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First Union To Buy JWGenesis
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Business New Haven
9/18/2000
By: BNH
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NEW YORK - First Union Corp. (NYSE: FTU) announced that is plans to buy the Boca Raton, Fla.-based brokerage firm JWGenesis Financial Corp. in a cash deal valued at between $90 million and $110 million. The deal will give First Union a network of approximately 500 independent brokers in 34 states. Prior to the closing, JWGenesis plans to spin off about 70 percent of its ownership in the sporting goods seller MVP.com Inc.
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