines community banks First Bank and Touchstone Bank to create a bank with expected total assets of about $2.1 billion, $1.5 billion in [...]
