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Dominion offshore wind farm cost climbs to $9.8B
Dominion Energy Inc.’s offshore wind farm will cost about $2 billion more than expected, the Richmond-based Fortune 500 utility’s chair, president and CEO, Bob Blue, said during a third quarter earnings call Friday. Instead of the previously estimated $7.8 billion, the 2.6-gigawatt Coastal Virginia Offshore Wind (CVO[...]
Henrico’s Essex Bank to lay off 51 employees in merger
The Henrico County-based parent company of Essex Bank will lay off 51 employees as a result of its merger with Charleston, West Virginia-based United Bankshares Inc., the parent company of United Bank. The company filed a Worker Adjustment and Retraining Notification Act (WARN) notice with the Virginia Employment Commission on Friday, Oct. 29, notifying them […]
Blue Ridge Bank, FVCbank merger delayed
The merger of Charlottesville-based Blue Ridge Bankshares Inc., the parent company of Blue Ridge Bank, and Fairfax-based FVC Bankcorp Inc., the parent company of FVCbank, will be delayed, the companies announced this week. The two regional companies announced the merger, which would create a $5 billion combined company, on July 14. The expected closing at […]
Major companies pledge $1.5M for broadband expansion
Dominion Energy Inc., Meta Platforms Inc. — formerly Facebook — Glen Allen-based Primis Bank and Petersburg-based The Cameron Foundation have collectively pledged more than $1.5 million to expand broadband access across Virginia, Gov. Ralph Northam announced Thursday. The funding will contribute to efforts to extend service to 233,000 Virginians who lack access to broadband. “These […][...]
Hampton Roads launches maritime workforce, economic initiatives
The Hampton Roads Maritime Collaborative for Growth and Innovation (HRMC) and Old Dominion University announced two maritime initiatives Thursday with the goal of strengthening economic development in the region. ODU President Brian Hemphill announced the establishment of the ODU Maritime Consortium, which will grow the universi[...]
Va. new jobless claims decline to almost 1,000
Virginia’s new unemployment claims decreased by about 58% last week, the Virginia Employment Commission reported Thursday. For the filing week ending Oct. 30, Virginians filed 1,088 new claims, a decrease of 1,482 claims from the week before. Continued claims totaled 31,564, a decrease of 13,276 from the previous week. Compare[...]
Virginia Beach-based Groundworks acquires Philadelphia co.
Virginia Beach-based Groundworks, a foundation and water management solutions company, announced Wednesday its 21st acquisition since its founding five years ago. Financial terms were not disclosed. Groundworks has acquired Philadelphia-based BQ Basements and Concrete, which expands the company’s Northeast presence into greater Philadelphia, New Jersey and northern Delaware. It’s the third acquisition in Pennsylvania for [&h[...]
Reston-based CACI acquires SA Photonics Inc. for $275M
Reston-based Fortune 500 contractor CACI International Inc. entered into an agreement to acquire Los Gatos, California-based SA Photonics Inc., CACI announced Wednesday. Total purchase consideration is $275 million. The transaction is expected to close by the end of the year. SA Photonics develops and deploys multi-domain photonics technologies for free-space optical (FSO) communications, an area […][...]
Fairfax-based ICF acquires health care data management company
Fairfax-based management consulting firm ICF International Inc. has acquired Rockville, Maryland-based data management and health care information technology provider ESAC Inc., or Enterprise Science and Computing, the company announced Tuesday. Financial details of the transaction were not disclosed. Founded in 2006, ESAC’s 40-person team works on data coordination centers, big data integration and visualization, algorithm [&hell[...]
CMA CGM Group to acquire 90% stake in Los Angeles terminal
French shipping company CMA CGM Group, whose U.S. headquarters are in Norfolk, announced Wednesday that it has signed an agreement to acquire a 90% stake in the Fenix Marine Services (FMS) terminal in Los Angeles, based on an enterprise value of $2.3 billion. CMA CGM is funding the $1.8 billion acquisition from its own funds. [&[...]
GOP delegates throw in hats for House speaker
Updated 8:30 p.m. Nov. 3 A few key delegates’ races have not yet been called, but with Republicans poised to regain majority control of the state House of Delegates, Southwest Virginia lawmaker Terry Kilgore has announced he will run for speaker if his party holds its seven-seat lead. Del. Todd Gilbert, the current House m[...]
Republicans win down-ticket statewide races, possible House majority
Like the top of the ticket, Virginia’s attorney general and lieutenant governor races were close, but Republicans were ultimately victorious. The party appeared headed to regain control of the Virginia House of Delegates, but The Associated Press said Wednesday morning that several races were too close to call. However, th[...]
