Last month the London Telegraph reported that SNL Financial is up for sale, but so far local confirmation is hard to come by. Sources inside the company report that Chairman Reid Nagle announced that SNL was on the market, but President Mike Chinn had “no comment” on the matter.
Aubrey Watts, the City’s director of economic development, says the company is not for sale. If it were, Watts said, he would know.
SNL, which employs 275 people in Charlottesville and another 125 internationally, moved to town in 1989. In July 2003, SNL signed a sweetheart deal with the City that allowed the company to move into the “spy building” on Seventh Street (former home to the National Ground Intelligence Center) with a 30-year lease and a $240,000 annual payment to the City. Should SNL sell, Watts says the Charlottesville Industrial Development Authority would consider whether to extend the deal to the new tenant.—John Borgmeyer
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