For the Record – Northern Virginia, April 2013

McLean-based Capital One Financial Corp. has reached an agreement to sell its Bet Buy co-branded and private label credit card accounts to Citi. The sale of the credit card accounts, with loan balances of about $7 billion, is expected to occur in the third quarter of 2013. Capital One expects that proceeds will be close to the book value of the accounts, and will result without a gain or loss. Capital One and Best Buy also have agreed to end their contractual relationship early. Financial terms of the transaction were not disclosed. (VirginiaBusiness.com)

The Environmental Protection Agency will not appeal a federal district court’s ruling declaring it is illegal for the EPA to regulate storm water as a pollutant as it flows into Virginia waterways. A federal judge ruled Jan. 3 that the EPA illegally overreached its authority in attempting to regulate water as a pollutant by imposing rules on the flow of storm water into Fairfax County’s Accotink Creek. Attorney General Ken Cuccinelli estimated the ruling would save Virginia taxpayers nearly $300 million.
(The Washington Post)

Fauquier Hospital, one of just a handful of independent hospitals remaining in Virginia, is seeking a partnership with Tennessee-based LifePoint hospitals. The two have entered into a memorandum of understanding for LifePoint to take over the operations of Fauquier (The Free Lance Star)

SAIC, McLean, announced the names of the two companies after its planned separation later this year. The $4 billion government technical services and enterprise information technology business will retain the SAIC name. The $7 billion national security, health and engineering business will be named Leidos, derived from the word “kaleidoscope.” (VirginiaBusiness.com)
Herndon-based ITT Exelis has completed its $16.8 million acquisition of C4i Pty. Ltd. (C4i) from the Longreach Group Ltd. C4i, based in Melbourne, Australia, provides advanced communications software that supports mission-critical communications for a range of applications including air traffic management, defense, public safety, mining and homeland security. Company officials said the acquisition does not materially impact Exelis financial results for the full-year of 2012 or the first quarter of 2013. (VirginiaBusiness.com)

Peter Chang’s China Café is expected to open in Fredericksburg’s Central Park shopping center in May or June. The 4,000-square-foot restaurant will open at 1771 Carl D. Silver Parkway. Chang also runs popular self-named Chinese restaurants in Richmond, Williamsburg and Charlottesville. (Fredericksburg Free Lance-Star)

Reed Smith launched an office in Houston with 12 partners. Houston marks the firm’s 14th US office and 25th worldwide. Practice areas include energy & natural resources, commercial litigation, life sciences health industry, labor & employment, financial industry, and intellectual property groups. Reed Smith has Virginia offices in Falls Church and Richmond. (News release)

Arlington-based Rosetta Stone will offer its language-learning platforms to members of the International Air Transport Association. The program will give members of the association access to the company’s TOTALe PRO solution, which is available in 20 languages and includes mobile applications, live online tutoring and group-based interactive learning games. The association includes more than 240 member airlines, 75,000 travel agents and more than 20,000 college students who want to work in the aviation industry. (VirginiaBusiness.com)

SAIC, McLean, announced the names of the two companies after its planned separation later this year. The $4 billion government technical services and enterprise information technology business will retain the SAIC name. The $7 billion national security, health and engineering business will be named Leidos, derived from the word “kaleidoscope.” (VirginiaBusiness.com)

Home builder companies Stanley Martin Homes in Reston and Piedmont Realty & Construction in Crozet have agreed to merge. Piedmont Realty & Construction will be integrated into the Stanley Martin Homes’ operational and accounting systems. For the near term, the two companies will conduct business under their respective brand names. Stanley Martin Homes and Piedmont Realty & Construction focus on building single family homes and townhomes, with current offerings ranging in price from $199,500 to $1.6 million.  (VirginiaBusiness.com)

Reston- based TNS Inc. has been acquired by investor group Siris Capital Group LLC, New York, for $862 million. Siris announced in December that it had agreed to acquire TNS for $21 per share in cash. The transaction closed after approval from TNS stockholders and the receipt required regulatory approvals. TNS provides data communications and interoperability solutions. (VirginiaBusiness.com)

Reston-based electrical contractor Truland Systems has signed a lease to occupy a 115,000-square-foot office and industrial facility in the Ladysmith area of Caroline County. Truland will use the facility at 16517 Bull Church Road as a distribution center. The company will move in around June 1, said Johnson Realty Advisors President Fitz Johnson, who brokered the deal with Andrew Ferguson of Colliers International. (Fredericksburg Free Lance-Star)

Herndon-based Washington Gas Energy Services Inc. has entered a five-year secured supply arrangement with Shell Energy North America (US) LP. Under this arrangement, WGES will be able to buy the majority of its power, natural gas and related products from Shell Energy in a structure that reduces WGES’ cash flow risk. Washington Gas Energy Services Inc. is one of the largest competitive providers of electricity and natural gas in the mid‐Atlantic region. (VirginiaBusiness.com)