Upcoming Spinoffs

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  Spinoff Name Announced Date Potential Spinoff Date Parent Name Parent Symbol Type
Passive Safety 09/14/2017 Q3 2018 Autoliv, Inc. ALV Splitoff
Autoliv, Inc., spinoff details:

September 14, 2017: Autoliv (ALV) announced that its Board of Directors has instructed management to conduct a strategic review of its operating structure with the intent to create separate companies of its two current business segments, Passive Safety and Electronics. The intent is to create two publicly traded companies capable of addressing two distinct, growing markets with leading product offerings and thereby create additional value for shareholders, customers and other stakeholders as compared to the current, combined structure of Autoliv. The strategic review process will evaluate this and other options.

Electronics 09/14/2017 Q3 2018 Autoliv, Inc. ALV Splitoff
Autoliv, Inc., spinoff details:

September 14, 2017: Autoliv (ALV) announced that its Board of Directors has instructed management to conduct a strategic review of its operating structure with the intent to create separate companies of its two current business segments, Passive Safety and Electronics. The intent is to create two publicly traded companies capable of addressing two distinct, growing markets with leading product offerings and thereby create additional value for shareholders, customers and other stakeholders as compared to the current, combined structure of Autoliv. The strategic review process will evaluate this and other options.

BP Midstream Partners LP 09/11/2017 Q4 2017 BP p.l.c. BP Carve Out
BP p.l.c., spinoff details:

September 11, 2017: BP announced that BP Midstream Partners, a wholly owned, indirect subsidiary of BP p.l.c. (BP), has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission related to its proposed initial public offering of common units representing limited partner interests. BP Midstream Partners expects the offering to occur in the fourth quarter of 2017, dependent on market conditions, and anticipates the common units will trade on the New York Stock Exchange under the ticker symbol “BPMP.”

Red Violet, Inc. 09/07/2017 Q3 2018 Cogint, Inc. COGT Spinoff
Cogint, Inc., spinoff details:

September 7, 2017: Cogint (COGT) announced that as part of its definitive transaction agreement with BlueFocus International Limited, immediately prior to the closing, cogint will spin-off its data and analytics operations and assets into a public company, expected to be listed on NASDAQ, named Red Violet, Inc.. The shares of Red Violet will be distributed to cogint’s shareholders as of a record date to be determined as a stock dividend upon closing of the transaction.

Hamilton Beach Brands Holding Company 08/21/2017 Q3 2017 NACCO Industries, Inc. NC Spinoff
NACCO Industries, Inc., spinoff details:

August 21, 2017:: NACCO Industries (NC) announced that its wholly-owned subsidiary, Hamilton Beach Brands Holding Company, has filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed spin-off by NACCO of its housewares-related businesses to NACCO stockholders. Hamilton Beach Brands Holding Company, as an independent public company, will own and operate the Hamilton Beach Brands, Inc. and The Kitchen Collection, LLC subsidiaries of NACCO Industries. NACCO Industries will not receive any proceeds from the spin-off. Subject to the effectiveness of the registration statement, it is expected that the spin-off will be completed during the third quarter of 2017 and be tax-free to both NACCO and its stockholders.

SpinCo 08/03/2017 Q2 2018 Spirit Realty Capital, Inc. SRC Spinoff
Spirit Realty Capital, Inc., spinoff details:

August 3, 2017: Spirit Realty Capital (SRC) announced the planned spin-off of a separate publicly traded REIT ("SpinCo"). Spirit intends to spin-off substantially all of its properties leased to Shopko and its assets that collateralize Master Trust 2014 (part of Spirit's asset-backed securitization program into a separate, publicly traded REIT. Upon completion of the planned spin-off, Spirit stockholders will receive a stock distribution. SpinCo intends to elect to be treated as a REIT for U.S. federal income tax purposes. The spin-off is expected to close by the end of the first half of 2018. SpinCo expects to file a Form 10 registration statement with the Securities and Exchange Commission by the end of the fourth quarter of 2017.

FMC Lithium 08/02/2017 H2 2018 FMC Corporation FMC Spinoff
FMC Corporation, spinoff details:

August 2, 2017: FMC Corporation (FMC) announced in their Quarterly Report, filed on August 2, 2017 that they continue to invest in FMC Lithium and to move forward with their plans to expand their lithium hydroxide operations. They will continue to operate FMC Lithium as a standalone business within FMC. Their strategic intent is that they will spin off FMC Lithium as a separate, publicly traded company.

Wyndham Hotel Group 08/02/2017 H1 2018 Wyndham Worldwide Corporation WYN Spinoff
Wyndham Worldwide Corporation, spinoff details:

August 2, 2017: Wyndham Worldwide (WYN) announced plans to spin off the company’s hotel business resulting in two separate, publicly traded companies.  Wyndham Hotel Group, with headquarters in Parsippany, NJ, will become a new, publicly traded pure-play hotel company with a portfolio of renowned brands. The transaction, which is expected to be tax-free to Wyndham Worldwide and its shareholders, will be effected through a pro rata distribution of the new hotel company’s stock to existing Wyndham Worldwide shareholders.  Wyndham Worldwide expects the transaction to be completed in the first half of 2018.

Speedway 07/27/2017 Q2 2018 Marathon Petroleum Corporation MPC Spinoff
Marathon Petroleum Corporation, spinoff details:

July 27, 2017: Marathon Petroleum Corportaion (MPC) expects to have a decision on whether to spin off the company by the end of the third quarter.

CorePoint Lodging 07/26/2017 Q4 2017 La Quinta Holdings Inc. LQ Spinoff
La Quinta Holdings Inc., spinoff details:

July 26, 2017: La Quinta Holdings (LQ) announced that a Form 10 Registration Statement was filed today with the U.S. Securities and Exchange Commission with respect to the previously announced planned separation of its real estate business, which is to be named CorePoint Lodging Inc. from its franchise and management businesses (“new La Quinta” or “post-spin La Quinta”) creating two distinct, publicly traded companies.

American Home Shield 07/26/2017 Q3 2018 ServiceMaster Global Holdings, Inc. SERV Spinoff
ServiceMaster Global Holdings, Inc., spinoff details:

July 26, 2017: ServiceMaster Global Holdings (SERV) announced its intention to separate its American Home Shield (AHS) business from its Terminix and Franchise Services Group (FSG) businesses. The separation of AHS is expected to result in two publicly traded companies – ServiceMaster and AHS – by means of a spin-off of the AHS business to ServiceMaster shareholders, in a transaction intended to be tax-free.  The transaction is expected to be completed in the third quarter of 2018.

Cytovia, Inc. 07/18/2017 Q2 2018 Immune Pharmaceuticals, Inc. IMNP Spinoff
Immune Pharmaceuticals, Inc., spinoff details:

July 18, 2017: The Company currently intends to segregate its oncology business into its subsidiary, Cytovia, Inc. (“Cytovia”) and possibly pursue a spin-off of Cytovia into a separate, stand-alone company. In the event of a spin-off of Cytovia, our shareholders would likely receive an ownership interest in such stand-alone company and the Company may also retain an ownership interest in such company.

Spin off electrical business 05/09/2017 Q2 2018 Pentair plc PNR Spinoff
Pentair plc, spinoff details:

May 9, 2017: Pentair (PNR) announced that its Board of Directors has unanimously approved a plan to separate into two independent, publicly-traded companies. Both companies will benefit from market-leading positions in their respective industries, well-recognized brands, attractive margin profiles, strong free cash flow generation and compelling growth opportunities.

Powertrain Segment 05/03/2017 Q1 2018 Delphi Automotive PLC DLPH Spinoff
Delphi Automotive PLC, spinoff details:

May 3, 2017: Delphi Automotive (DLPH) announced its intention to execute a tax-free spin-off of its Powertrain Systems segment into a new, independent publicly traded company. Immediately following the transaction, which is expected to be completed by March 2018, Delphi shareholders will own shares of both companies.

September 15, 2017: Delphi Automotive (DLPH) announced the pricing of a private offering of notes by its Powertrain Systems spin-off subsidiary, Delphi Jersey Holdings marking a major milestone in the execution of its planned spin-off of its Powertrain Systems business.

GCI Liberty, Inc. 04/04/2017 Q1 2018 Liberty Ventures LVNTA Spinoff
Liberty Ventures, spinoff details:

April 4, 2017: Liberty Interactive Corporation (LVNTA) and General Communication (GNCMA) today announced that they have entered into a definitive agreement whereby Liberty Interactive will acquire GCI through a reorganization in which certain Liberty Ventures Group assets and liabilities will be contributed to GCI in exchange for a controlling interest in GCI.  Liberty Interactive will then effect a tax-free separation of its controlling interest in the combined company (to be named GCI Liberty, Inc. (“GCI Liberty”)) to the holders of Liberty Ventures common stock in full redemption of all outstanding shares of such stock.

Black Knight Financial Services, Inc. 12/07/2016 Q3 2017 Fidelity National Financial, Inc. FNF Spinoff
Fidelity National Financial, Inc., spinoff details:

December 7, 2017: Black Knight Financial Services (BKFS) announced that the Fidelity National Financial, Inc. Board of Directors has approved a tax-free plan whereby it intends to distribute all 83.3 million shares of Black Knight common stock that it currently owns to FNF Group (FNF) shareholders.

June 9, 2017: Fidelity National Financial and Black Knight Financial Services (BKFS) announced the signing of formal agreements related to the previously announced tax-free distribution in which FNFI intends to distribute all 83.3 million shares of Black Knight Financial Services common stock that it currently owns to FNF Group (FNF) stockholders. The distribution is expected to close in the third quarter of 2017.

Agricultural Company 12/11/2015 Q1 2019 DowDuPont Inc. DWDP Spinoff
DowDuPont Inc., spinoff details:

December 11, 2015: DuPont (DD) and The Dow Chemical Company (DOW) announced that their boards of directors unanimously approved a definitive agreement under which the companies will combine in an all-stock merger of equals. The combined company will be named DowDuPont. The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs. This would occur as soon as feasible, which is expected to be 18-24 months following the closing of the merger, subject to regulatory and board approval.

August 4, 2017: DuPont (DD) and The Dow Chemical Company (DOW) announced that all required regulatory approvals and clearances have been received, that all conditions to closing of their merger of equals have been satisfied, and that their merger of equals will close after the market closes on August 31, 2017. Shares of Dow and DuPont will cease trading at the close of the New York Stock Exchange on August 31. Shares of DowDuPont will begin trading on the NYSE under the stock ticker symbol “DWDP” on September 1, 2017. The companies continue to expect the intended spin-offs to occur within 18 months of closing.

September 1, 2017: DowDuPont (DWDPannounced the successful completion of the merger of equals between The Dow Chemical Company and E.I. du Pont de Nemours & Company (“DuPont”), effective Aug. 31, 2017. The combined entity is operating as a holding company under the name “DowDuPont™” with three divisions – Agriculture, Materials Science and Specialty Products.

September 12, 2017: DowDuPont (DWDP) announced that its Board of Directors and management, with the assistance of independent advisors, have completed their comprehensive review of the portfolio composition of the three intended independent companies. Following the portfolio realignments, the three intended companies of DowDuPont are as follows:
1) A leading Agriculture Company
2) A leading Materials Science Company
3) A leading Specialty Products Company

On a forecasted 2017 basis, the businesses that will be realigned to the Specialty Products Division account for total net sales of more than $8 billion and operating EBITDA of approximately $2.4 billion, including approximately 40 percent of the heritage Dow Corning EBITDA. Relative to the original merger agreement, the adjustments are as follows:

- Approximately $4 billion of net sales from the heritage Dow portfolio, evenly split between the Consumer Solutions and Infrastructure Solutions segments; and

- Approximately $4 billion of net sales from the heritage DuPont Performance Polymers business moving to the Specialty Products Division.

Materials Science Company 12/11/2015 Q1 2019 DowDuPont Inc. DWDP Spinoff
DowDuPont Inc., spinoff details:

December 11, 2015: DuPont (DD) and The Dow Chemical Company (DOW) announced that their boards of directors unanimously approved a definitive agreement under which the companies will combine in an all-stock merger of equals. The combined company will be named DowDuPont. The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs. This would occur as soon as feasible, which is expected to be 18-24 months following the closing of the merger, subject to regulatory and board approval.

August 4, 2017: DuPont (DD) and The Dow Chemical Company (DOW) announced that all required regulatory approvals and clearances have been received, that all conditions to closing of their merger of equals have been satisfied, and that their merger of equals will close after the market closes on August 31, 2017. Shares of Dow and DuPont will cease trading at the close of the New York Stock Exchange on August 31. Shares of DowDuPont will begin trading on the NYSE under the stock ticker symbol “DWDP” on September 1, 2017. The companies continue to expect the intended spin-offs to occur within 18 months of closing.

September 1, 2017: DowDuPont (DWDPannounced the successful completion of the merger of equals between The Dow Chemical Company and E.I. du Pont de Nemours & Company (“DuPont”), effective Aug. 31, 2017. The combined entity is operating as a holding company under the name “DowDuPont™” with three divisions – Agriculture, Materials Science and Specialty Products.

September 12, 2017: DowDuPont (DWDP) announced that its Board of Directors and management, with the assistance of independent advisors, have completed their comprehensive review of the portfolio composition of the three intended independent companies. Following the portfolio realignments, the three intended companies of DowDuPont are as follows:
1) A leading Agriculture Company
2) A leading Materials Science Company
3) A leading Specialty Products Company

On a forecasted 2017 basis, the businesses that will be realigned to the Specialty Products Division account for total net sales of more than $8 billion and operating EBITDA of approximately $2.4 billion, including approximately 40 percent of the heritage Dow Corning EBITDA. Relative to the original merger agreement, the adjustments are as follows:

- Approximately $4 billion of net sales from the heritage Dow portfolio, evenly split between the Consumer Solutions and Infrastructure Solutions segments; and

- Approximately $4 billion of net sales from the heritage DuPont Performance Polymers business moving to the Specialty Products Division.

Specialty Products Company 12/11/2015 Q1 2019 DowDuPont Inc. DWDP Spinoff
DowDuPont Inc., spinoff details:

December 11, 2015: DuPont (DD) and The Dow Chemical Company (DOW) announced that their boards of directors unanimously approved a definitive agreement under which the companies will combine in an all-stock merger of equals. The combined company will be named DowDuPont. The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs. This would occur as soon as feasible, which is expected to be 18-24 months following the closing of the merger, subject to regulatory and board approval.

August 4, 2017: DuPont (DD) and The Dow Chemical Company (DOW) announced that all required regulatory approvals and clearances have been received, that all conditions to closing of their merger of equals have been satisfied, and that their merger of equals will close after the market closes on August 31, 2017. Shares of Dow and DuPont will cease trading at the close of the New York Stock Exchange on August 31. Shares of DowDuPont will begin trading on the NYSE under the stock ticker symbol “DWDP” on September 1, 2017. The companies continue to expect the intended spin-offs to occur within 18 months of closing.

September 1, 2017: DowDuPont (DWDPannounced the successful completion of the merger of equals between The Dow Chemical Company and E.I. du Pont de Nemours & Company (“DuPont”), effective Aug. 31, 2017. The combined entity is operating as a holding company under the name “DowDuPont™” with three divisions – Agriculture, Materials Science and Specialty Products.

September 12, 2017: DowDuPont (DWDP) announced that its Board of Directors and management, with the assistance of independent advisors, have completed their comprehensive review of the portfolio composition of the three intended independent companies. Following the portfolio realignments, the three intended companies of DowDuPont are as follows:
1) A leading Agriculture Company
2) A leading Materials Science Company
3) A leading Specialty Products Company

On a forecasted 2017 basis, the businesses that will be realigned to the Specialty Products Division account for total net sales of more than $8 billion and operating EBITDA of approximately $2.4 billion, including approximately 40 percent of the heritage Dow Corning EBITDA. Relative to the original merger agreement, the adjustments are as follows:

- Approximately $4 billion of net sales from the heritage Dow portfolio, evenly split between the Consumer Solutions and Infrastructure Solutions segments; and

- Approximately $4 billion of net sales from the heritage DuPont Performance Polymers business moving to the Specialty Products Division.

Nordic American Offshore Ltd. 06/12/2014 Q3 2017 Nordic American Tankers Limited NAT Spinoff
Nordic American Tankers Limited, spinoff details:

This is a partial spinoff.

August 7, 2017: Payment of the cash dividend and the distribution of shares are expected to be on or about August 31, 2017 to shareholders of record August 14, 2017. (NAT) will distribute one (NAO) share per 24.4 NAT shares. NAT will not distribute fractional NAO shares. Fractional shares will be compensated by a cash dividend based on the NAO closing price on July 20, 2017, which was $1.22.