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Dominion Completes Divestiture of Saxon for $277 Mil

GLEN ALLEN, VA-In order to complete Dominion's merger with Consolidated Natural Gas Co., it is completing a divestiture of all of its financial services holdings. Saxon Capital Acquisition Corp. was formed to acquire Saxon Capital Inc.

By Amy Vaughn | Updated on July 09, 2001

GLEN ALLEN, VA-A private placement of $277 million in capital enabled Saxon Capital Acquisition Corp., established for this purpose, to purchase Saxon Capital Inc., a residential mortgage company and its operating subsidiaries, from Dominion. Saxon is now an independent company. This divestiture is part of a larger plan to allow Dominion to complete its merger with Consolidated Natural Gas Co.

The transaction, dated June 29, settles today (July 9). It provides Saxon with more than $100 million in working capital. Virginia-based Friedman, Billings, Ramsey and Co. Inc. was the advisor and sole placement agent for the transaction.

Dominion’s merger with Consolidated Natural Gas Co. closed in January 2000. The deal requires Dominion to complete a divestiture of all of its financial services holdings.

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