Upcoming Spinoffs

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  Spinoff Name Announced Date Potential Spinoff Date Parent Name Parent Symbol Type
Rafael Holdings, Inc. 11/01/2017 N/A IDT Corporation IDT Spinoff
IDT Corporation, spinoff details:

November 1, 2017: IDT Corporation (IDT) announced that its wholly-owned subsidiary, Rafael Holdings, Inc. (Rafael), has filed a Form 10 Registration Statement with the Securities and Exchange Commission related to the planned spin-off of Rafael to IDT stockholders.

Sogou Inc 10/13/2017 N/A Sohu.com Inc. SOHU Carve Out
Sohu.com Inc., spinoff details:

October 13, 2017: Sohu.com (SOHU) announced that its online search and search-related services subsidiary Sogou Inc, has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of American depositary shares representing Sogou’s Class A Ordinary Shares. The number of ADSs to be offered and the price range for the proposed IPO have not yet been determined. Sogou intends to apply to have the ADSs listed on the New York Stock Exchange under the symbol “SOGO.”

U.S. Public Sector (USPS) business 10/11/2017 Q1 2018 DXC Technology Company DXC Reverse Morris Trust
DXC Technology Company, spinoff details:

October 11, 2017: DXC Technology (DXC) announced that its board of directors has unanimously approved a plan to combine its U.S. Public Sector (USPS) business with Vencore Holding Corporation and KeyPoint Government Solutions to form a separate, independent publicly traded company to serve U.S. public sector clients. The formation of the new company is expected to be completed by the end of March 2018, subject to regulatory and other approvals.

Homes product portfolio and ADI global distribution business 10/08/2017 Q4 2018 Honeywell International Inc. HON Spinoff
Honeywell International Inc., spinoff details:

October 8, 2017: Honeywell International (HON) plans to spin off non-core assets and create at least two new publicly listed companies, as the U.S. industrial conglomerate seeks to streamline its business.

Transportation systems 10/08/2017 Q4 2018 Honeywell International Inc. HON Spinoff
Honeywell International Inc., spinoff details:

October 8, 2017: Honeywell International (HON) plans to spin off non-core assets and create at least two new publicly listed companies, as the U.S. industrial conglomerate seeks to streamline its business.

American Home Shield business 10/02/2017 Q1 2018 ServiceMaster Global Holdings, Inc. SERV Spinoff
ServiceMaster Global Holdings, Inc., spinoff details:

October 2, 2017: ServiceMaster Global Holdings (SERV) announced the appointment of Dion Persson to senior vice president of business development for ServiceMaster. Reporting to ServiceMaster CEO Nik Varty, Persson will be responsible for developing and executing a well-structured process for spinning off the company’s American Home Shield business into a new stand-alone, public company in 2018.

SpringWorks Therapeutics 09/25/2017 N/A Pfizer Inc. PFE Spinoff
Pfizer Inc., spinoff details:

September 25, 2017: Pfizer (PFE) announced that it will spin off four experimental drugs that it had decided to shelve into a new company, called SpringWorks Therapeutics that will eventually go public, to give them a better chance to get developed with the backing of outside investors including Bain Capital.

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.

Colony Northstar Credit Real Estate 08/28/2017 Q1 2018 Colony NorthStar, Inc. CLNS Spinoff
Colony NorthStar, Inc., spinoff details:

August 28, 2017: Colony NorthStar (CLNS), NorthStar Real Estate Income Trust, a public, non-traded REIT (“NorthStar I”), and NorthStar Real Estate Income II, a public, non-traded REIT (“NorthStar II”), announced that they have entered into a definitive tri-party agreement under which a select portfolio of Colony NorthStar assets and liabilities will combine with NorthStar I and NorthStar II in an all-stock combination transaction to create a leading commercial real estate credit REIT with approximately $5.5 billion in assets and $3.4 billion in equity value. The transaction has been approved by the board of directors of Colony NorthStar and unanimously approved by the special committees and boards of directors of NorthStar I and NorthStar II. The combined company will be named “Colony NorthStar Credit Real Estate”.

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.

CoalCo 07/11/2017 Q4 2017 CONSOL Energy Inc. CNX Spinoff
CONSOL Energy Inc., spinoff details:

July 11, 2017: CONSOL Energy (CNX) announced the filing of a registration statement on Form 10 with the U.S. Securities and Exchange Commission (SEC), an important milestone in the Company’s previously announced plan to separate CONSOL Energy into two publicly-traded companies: a coal company and a natural gas exploration and production (E&P) company.

October 31, 2017: CONSOL Energy (CNX) announced today that its board of directors has given final approval of the Company’s previously announced separation into two publicly-traded companies--a coal company and a natural gas exploration and production (E&P) company--and has declared a pro rata distribution of all of the outstanding shares of CONSOL Mining Corporation (CoalCo) common stock to the Company’s stockholders.

CNX Coal Resources LP 07/11/2017 Q4 2017 CONSOL Energy Inc. CNX Spinoff
CONSOL Energy Inc., spinoff details:

July 11, 2017: CONSOL Energy (CNX) announced the filing of a registration statement on Form 10 with the U.S. Securities and Exchange Commission (SEC), an important milestone in the Company’s previously announced plan to separate CONSOL Energy into two publicly-traded companies: a coal company and a natural gas exploration and production (E&P) company.

October 31, 2017: CONSOL Energy (CNX) announced today that its board of directors has given final approval of the Company’s previously announced separation into two publicly-traded companies--a coal company and a natural gas exploration and production (E&P) company--and has declared a pro rata distribution of all of the outstanding shares of CONSOL Mining Corporation (CoalCo) common stock to the Company’s stockholders.

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.

Aptiv 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.

September 27, 2017: Delphi Automotive (DLPH), announced that Aptiv and Delphi Technologies will be the names of the two highly-focused, publicly-traded companies that will result from the company’s previously announced spin-off of its Powertrain Systems segment.

Delphi Technologies 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.

September 27, 2017: Delphi Automotive (DLPH), announced that Aptiv and Delphi Technologies will be the names of the two highly-focused, publicly-traded companies that will result from the company’s previously announced spin-off of its Powertrain Systems segment.

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.

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.

October 26, 2017: DowDuPont (DWDP) filed a  Form 8-K reflecting the new segment structure of DowDuPont. Following the Merger, new reportable segments were created and DowDuPont began to manage and report its operating results through the new reportable segments: Agriculture; Performance Materials & Coatings; Industrial Intermediates & Infrastructure; Packaging & Specialty Plastics; Electronics & Imaging; Nutrition & Biosciences; Transportation & Advanced Polymers; Safety & Construction and Corporate. DowDuPont will report geographic information for the following areas: U.S. & Canada, Asia Pacific, Latin America and Europe, Middle East, and Africa ("EMEA"). As a result of the Merger, Dow changed the geographic alignment for the country of India to be reflected in Asia Pacific (previously reported in EMEA) and aligned Puerto Rico to U.S. & Canada (previously reported in Latin America).

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.

October 26, 2017: DowDuPont (DWDP) filed a  Form 8-K reflecting the new segment structure of DowDuPont. Following the Merger, new reportable segments were created and DowDuPont began to manage and report its operating results through the new reportable segments: Agriculture; Performance Materials & Coatings; Industrial Intermediates & Infrastructure; Packaging & Specialty Plastics; Electronics & Imaging; Nutrition & Biosciences; Transportation & Advanced Polymers; Safety & Construction and Corporate. DowDuPont will report geographic information for the following areas: U.S. & Canada, Asia Pacific, Latin America and Europe, Middle East, and Africa ("EMEA"). As a result of the Merger, Dow changed the geographic alignment for the country of India to be reflected in Asia Pacific (previously reported in EMEA) and aligned Puerto Rico to U.S. & Canada (previously reported in Latin America).

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.

October 26, 2017: DowDuPont (DWDP) filed a  Form 8-K reflecting the new segment structure of DowDuPont. Following the Merger, new reportable segments were created and DowDuPont began to manage and report its operating results through the new reportable segments: Agriculture; Performance Materials & Coatings; Industrial Intermediates & Infrastructure; Packaging & Specialty Plastics; Electronics & Imaging; Nutrition & Biosciences; Transportation & Advanced Polymers; Safety & Construction and Corporate. DowDuPont will report geographic information for the following areas: U.S. & Canada, Asia Pacific, Latin America and Europe, Middle East, and Africa ("EMEA"). As a result of the Merger, Dow changed the geographic alignment for the country of India to be reflected in Asia Pacific (previously reported in EMEA) and aligned Puerto Rico to U.S. & Canada (previously reported in Latin America).

Nordic American Offshore Ltd. 06/12/2014 Q4 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.