Keurig Dr Pepper (KDP) announced a definitive agreement to acquire JDE Peet’s (EURONEXT: JDEP) in an all-cash transaction valued at €15.7 billion (€31.85 per share, a 33% premium). The deal combines KDP’s Keurig single-serve platform with JDE Peet’s global coffee portfolio, creating a new global coffee leader.
Following the acquisition, KDP plans to separate into two U.S.-listed companies:

Global Coffee Co. – the world’s largest pure-play coffee company with ~$16B in net sales, $400M in expected cost synergies, and leadership across 100+ markets.

Beverage Co. – a North American refreshment beverage challenger with ~$11B in sales, iconic brands like Dr Pepper®, 7UP®, and Canada Dry®, and a robust DSD distribution network.

Both companies are expected to maintain investment-grade credit ratings, with the spin-off designed as a tax-free transaction for shareholders. The JDE Peet’s acquisition is expected to close in the first half of 2026, with the coffee spin-off to follow soon after.

Keurig Dr Pepper Investor Relations

Alibaba announced that its autonomous-driving software unit Banma Network Technology plans a separate listing on the Hong Kong Stock Exchange.

The spinoff, to be carried out through a global share offering, would reduce Alibaba’s stake from 44.72% to around 30%. The deal still requires approval from China’s securities regulator, and no timeline or valuation was disclosed.

Alibaba said the listing would raise Banma’s profile, help it win more business, and provide independent access to equity and credit markets.

Sinclair Broadcast Group (SBGI) announced its board has authorized a strategic review of the company’s broadcast business.

The company is also considering a separation of its Ventures portfolio. The review comes as media companies reevaluate cable TV assets amid a shift toward streaming platforms.

Ventures portfolio includes:

• Private equity and real estate assets
• Tennis Channel, which covers most major tennis tournaments
• Ad tech unit Digital Remedy

CEO Chris Ripley said the move could unlock overlooked value and provide more flexibility to drive the broadcast strategy.

Ventures business made $11 million in minority investments during Q2.

Sinclair cautioned the review may not lead to a transaction or change.

Sinclair Broadcast Group Investor Relations

Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. 

The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026.  The separation does not require shareholder approval. 

• Post spin-off, Resideo will focus solely on its Products & Solutions (P&S) segment, including brands like Honeywell Home and First Alert.
• ADI will operate independently, distributing over 500,000 low-voltage security and AV products.
• Tom Surran will remain CEO of Resideo, while Rob Aarnes will become CEO of the new ADI.
• CEO Jay Geldmacher will retire post-spin and stay on temporarily as an advisor.

For the 12 months ending March 29, 2025:

• P&S posted $2.6B revenue with 24.2% adjusted EBITDA margin.
• ADI delivered $4.5B revenue with 7.5% adjusted EBITDA margin.

• Resideo will pay $1.59B to Honeywell in Q3 2025, ending future payments under the Reimbursement Agreement (previously $140M/year through 2043).

Preliminary Q2 2025 guidance (given May 6):

• Revenue: $1.805–$1.855B
• Adjusted EBITDA: $175–$195M
• Adjusted EPS: $0.51–$0.61
• Cash expected: ~$750M as of June 28, 2025

• Resideo expects to exceed the upper end of all Q2 guidance ranges.
• Investor call scheduled for July 30, 2025, at 8:30 AM ET via investor.resideo.com.
• Advisors: Evercore (financial), Willkie Farr & Gallagher (legal), Collected Strategies (communications).

Update(s):

August 13, 2025: Resideo Technologies will spin off its $4.5B ADI distribution unit in 2H 2026, leaving the company focused on its higher-margin Products & Solutions segment. Ahead of the move, Resideo paid Honeywell $1.59 billion to terminate long-term indemnification obligations of up to $140 million annually through 2043.

Resideo Technologies Investor Relations

Reuters reported that Intel (INTC) is planning to spin off its networking and communications business into a stand-alone company and has already begun seeking investors, the company said on Friday. This move is part of new CEO Lip-Bu Tan’s broader effort to streamline operations and refocus the company on its core strengths. Tan’s turnaround strategy includes divesting non-core assets, cutting expenses by scaling back large investments, and reducing headcount.

• The unit, formerly known as NEX, makes chips for telecom equipment and generated $5.8 billion in revenue in 2024—about 11% of Intel’s total sales.
• In Q1 2025, Intel integrated NEX into its data center and PC group and stopped reporting it as a standalone segment.
• Intel stated it will remain an anchor investor in the spinoff, similar to its approach with Altera.
• The spinoff reflects Intel’s push to refocus on core areas amid struggles in manufacturing and stiff competition in AI.
• Intel’s shares dropped 9% on Friday after it warned it may exit chip manufacturing without securing a major customer.
• The company also posted a surprise adjusted loss for Q2 and guided for a larger-than-expected Q3 loss.

Intel Investor Relations

On July 18, 2025, FOXO Technologies announced that its Board of Directors has approved pursuing the spin-off of its FOXO Labs, Inc. subsidiary that is focused on the development of its epigenetics business.

FOXO Technologies Investor Relations

According to the Wall Street Journal, Kraft Heinz (KHC) is reportedly planning to split up its business, nearly a decade after its high-profile merger backed by Warren Buffett and 3G Capital.

 The company aims to spin off a significant portion of its grocery division including many Kraft branded products into a separate entity that could be valued at up to $20 billion.

The remaining business would focus on its core condiments and spreads portfolio, including Heinz ketchup and Grey Poupon mustard.

Updates(s):

August 29, 2025: WSJ reported that Kraft Heinz (KHC) is close to announcing a breakup plan as soon as next week, potentially spinning off a ~$20B grocery unit. 

September 2, 2025:

Kraft Heinz (KHC) announced its board has unanimously approved a tax-free spin-off to split into two independent public companies:
The two resulting companies, whose names will be determined at a later date, will be

Global Taste Elevation Co.: ~$15.4B 2024 net sales, anchored by Heinz, Philadelphia, and Kraft Mac & Cheese.

North American Grocery Co.: ~$10.4B 2024 net sales, led by Oscar Mayer, Kraft Singles, and Lunchables, with CEO Carlos Abrams-Rivera at the helm.

Miguel Patricio will become executive chair while a CEO search is underway for Global Taste Elevation Co. The separation is expected to close in 2H 2026, pending approvals.

Kraft Heinz Investor Relations

Reitar Logtech has initiated a spin-off of its logistics automation segment, following the acquisition of Jingxing Storage Equipment Engineering (HK), now a group subsidiary.

The new standalone company will focus on smart warehousing, integrated automation solutions, and data-driven tech.

Reitar Logtech Investor Relations

On May 21, 2025, Medtronic plc (MDT) announced plans to separate its Diabetes business into a new, independent, publicly traded company—“New Diabetes Company.” 

Timeline: Separation expected within 18 months via IPO followed by a split-off. The company plans to spin off the unit with an initial public offering (IPO) of less than 20% followed by a split-off of the remaining 80%.

Structure: Preferred path is capital markets transaction, expected to be tax-free for U.S. shareholders.

Strategic Benefits for Medtronic

Post-separation, Medtronic will sharpen focus on core MedTech franchises and high-growth categories:

• Focus areas include pulsed field ablation, renal denervation, implantable tibial neuromodulation, and soft tissue robotics.
• Enhanced commercial, manufacturing, and technology synergies.
• Targets mid-single-digit or higher organic revenue growth and improved earnings leverage.

Financial benefits include:

• ~50 bps gross margin improvement
• ~100 bps operating margin expansion
• Immediate adjusted EPS accretion
• Share count expected to decline without using cash, reducing dividend liability and supporting reinvestment.
• Dividend per share to remain unchanged.

New Diabetes Company

• To offer a complete intensive insulin management ecosystem.
• Will prioritize growth in Automated Insulin Delivery and Smart MDI.
• Enhanced investment in innovation, automation, and manufacturing scale.
• Staff of 8,000+ employees with global R&D, manufacturing, and commercial capabilities.
• Que Dallara, current EVP and President of Medtronic Diabetes, will serve as CEO.
• Tailored shareholder base to better align with business and financial profile.

Financial and Transaction Details

• Diabetes unit accounted for 8% of Medtronic revenue and 4% of segment operating profit in FY2025.
• Entire business—including employees, product portfolio, pipeline, IP, partnerships, and global manufacturing—will transfer to New Diabetes Company.

Advisors

• Financial Advisors: Goldman Sachs & Co. LLC and BofA Securities
• Legal Counsel: Cleary Gottlieb, Baker McKenzie (Medtronic); Davis Polk (advisors)
• Tax Counsel: Skadden, Arps, Slate, Meagher & Flom LLP

Update(s):

June 12, 2025: Medtronic plc announced MiniMed as the name for the planned New Diabetes Company following the intended separation. 

July 8, 2025: Medtronic has named Chad Spooner CFO of its diabetes business, beginning July 14.

Medtronic Investor Relations

Resources

May 21, 2025: Announcement Press Release / Separation Investor Presentation

Sony announced a partial spin off its financial services unit, Sony Financial Group Inc.  SFGI, by distributing just over 80% of SFGI shares to shareholders (1:1 ratio). 

The spin-off is subject to SFGI’s listing on the Tokyo Stock Exchange Prime Market, with applications submitted in May 2025. 

Expected completion is October 2025, following Board approval in early September. Sony will retain just under 20% post-spin, with SFGI accounted for as an equity-method affiliate. (Press Release) (Investor Presentation)

Update(s):

May 27, 2025: Sony to make case for finance arm spin-off in latest corporate transformation. Sony will unveil its growth plan for Sony Financial Group on Thursday during its Investor Day, highlighting the latest step in its corporate transformation. The spin-off, slated for a direct listing on September 29, will be Japan’s first partial spin-off under a 2023 tax reform.

August 8, 2025: Sony Group Corporation will partially spin off its wholly owned subsidiary, Sony Financial Group Inc., in October 2025. Following the Board’s approval on May 14, 2025, the Financial Services business has been reported as a discontinued operation from Q1 FY25. Post spin-off, Sony will use the equity method to account for its remaining stake in SFGI, with related profits or losses reflected in continuing operations’ operating income.

September 3, 2025: Sony Group Corporation has approved the partial spin-off of Sony Financial Group Inc. (SFGI), effective October 1, 2025. The company has also received re-approval from Japan’s Minister of Economy, Trade and Industry for amendments to its Corporate Restructuring Plan. The spin-off remains subject to the Tokyo Stock Exchange’s approval of SFGI’s share listing.

Sony Investor Relations

Resources

May 14, 2025: Announcement / Investor Presentation

McKesson Corporation announced plans to spin off its Medical-Surgical Solutions unit into a standalone company, a move aimed at streamlining operations and intensifying focus on its core pharmaceutical distribution business. 

McKesson Corporation Investor Relations

S&P Global has announced its intention to separate its Mobility segment into an independent public company. The planned spin-off is expected to be completed within 12 to 18 months, subject to regulatory approvals, board consent, and the successful filing of a Form 10 registration statement with the SEC. 

S&P Global Post-Separation

Following the spin-off, S&P Global will continue to operate its four synergistic core segments:

• S&P Global Market Intelligence
• S&P Global Ratings
• S&P Global Commodity Insights
• S&P Dow Jones Indices

This streamlined structure will support simplified operations, stronger strategic alignment, and enhanced momentum in areas like AI, data analytics, and product innovation. The company believes it will be better positioned to serve both public and private markets with an integrated approach.

S&P Global will share further details about its multi-year strategic roadmap at its Investor Day on November 13, 2025.

Mobility

S&P Global Mobility is a leading automotive data and technology provider focused on delivering insights across the entire vehicle lifecycle. It operates through three divisions:

• Used Vehicle Sales & Service (including CARFAX)
• Strategy & Product Planning
• New Vehicle Sales & Marketing

Key brands under Mobility include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. The business generated $1.6 billion in revenue in FY 2024, marking a ~8% year-over-year increase.

The separation, subject to customary closing conditions and approvals, is intended to be structured as a tax-free distribution to existing S&P Global shareholders. 

S&P Global Investor Relations

ABB announced plans to propose a full spin-off of its Robotics division at its 2026 Annual General Meeting. If approved by shareholders, the division—tentatively named “ABB Robotics”—will be listed as a separate public company in Q2 2026.

The spin-off would be executed through a share distribution, with ABB shareholders receiving shares in the new company as a dividend in-kind, proportional to their current holdings.

Starting in Q1 2026, ABB’s Machine Automation division—currently part of the Robotics & Discrete Automation business—will be integrated into the Process Automation business area.

Update(s):

May 12, 2025: Bloomberg reported that ABB Ltd. is considering a potential sale of its robotics unit—valued at over $3.5 billion—as an alternative to its planned 2026 spinoff, according to sources. The company is reportedly nearing the appointment of advisers for both the sale and the listing process. (Bloomberg)

May 27, 2025: Bloomberg reported ABB has enlisted Bank of America and UBS Group to explore strategic options for its robotics division.

ABB Investor Relations

Germany's Continental plans to turn its ContiTech rubber and plastics division into an independent entity, setting the company up to be a pure-play tire maker after the planned spin-off of its automotive segment.

The separation is to be implemented after the spin-off of its automotive unit, which its supervisory board formally approved last month and is due to take place this year.

ContiTech could become independent during 2026.

Press Release

Continental AG Investor Relations

On March 12, 2025 Vivani Medical, a clinical-stage biopharmaceutical company developing miniature, ultra long-acting drug implants,  announced that it intends to spin off Cortigent, a division that develops brain implant devices to help people recover critical body functions, as an independent publicly-traded company.

Vivani to concentrate on NanoPortal™ drug implants, while Cortigent advances neurostimulation technology.

Cortigent’s Focus: Advancing precision neurostimulation technology, including:

• Orion® Cortical Visual Prosthesis System for treating blindness, with FDA Breakthrough Device designation.
• Expansion into stroke recovery and other neuromodulation applications.

Leadership Continuity: CEO Jonathan Adams will continue leading Cortigent post-spin-off.

Update(s):

May 29, 2025: Vivani Medical files Form 10 for planned Q3 2025 spin-off of Cortigent as a standalone Nasdaq-listed neurostimulation company.

Vivani Medical Investor Relations

Cortigent Website

Resources

Announcement - Press Release

Teleflex announced that following a comprehensive business portfolio evaluation, its Board of Directors has authorized Teleflex management to pursue a plan to separate the company’s Urology, Acute Care, and OEM businesses into a new, independent, publicly traded company via a distribution of newly issued shares of NewCo to shareholders that is tax-free for U.S. tax purposes.

Teleflex RemainCo (Projected $2.1B revenue in 2024)

• Focuses on high-growth hospital-based markets (ICU, OR, Cath Lab, ED)
• Key segments: Vascular Access, Interventional, Surgical
• Gains operational efficiencies by reducing from 19 to 7 manufacturing sites
• Targets 6%+ revenue growth, double-digit EPS growth post-spin
• Led by CEO Liam Kelly, with continued investment in innovation and M&A

NewCo (Projected $1.4B revenue in 2024)

• Specializes in Urology (UroLift, Barrigel, Rüsch), Acute Care (Anesthesia, Respiratory), and OEM
• Aims for low to mid-single-digit revenue growth over time
• Will benefit from a dedicated management team and tailored capital strategy
• Executive leadership to be announced soon

 Expected completion: Mid-2026

Teleflex Investor Relations

Resources

Strategic Transaction Investor Presentation

The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies:

• Middleby Food Processing: Specializes in industrial food markets, offering end-to-end solutions for protein, bakery, and snack processing.
• Middleby RemainCo: Focused on commercial foodservice and residential kitchen equipment, enhancing automation, digital tech, and IoT solutions.

The Middleby Corporation Investor Relations

Resources

February 25, 2025: Spinoff Presentation

On February 6, 2025, Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders.

Honeywell Automation 

• Leader in industrial automation and digital transformation.
• Expected $18 billion in revenue for 2024.
• Will focus on AI, software, and automation solutions to enhance industrial productivity.

Honeywell Aerospace 

• Largest pure-play aerospace technology suppliers.
• Expected $15 billion in revenue for 2024.
• Products include aircraft propulsion, cockpit systems, navigation, and auxiliary power.
• The company will focus on electrification and autonomy in aviation.

Advanced Materials 

• Will be a sustainability-focused specialty chemicals and materials company.
• Expected $4 billion in revenue for 2024.
• Holds strong positions in fluorine products, electronic materials, industrial fibers, and healthcare packaging.
• Its Solstice® hydrofluoro-olefin (HFO) technology leads in low global warming solutions.

Financial & Strategic Moves:

• Honeywell plans to deploy $25 billion+ through dividends, stock buybacks, capital expenditures, and acquisitions by 2025.
• Honeywell is also divesting its Personal Protective Equipment (PPE) business, expected to close in 1H 2025.

Separation Timings

• The planned separation of Automation and Aerospace is expected to be achieved in a manner that is tax-free to Honeywell shareholders and targeted for completion in the second half of 2026.
• The company is continuing to execute on its previously announced spin-off of its Advanced Materials business, which is expected to be completed by the end of 2025 or early in 2026. 

August 22, 2025: Honeywell announced the appointment of Peter Lau as President and CEO of its Industrial Automation business, effective October 15, 2025. 

Honeywell Investor Relations

Resources

February 6, 2025: Portfolio Update: Separation of Automation and Aerospace

On February 5, 2025 BD (Becton, Dickinson and Company) (BDX), a global medical technology company, announced its board of directors has unanimously authorized BD management to pursue a plan to separate BD's Biosciences and Diagnostic Solutions business from the rest of BD to enhance strategic focus and growth-oriented investments and capital allocation for both BD and the separated business and enhance value creation for shareholders.

Overview:

• BD (Becton, Dickinson and Company) plans to separate its Biosciences and Diagnostic Solutions business to enhance strategic focus and growth.
• The decision follows a portfolio evaluation launched in early 2024.

Post-Separation Structure:

• New BD: A pure-play MedTech leader with four core segments:

  • Medical Essentials: IV catheters, syringes, and blood collection solutions.
  • Connected Care: Smart medical devices, AI-powered pharmacy automation.
  • BioPharma Systems: Drug delivery solutions for biologics and GLP-1 treatments.
  • Interventional: Devices for urology, peripheral vascular disease, and surgical applications.

• Projected revenue: ~$17.8B in FY24 with a $70B+ total addressable market.

• Targeted growth strategy: Focused R&D investments, M&A, and a strong recurring revenue base (>90%).

• Biosciences & Diagnostic Solutions: A pure-play leader in Life Sciences & Diagnostics.

  • Biosciences: Immunology and cancer research tools, including flow cytometry.
  • Diagnostics: Microbiology and infectious disease testing, molecular diagnostics.

• Projected revenue: ~$3.4B in FY24 with a $22B+ total addressable market.

• Expected margin: ~30% adjusted EBITDA, with >80% recurring revenue.

Separation Plan & Timeline:

• BD is evaluating various separation options (Reverse Morris Trust, spin-off, sale).
• Further details expected by the end of FY25; completion targeted in FY26.
• Investor Day, originally set for Feb. 26, 2025, has been postponed.

Advisors:

• Citi as lead financial advisor, with support from Evercore, Wachtell, PwC, Skadden, and FGS Global.

July 14, 2025: Waters Corporation (WAT) and BD (Becton, Dickinson and Company, NYSE: BDX) have announced a definitive agreement to combine BD’s Biosciences & Diagnostic Solutions (BDS) business with Waters through a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion. (Investor Presentation)

Transaction Structure

• BD will spin off BDS to its shareholders, who will then receive shares in the new combined entity.
• Post-merger ownership: Waters shareholders will own ~60.8%, BD shareholders ~39.2%.
• BD also receives a $4B cash distribution pre-closing.
• Waters will take on ~$4B in new debt; expected leverage of 2.3x EBITDA at closing.
• Deal is expected to close by Q1 2026, subject to regulatory and shareholder approvals.

Strategic Rationale & Synergies

The merger creates a life science and diagnostics leader with: ~$6.5B pro forma revenue in 2025 ~$2.0B adjusted EBITDA Expanded total addressable market (TAM) to $40B High-quality ~70% recurring revenue Complementary platforms across liquid chromatography, mass spectrometry, flow cytometry, and diagnostics

By 2030, the company is projected to reach: $9B revenue, $3.3B adjusted EBITDA, and 32% operating margin

Synergy Details

• Cost synergies: ~$200M by year 3 (mainly in manufacturing, supply chain, SG&A)
• Revenue synergies: ~$290M by year 5 (from cross-selling, commercial execution)
• Total EBITDA synergies: ~$345M annually by 2030
• Deal is accretive to adjusted EPS in the first year post-closing 

Strategic Growth Acceleration

• Bioseparations: Leveraging Waters’ chemistry and BD’s biologics to improve large molecule separation.
• Bioanalytical characterization: BD’s PCR and flow cytometry integrated with Waters’ Empower™ informatics for high-volume QA/QC.
• Clinical diagnostics: Waters gains faster access to regulated markets using BD’s infrastructure.

Leadership & Governance: Udit Batra (CEO, Waters) to lead the combined entity Amol Chaubal to serve as CFO Up to two BD designees will join the Waters Board Headquarters remains in Milford, MA, with continued presence at BD’s BDS facilities The combined company will continue under the Waters name and ticker (NYSE: WAT)

BD’s BDS unit is expected to generate approximately $3.4 billion in revenue and $925 million in adjusted EBITDA in 2025, with strong positions in immunology, cancer research, molecular diagnostics, and point-of-care solutions.

The transaction has been unanimously approved by both boards and is expected to close by the end of Q1 2026, subject to regulatory and shareholder approvals.

Advisors include Barclays and Kirkland & Ellis LLP for Waters, and Citi, Evercore, and Wachtell Lipton for BD.

Press Release

Becton, Dickinson and Company Investor Relations

Resources

Separation Announcement Presentation

Waters + BD Press Releases / Investor Presentation / Infographic

Aptiv PLC (APTV) announced that its Board of Directors has unanimously approved a plan to separate its Electrical Distribution Systems business from Aptiv, creating two independent companies

• Aptiv: Specializes in Advanced Safety & User Experience and Engineered Components. Offers a sensor-to-cloud technology stack, including ADAS, in-cabin user experience platforms, interconnects, and components for next-generation applications in industries such as aerospace, telecommunications, automotive, and industrial sectors.
• EDS: A leader in low- and high-voltage electrical architectures for automotive and commercial vehicles. Focuses on optimizing vehicle systems to minimize weight, mass, and costs for OEMs.

Separation Transaction Details (Aptiv EDS Spinoff Presentation)

• The separation will occur through a spin-off of EDS, allowing Aptiv shareholders to retain their existing Aptiv shares while receiving a proportional dividend of EDS stock.
• The transaction is expected to be tax-free for Aptiv and its shareholders under Swiss and U.S. federal income tax laws.
• Aptiv aims to complete the spin-off by March 31, 2026, pending final Board approval and customary conditions, including tax advisor opinions and the filing and approval of a Form 10 registration statement with the U.S. SEC.

Full-Year 2024 Outlook: Aptiv is set to announce its Q4 2024 financial results on February 6, 2025, followed by an investor call later that day.

Advisors: Goldman Sachs & Co. LLC and Centerview Partners LLC are serving as financial advisors to Aptiv, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel.

Aptiv Investor Relations

Resources

January 22, 2025: Announcement

January 22, 2025: Aptiv EDS Spinoff Presentation

January 22, 2025: Aptiv EDS Infographic

On December 19, 2024, FedEx Corp. announced that its Board of Directors has concluded a comprehensive assessment of the role of FedEx Freight as part of its portfolio and has decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company.

The separation is expected to be achieved in a tax-efficient manner for FedEx stockholders and executed within the next 18 months.

Update(s):

January 17, 2025: FedEx Corporation announced that Lance Moll, president of FedEx Freight, will retire after 33 years with the company. He will remain in his role until January 31, then transition to an executive advisor position until July 31. Following Moll's departure, the FedEx Freight team will report to Smith, who will oversee the separation of FedEx and FedEx Freight into two public companies, set to be completed within 18 months.

May 19, 2025: FedEx has named longtime executive John Smith as CEO of its freight trucking spinoff, FedEx Freight. Smith, currently Chief Operating Officer for the company's U.S. and Canada operations, brings over 25 years of experience with FedEx. He was CEO of the FedEx Freight business between 2018 and 2021.

June 25, 2025: Ahead of its planned spin-off next spring, FedEx named key leaders for the standalone company:

• John Smith as CEO (retains current FedEx COO role until separation)

• Brad Martin as Chairman

• Clint McCoy as COO

• Michael Rogers as CTO

• Eddie Klank as Chief HR & Legal Officer

• Mike Lyons as Chief Specialized Services & Commercial Officer

FedEx Corp. Investor Relations

On December 16, 2024, Honeywell announced ongoing portfolio evaluation, including a potential Aerospace business separation, with progress updates expected in its Q4 2024 earnings release. (Announcement)

Update(s):

January 13, 2024:

Honeywell will issue its fourth quarter financial results and 2025 outlook before the opening of the Nasdaq Stock Market on February 6.

January 14, 2025: According to Bloomberg, Honeywell International plans to move forward with a breakup under pressure from activist investor Elliott Investment Management. The Charlotte, North Carolina-based industrial giant intends to separate into two independent, publicly traded companies, with one focusing on automation and the other on aerospace and defense.

February 6, 2025: Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders.

Honeywell Automation 

• Leader in industrial automation and digital transformation.
• Expected $18 billion in revenue for 2024.
• Will focus on AI, software, and automation solutions to enhance industrial productivity.

Honeywell Aerospace 

• Largest pure-play aerospace technology suppliers.
• Expected $15 billion in revenue for 2024.
• Products include aircraft propulsion, cockpit systems, navigation, and auxiliary power.
• The company will focus on electrification and autonomy in aviation.

Advanced Materials 

• Will be a sustainability-focused specialty chemicals and materials company.
• Expected $4 billion in revenue for 2024.
• Holds strong positions in fluorine products, electronic materials, industrial fibers, and healthcare packaging.
• Its Solstice® hydrofluoro-olefin (HFO) technology leads in low global warming solutions.

Financial & Strategic Moves:

• Honeywell plans to deploy $25 billion+ through dividends, stock buybacks, capital expenditures, and acquisitions by 2025.
• Honeywell is also divesting its Personal Protective Equipment (PPE) business, expected to close in 1H 2025.

Separation Timings

• The planned separation of Automation and Aerospace is expected to be achieved in a manner that is tax-free to Honeywell shareholders and targeted for completion in the second half of 2026.
• The company is continuing to execute on its previously announced spin-off of its Advanced Materials business, which is expected to be completed by the end of 2025 or early in 2026. 

June 16, 2025: At the 2025 Paris Air Show, Honeywell outlined its vision for spinning off its aerospace division by late 2026. CEO Vimal Kapur called it a “transformative” year, as the company pursues divestitures, acquisitions, and restructuring under pressure from Elliott Management.

Aerospace head James Currier emphasized the unit’s global scale, strong defense ties, and growth in retrofit and upgrade services. With over $1B invested in its supply chain since 2022, Honeywell aims to double aerospace revenue by the 2030s, focusing on autonomy, electrification, and modernization. (Investor Presentation)

Honeywell Investor Relations

Resources

February 6, 2025: Portfolio Update: Separation of Automation and Aerospace

Liberty Media Corporation (FWONA, FWONK, LLYVA, LLYVK)  announced that it is pursuing a plan to split off the Liberty Live Group. 

Immediately prior to effecting the Split-Off, Liberty Media’s subsidiary Quint would be reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets. (Announcement)

Quint Reattribution: Before the split, Liberty Media's subsidiary Quint will be moved from the Formula One Group to Liberty Live Group in exchange for private assets, with any cash consideration set later based on valuation.

CEO Statement: Greg Maffei, Liberty Media’s CEO, noted the split-off will simplify Liberty’s structure, potentially reduce Liberty Live’s discount to NAV, and improve trading liquidity.

Ownership Post Split-Off:

Liberty Live, Inc. will hold ~69.6 million shares of Live Nation, Quint, other private assets, and certain debt.

Liberty Media will retain Formula 1, MotoGP (upon acquisition), other Formula One Group assets, and related debts.

Trading & Approvals: Liberty Media will remain on Nasdaq; Liberty Live is expected to trade on Nasdaq or OTC. The split-off, expected to complete in the second half of 2025, requires shareholder and regulatory approvals and aims to be tax-free.

Liberty Media Investor Relations

Resources

November 13, 2024: Announcement

Comcast (CMCSA) is considering a spin-off of its cable network portfolio, which includes CNBC, MSNBC, Bravo, Oxygen True Crime, USA Network, E!, Syfy, Universal Kids, and Universo, as reported by Reuters. The move reflects broader industry challenges as traditional television faces declining viewership from consumers increasingly shifting to streaming options. (Announcement)

The proposed spin-off would exclude NBC's main broadcast network and Comcast's streaming service, Peacock. However, Comcast is actively seeking a partner for Peacock, aiming to accelerate its growth in a highly competitive streaming market, Comcast President Mike Cavanagh noted during earnings call.

Update(s):

November 1, 2024:

Bloomberg reported Comcast Corp. (CMCSA) is working with investment bank Morgan Stanley to evaluate options for its cable networks after announcing it’s considering divesting the business.

November 19, 2024: WSJ reports, Comcast (CMCSA) is expected to announce Wednesday that it is moving forward with a plan to spin off its NBCUniversal cable TV networks.

November 20, 2024: Comcast announced its intent to create a new publicly traded company comprised of NBCUniversal’s cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with complementary digital assets including Fandango and Rotten Tomatoes, GolfNow and Sports Engine, through a tax-free spin-off. Comcast is targeting to complete the spin-off in approximately one year. (Press Release)

January 9, 2025: Mark Lazarus, prospective CEO of Comcast's spin-off "SpinCo," announced key leadership appointments, including Anand Kini as CFO and COO, Val Boreland as President of Entertainment, and others. SpinCo will include networks like CNBC and SYFY, along with digital assets like Fandango and Rotten Tomatoes.

March 6, 2025: Comcast‘s cable network “SpinCo” has appointed iHeartMedia and 21st Century Fox veteran Jordan Fasbender as Chief Legal Officer.

March 19, 2025: Comcast (CMCSA) announced that David Novak will serve as Chairman of the Board for "SpinCo," its upcoming spin-off of select media brands and digital businesses.

May 6, 2025: Comcast has announced that its upcoming spinoff consisting of most NBCUniversal cable networks will be called Versant. 

July 24, 2025: Comcast has announced the first board of directors for Versant Media Group, the upcoming NBCUniversal cable spinoff. The board features CEO Mark Lazarus, Chairman David Novak, and eight others with backgrounds in AI, governance, and dealmaking.

August 18, 2025: MSNBC will rebrand as MS Now (My Source News Opinion World) later this year, unveiling a new logo as it prepares to spin off from NBCUniversal. Parent company Comcast is forming Versant, a separate publicly traded entity that will house MSNBC, CNBC, USA Network, Oxygen, E!, SYFY, and the Golf Channel.

September 4, 2025: Comcast is on track to spin off Versant by year-end, with CFO Jason Armstrong saying the upcoming Form 10 filing will provide more details. He highlighted that Versant will debut with a conservative balance sheet, solid cash flow, and a dedicated management team, positioning it with “lots of options” as a standalone company.

Resources

October 31, 2024: Announcement

October 31, 2024: Comcast Earnings Call Transcript: Q3 2024 - Discussion on Potential Cable Network Spinoff Strategy

Versant Spin Transaction

OLB Group a diversified FinTech e-commerce and business management solutions provider, announced it has filed a Form S-1 with the SEC relating to the proposed spinoff of its wholly owned subsidiary, DMint, a Bitcoin mining facility, to OLB shareholders. The shareholder record date for the spinoff has yet to be determined and will be announced at a future date. (Press Release)

OLB Group Investor Relations

Resources

October 21, 2024: Announcement

Form S-1 filing

Nixxy (NIXX) is advancing with its restructuring plan to consolidate select assets and liabilities into Atlantic Energy Solutions (OTC: AESO), which will be rebranded as CognoGroup. (Press Release)

CognoGroup’s portfolio will feature various ventures, including CandidatePitch, an automated talent marketing tool; Mediabistro, a job board for the media industry; AI Exchange, a thriving AI community with over one million members; and PrimeGPU, an early-stage AI venture currently in stealth mode.

• Record Date: Tentatively set for October 28, 2024, for shareholders eligible to receive CognoGroup shares (final date pending).
• Distribution Date: Expected around January 15, 2025.

Nixxy Investor Relations

Update(s):

November 1, 2024: Nixxy announced that November 15, 2024 would be the record date for its previously-announced spin-off of its shares of Atlantic Energy Solutions (OTC:AESO), which will be renamed CognoGroup following the spin-off. Only shareholders of record as of November 15, 2024, will be eligible to receive the distribution of CognoGroup shares as part of the upcoming spin-off.

The payable date for the spin-off is expected to be in January 2025.

December 4, 2024: Nixxy announced that it is withdrawing the previously announced record date or its planned spin-off of its subsidiary, Atlantic Energy Solutions or CognoGroup, the anticipated future name of the company following the spinoff. The spinoff date and distribution ratio remain to be determined.

• Original Record Date: November 15, 2024
• Spin-Off Date: TBD
• Distribution Ratio: TBD

Reason for Withdrawal:
The record date was withdrawn to allow for:

• Further strategic evaluation of corporate structure
• Completion of additional regulatory reviews
• Optimization of shareholder value
• Alignment with broader strategic goals

Next Steps:

• An updated timeline will be shared in future announcements.
• Shareholders are advised to await further updates.
• All prior disclosures remain under review.

Management Commentary:
Granger Whitelaw, CEO, stated:
"Withdrawing the record date provides time to better align with corporate objectives, ensure an orderly share distribution, and maximize shareholder value."

Additional Notes:

• The spin-off remains a strategic priority.
• The company is committed to enhancing shareholder value.
• Further details will be announced as available.

Resources

October 18, 2024: Announcement

Scilex Holding Company is considering a spinoff or public listing of Scilex Pharmaceuticals in or outside of the U.S., including Hong Kong.  (Press Release)

Scilex Holding Company Investor Relations

Resources

October 16, 2024: Announcement

Honeywell announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026.

Update(s):

February 6, 2025: Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders.

Honeywell Automation 

• Leader in industrial automation and digital transformation.
• Expected $18 billion in revenue for 2024.
• Will focus on AI, software, and automation solutions to enhance industrial productivity.

Honeywell Aerospace 

• Largest pure-play aerospace technology suppliers.
• Expected $15 billion in revenue for 2024.
• Products include aircraft propulsion, cockpit systems, navigation, and auxiliary power.
• The company will focus on electrification and autonomy in aviation.

Advanced Materials 

• Will be a sustainability-focused specialty chemicals and materials company.
• Expected $4 billion in revenue for 2024.
• Holds strong positions in fluorine products, electronic materials, industrial fibers, and healthcare packaging.
• Its Solstice® hydrofluoro-olefin (HFO) technology leads in low global warming solutions.

Financial & Strategic Moves:

• Honeywell plans to deploy $25 billion+ through dividends, stock buybacks, capital expenditures, and acquisitions by 2025.
• Honeywell is also divesting its Personal Protective Equipment (PPE) business, expected to close in 1H 2025.

Separation Timings

• The planned separation of Automation and Aerospace is expected to be achieved in a manner that is tax-free to Honeywell shareholders and targeted for completion in the second half of 2026.
• The company is continuing to execute on its previously announced spin-off of its Advanced Materials business, which is expected to be completed by the end of 2025 or early in 2026. 

March 25, 2025: Honeywell announced leadership appointments for its Advanced Materials business, which will be renamed Solstice Advanced Materials following its planned tax-free spin-off, expected by late 2025 or early 2026. The independent, publicly traded company will be headquartered in Morris Plains, New Jersey, and focus on sustainability-driven specialty chemicals and materials, generating nearly $4 billion in revenue last year.

Key Leadership Appointments:

• Dr. Rajeev Gautam will serve as Non-Executive Chairman of the Board upon the spin-off’s completion. He brings over four decades of experience at Honeywell, including leadership roles in process technologies and advanced materials.
• David Sewell has been appointed President and CEO of the Advanced Materials business, effective immediately, and will retain this role post-spin. He previously served as CEO of WestRock and held leadership positions at Sherwin-Williams and General Electric.
• Tina Pierce will become Chief Financial Officer on May 1, 2025, and is expected to continue in this role after the spin. She is currently CFO of Honeywell Industrial Automation and has held financial leadership roles across multiple Honeywell segments.
• Jeff Dormo & Simon Mawson will be promoted to Senior Vice President and General Manager roles, leading Solstice Advanced Materials’ two business segments. Both currently manage business units within Honeywell Advanced Materials.

August 21, 2025: Honeywell announced the filing of its Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of Solstice Advanced Materials. Solstice will host an Investor Day on October 8, 2025.

 Honeywell announced the future Board of Directors for Solstice Advanced Materials, its specialty materials spin-off expected in Q4 2025. Dr. Rajeev Gautam, former Honeywell PMT CEO, will serve as Independent Chair, with David Sewell, Solstice’s CEO, also joining the 10-person board. Other directors include Peter Gibbons, Fiona Laird, Rose Lee, William Oplinger, Somasundaram “Soma” Somasundaram, Matthew Trerotola, Patrick Ward, and Brian Worrell, bringing extensive experience across industrial, technology, chemicals, and materials sectors.

Honeywell Investor Relations

Resources

October 8, 2024: Announcement

October 10, 2024: Honeywell Portfolio Update Presentation

February 6, 2025: Portfolio Update: Separation of Automation and Aerospace

According to Reuters, CVS Health is exploring options that could include a break-up of the company to separate its retail and insurance units, as the struggling healthcare services company looks to turn around its fortunes amid pressure from investors.

Resources

September 30, 2024: Announcement (Reuters)

Safety Shot is divesting its wellness consumer products segment into a standalone entity, Caring Brands under a Separation and Exchange Agreement. Caring Brands will take over all related assets, intellectual property, and liabilities.

Caring Brands’ Focus & IPO Plans

Caring Brands specializes in natural therapeutics for hair growth, psoriasis, vitiligo, and eczema. The company plans to go public via an IPO within three months.

As part of the deal, Safety Shot will receive three million shares of Caring Brands, with two million shares to be distributed as a dividend to Safety Shot shareholders. Caring Brands will also assume full financial responsibility for its operations.

Update(s):

March 28, 2025: Safety Shot has set April 7, 2025, as the record date for the spinoff of Caring Brands, granting one CABR common share for every 45 Safety Shot shares held or underlying certain warrants. Fractional shares will be rounded down by ClearTrust, LLC.

The distribution is expected on August 9, 2025, subject to SEC approval of CABR’s Form S-1, Nasdaq listing approval, and other regulatory requirements. If these conditions are not met, the spinoff will not proceed as planned.

CABR is anticipated to begin trading on Nasdaq on April 11, 2025.

April 18, 2025: Safety Shot (SHOT) announced that the record date for the planned spin-off and share distribution of Caring Brands, a current subsidiary, has been postponed from the originally scheduled date of April 7, 2025.

The distribution was initially expected to occur around August 9, 2025, contingent on the effectiveness of Caring Brands’ registration statement (Form S-1 No. 333-285964), approval for listing on the Nasdaq Capital Market, and other regulatory approvals. 

However, since Nasdaq has not yet approved CABR’s listing, the spin-off has been delayed. Safety Shot plans to continue pursuing listing approval, after which the distribution will proceed.

Safety Shot Investor Relations

According to Bloomberg Intel Corp. is discussing various scenarios, including a split of its product-design and manufacturing businesses, as well as which factory projects might potentially be scrapped, said the people.

Update(s):

September 16, 2024: In a memo to employees dated September 16, Intel CEO Patrick Gelsinger announced that Intel Foundry will be established as an independent subsidiary, equipped with its own board of directors and the capacity to secure external funding.

December 12, 2024: Intel's interim leaders acknowledged the potential sale of its manufacturing operations if next year's chipmaking technology fails. Zinsner said Intel Foundry, as the division is known, is already run separately from Intel's other businesses and is setting up a separate operational board and business process software system.

Announcement

Topgolf Callaway Brands Corp. (MODG) reported its second-quarter 2024 results, with CEO Mr. Brewer reaffirming confidence in Topgolf's growth potential despite recent stock and same-venue sales disappointments. The company is conducting a strategic review, exploring options to improve profitability, including a potential spinoff of Topgolf.

Update(s):

September 4, 2024: Topgolf Callaway Brands Corp. announced plans to separate into two independent companies: Callaway, focused on golf equipment and active lifestyle products, with $2.5 billion in revenue (including Toptracer), and Topgolf, a high-growth, venue-based golf entertainment business, with $1.8 billion in revenue (excluding Toptracer). The separation is expected to occur through a tax-free spin-off of Topgolf to shareholders, though the Company is exploring other options to maximize shareholder value

Callaway Business Overview

• Core Businesses: Golf Equipment, Toptracer, and Active Lifestyle brands.
• Revenue: Approximately $2.5 billion for the 12 months ending Q2 2024.
• Brand Portfolio: Callaway, Odyssey, TravisMathew, OGIO, Jack Wolfskin, and Toptracer.

Topgolf Business Overview

• Core Business: Venue-based golf entertainment (excluding Toptracer).
• Revenue: Approximately $1.8 billion for the 12 months ending Q2 2024.

2025 Development Plans: Reduced new venue development to mid-single digits to balance growth and free cash flow.

Spin-Off Structure:

• At least 80.1% of Topgolf shares to be distributed for tax-free U.S. federal income tax treatment.
• Callaway may retain a limited ownership stake in Topgolf temporarily.

Debt Allocation:

• Callaway retains existing financial debt, including term loans and convertible notes.
• Topgolf will operate debt-free, except for venue financing obligations.

Commercial Agreements: Callaway to remain Topgolf's exclusive golf equipment partner.

Leadership Teams

Callaway CEO: Chip Brewer.

Topgolf CEO: Artie Starrs.

Timeline: Spin-off expected in the second half of 2025.

July 31, 2025: Topgolf CEO Artie Starrs has resigned to join another company and will remain through September. As a result, the planned spin-off or sale of Topgolf, originally expected in the second half of 2025, is now likely delayed until 2026, pending the appointment of a new CEO.

Topgolf Callaway Brands Corp. Investor Relations

Resources

August 7, 2024: Announcement

 On August 5, 2024, the Continental Executive Board, in response to the dynamic automotive market, decided to further evaluate a potential spinoff of its Automotive group. Announcement

A decision is expected in the fourth quarter of 2024. If approved by the Executive and Supervisory Boards, the spinoff will be put to a shareholder vote on April 25, 2025, with plans to complete it by the end of 2025.

Preparations are already underway, with the profitable Tires and ContiTech sectors remaining under Continental's umbrella, a structure included in the ongoing evaluation.

Update(s):

September 16, 2024: BMW AG took over two years to uncover the full scope of a braking system defect, which could cost the automaker nearly €1 billion ($1.1 billion) to resolve. Customer complaints about the faulty brakes began in June 2022, but only last month did BMW determine that up to 1.5 million cars could be affected by the defective part, supplied by Continental AG.

October 7, 2024: Bloomberg reported, Continental AG is pushing forward with plans to spin off its struggling car parts division, despite recent recalls over faulty braking systems. The company has enlisted Goldman Sachs and JPMorgan Chase to assist with the spinoff, though details are still being finalized

December 9, 2024: Continental plans to spin off its Automotive group by the end of 2025, pending Supervisory Board and shareholder approval, with preparations completed by Q3 2025.

December 18, 2024: On December 18, 2024, Continental announced plans to spin off its Automotive group as an independent European company, subject to approvals in 2025. The Supervisory Board will review the plan in March, with a shareholder vote scheduled for April 25, 2025. The new company, set to list on the Frankfurt stock exchange by late 2025, will launch under a new brand by April 2025. Philipp von Hirschheydt, head of the group since May 2023, will lead the company.

March 12, 2025:

Continental AG’s Supervisory Board approved the Executive Board’s decision to proceed with the spin-off of the future Automotive Group and finalize related agreements.

It confirmed that the Automotive Group will have €1.5 billion in cash funds before the spin-off is completed, with risks and opportunities clearly allocated between the two independent entities based on their business operations.

Additionally, the Supervisory Board approved the proposed dividend policy for both future companies:

• Continental AG: Target dividend payout ratio set at 40% to 60% of net income.
• Future Automotive Group: Target payout ratio of 10% to 30%, subject to alignment with long-term, sustainable business development.

April 23, 2025: Continental announced that its Automotive division will be renamed Aumovio ahead of a planned spin-off in September. The rebranding was unveiled at Auto Shanghai 2025, with the Hanover-based company highlighting the division’s focus as a supplier of braking systems and electronics.

Continental AG Investor Relations

Resources:

August 5, 2024: Announcement

Announcement

According to Financial Times, Warner Bros Discovery is considering splitting its digital streaming and studio operations from its traditional television networks to boost its declining share price. CEO David Zaslav is exploring options, including selling assets or forming a new company for Warner Bros movie studio and Max streaming service to alleviate the group’s $39bn debt.

Despite a one-third drop in market capitalization to $20bn over the past year, WBD has not yet hired an investment bank.

Update(s):

December 12, 2024: Warner Bros Discovery decided to separate its declining cable TV businesses such as CNN from streaming and studio operations such as Max, laying the groundwork for a potential sale or spinoff of its TV business as more cable subscribers cut the cord.

May 8, 2025: Warner Bros. Discovery is reportedly weighing a potential breakup, with plans to separate or divest its declining cable TV business, according to CNBC, as it looks to offload its struggling cable TV business and refocus on its faster-growing streaming and studio segments.

May 15, 2025: Warner Bros. Discovery CFO Gunnar Wiedenfels acknowledged growing openness to strategic options, including a potential breakup, amid industry disruption from streaming and anticipated M&A activity. His comments follow CNBC's report suggesting WBD may spin off its declining cable TV assets, mirroring Comcast’s strategy. WBD confirmed it has initiated steps toward this reorganization, with completion expected by mid-2025.

June 9, 2025: Warner Bros. Discovery (WBD) announced plans to separate into two independent, publicly traded companies by mid-2026.

The move will split its high-growth Studios & Streaming operations—comprising Warner Bros., HBO, HBO Max, and DC Studios—from its Global Networks segment, which includes legacy cable assets such as CNN, TNT Sports, and Bleacher Report.

The restructuring aims to unburden the streaming and content business from the slower-growth cable unit, effectively unwinding the 2022 merger of WarnerMedia and Discovery. CEO David Zaslav will lead the Streaming & Studios company, while CFO Gunnar Wiedenfels will head Global Networks.

The transaction, structured as tax-free, will see Global Networks retain up to a 20% stake in Streaming & Studios and absorb the majority of WBD’s $38 billion debt load. To aid the transition, the company has secured a $17.5 billion bridge loan from J.P. Morgan to refinance and optimize its capital structure.

The breakup reflects a broader trend in media: shedding legacy assets to focus on growth areas amid intense competition in the streaming space. (Press Release) (Investor Presentation) (Debt Tender Offer Presentation)

June 12, 2025: Warner Bros. Discovery is expected to implement a rare provision in its latest debt deal that restricts bondholders from forming cooperation groups that agree to withhold financing unless the entire group consents, per the Wall Street Journal. Despite opposition, the so-called "non-boycott covenant"—part of its planned corporate split—is likely to take effect after Friday's consent deadline. The clause bans collective refusals to fund the successor companies but may still allow coordination on other matters like loan amendments.

June 16, 2025: Warner Bros. Discovery bondholders overwhelmingly approved its corporate split and new capital structure, clearing the way to separate its studios and streaming from its cable networks; the company also plans to repurchase nearly half of its $37B debt from the 2022 merger.

July 28, 2025: Warner Bros. Discovery unveiled the names and CEOs of its two post-split companies, with the separation expected to be completed by mid-2026:

• Warner Bros. will encompass the company’s studios and streaming assets, including HBO, HBO Max, DC Studios, Warner Bros. Television, and its film and gaming units. David Zaslav, the current CEO of WBD, will lead this entity as President and CEO.
• Discovery Global will house CNN, TNT Sports, Discovery, Discovery+, and international networks. It will be led by current WBD CFO Gunnar Wiedenfels as President and CEO.

August 27, 2025: Warner Bros Discovery named former media executive Brad Singer as the chief financial officer for its studio and streaming business after completion of the company's planned separation next year.

Warner Bros. Discovery Investor Relations

Resources

July 18, 2024: Announcement

The Board of Directors announced that it has submitted a proposed spin-off application to the Stock Exchange on July 12, 2024, for the potential separate listing of Smithfield Foods, Inc.'s U.S. and Mexico operations on the NYSE or Nasdaq. Smithfield Foods, currently a wholly-owned subsidiary, is expected to remain a subsidiary post-spin-off, with its financial results consolidated into the Company’s.

The company announced the details of the spin-off are not yet finalized, and it may or may not proceed.

WH Group Ltd. Investor Relations

Updates:

December 6, 2024:  WH Group announced that its shareholders had approved spinning off Smithfield Foods into a listed company in the United States. 

Januaru 6, 2025: Smithfield Foods has filed for its initial public offering in the US. The company and an indirectly-owned subsidiary of its owner, Hong Kong-listed WH Group Ltd., are both offering shares in the listing, according to a filing with the US Securities and Exchange Commission on Monday. WH Group will maintain control of the company after the listing.

The company is planning to go public on the Nasdaq Global Select Market under the symbol SFD.

Resources:

July 14, 2024: Announcement

Foremost Lithium Resource & Technology (FMST) announced its intention to spin-out  the company’s gold and silver Winston Group of Properties into a newly incorporated wholly-owned subsidiary to be named Rio Grande Resources.

Update(s): 

July 30, 2024:

Foremost Lithium Resource & Technology announced its Board's approval to spin out its Winston Group of Gold and Silver Properties into an independent, publicly traded company, Rio Grande Resources Ltd.

• Under the court-approved plan of arrangement, Foremost shareholders will receive two (2) Rio Grande shares for each Foremost share held, while retaining their existing stake in Foremost.
• The company will maintain a 19.95% interest in Rio Grande post-spinout and prior to any financing. Concurrently, Rio Grande plans to raise at least $1.5 million through financing.
• The special shareholder meeting to approve the arrangement is set for November 6, 2024, with September 9, 2024, as the record date. 
• The spinout requires 66 2/3% shareholder approval, along with clearance from the Supreme Court of British Columbia, the CSE, NASDAQ, and regulatory bodies.

September 30, 2024: Foremost Clean Energy has scheduled its Annual General and Special Meeting (AGSM) for December 9, 2024, to vote on the proposed spin-out of its Winston Group of Gold and Silver Properties into Rio Grande Resources Ltd. under a statutory plan of arrangement.

Key details:

• Record date: November 6, 2024 – only shareholders as of this date may vote.
• Spin-out terms: Shareholders as of December 9, 2024, will receive 2 Rio Grande shares for each Foremost share held, if approved.
• Board recommendation: The board unanimously supports the spin-out and urges shareholders to vote FOR the arrangement.

November 15, 2024: Foremost Clean Energy has rescheduled its 2024 Annual General and Special Meeting (AGSM) to December 20, 2024 at Stikeman Elliott LLP, Vancouver, BC.

December 23, 2024: Foremost Clean Energy Ltd. has received 99.86% shareholder approval for its previously announced plan of arrangement to spin out its Winston Property (gold and silver assets in New Mexico) into Rio Grande Resources Ltd., a wholly-owned subsidiary.

Key Approvals from December 20, 2024, AGM:

• Board size set at six (6) directors, electing: Jason Barnard, David Cates, Johnathan More, Andrew Lyons, Douglas L. Mason, and Amanda Willett.
• MNP LLP reappointed as auditors.
• Amendments approved for Foremost’s stock incentive plan.
• New stock incentive plan approved for Rio Grande, effective on the Arrangement's closing date.

Spin-Out Details:

• Shareholders as of the Effective Date will receive 2 Rio Grande shares for each Foremost share held.
• The Arrangement requires final approvals from the Supreme Court of British Columbia (expected by January 10, 2025) and the CSE.
• Upon completion, shareholders will own stakes in:
• Foremost (uranium & lithium assets in Saskatchewan, Manitoba & Quebec), trading under FAT (CSE) and FMST (NASDAQ).
• Rio Grande (Winston Property exploration & development), expected to trade on the CSE upon approval.

The Effective Date is expected in January 2025.

January 13, 2025: Foremost Clean Energy announced that the company has obtained a final order from the Supreme Court of British Columbia approving the proposed plan of arrangement under which the company will spin-out its gold and silver properties to shareholders through Rio Grande Resources a wholly-owned subsidiary of the company.

January 28, 2025: Foremost Clean Energy confirms that the spin-out of its gold and silver properties into Rio Grande Resources will take effect on January 30, 2025 (the "Surrender Date").

Key Details:

• Record Date: January 29, 2025 – shareholders will receive:
• 1 New Foremost Share
• 2 Rio Grande Shares per 1 Foremost Share held.

Stock Listings:

• New Foremost Shares will retain the same trading symbols (FMST on Nasdaq, FAT on CSE) with a new CUSIP (34547F105).
• Rio Grande Shares have received conditional approval to list on the CSE under "RGR".
• CSE approval for reclassification of Foremost Shares as New Foremost Shares is expected shortly.

January 29, 2025: Foremost Clean Energy (NASDAQ: FMST, CSE: FAT) announces that the effective date for its spin-out of gold and silver properties into Rio Grande Resources Ltd. has been revised to January 31, 2025.

January 31, 2025: Foremost Clean Energy and Rio Grande Resources expected to list on the Canadian Securities Exchange announced that Foremost and Rio Grande have completed their announced spin out of Foremost’s Winston gold and silver properties (collectively, the “Winston Property”) to Rio Grande. 

The Spin-Out was completed by way of statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia). 

Subject to Rio Grande satisfying all of the conditions of the CSE, listing of the Rio Grande Shares on the CSE under the symbol ‘RGR’ is expected to commence at market open on or around February 4, 2025.

Foremost Lithium Resource & Technology Investor Relations

Resources

The Winston Group of Properties Rio Grande Resources (Presentation)

Corporate Presentation

Announcement

DuPont (DD) announced plans to separate into three distinct, publicly traded companies. The Electronics and Water businesses will be spun off tax-free to shareholders, with New DuPont remaining as a diversified industrial company.

DuPont expects to complete the separations within 18 to 24 months. The separation transactions will not require a shareholder vote.

DuPont Investor Relations

Update(s):

July 31, 2024: DuPont (DD) announced its financial results for the second quarter ended June 30, 2024

• Net Sales of $3.2 billion increased 2%; organic sales flat versus year-ago period
• GAAP Income from continuing operations of $176 million; operating EBITDA of $798 million
• GAAP EPS from continuing operations of $0.40; adjusted EPS of $0.97
• Cash provided by operating activities from continuing operations of $527 million; adjusted free cash flow of $425 million

Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS

January 15, 2025: DuPont announced plans to accelerate the separation of its Electronics business, targeting completion by November 1, 2025, to maximize shareholder value.

• The company has decided to retain its Water business after evaluating strategic alternatives, concluding it aligns best with its long-term portfolio optimization strategy post-Electronics separation.
• The Electronics segment, which includes semiconductor technologies and interconnect solutions, saw a 7.1% rise in Q3 net sales.
• Q4 and full-year 2024 financial results will be released on February 11, 2025.

February 11, 2025: CFO Antonella Franzen provided an update on the separation process, confirming that the timeline remains on track. Separation costs are now expected to be slightly below the initial $700 million estimate, as the water business will remain with DuPont. Additionally, projected dissynergies have been revised down from $60 million to approximately $40 million. (Transcript)

March 17, 2025: DuPont announced Jon Kemp as CEO of the future Electronics public company and President & CEO of Avantor Michael Stubblefield as Chairman post-spin-off. The company plans to hire an external CFO, with the spin-off on track for November 1, 2025.

• Jon Kemp has over 20 years at DuPont, driving strategic business growth.
• Led strategy, M&A, and procurement during the DowDuPont merger.
• Served as President of DuPont’s $6B Electronics & Industrial segment for six years.
• SEMI Board Member, chairing the Board of Industry Leaders.

April 16, 2025: DuPont (DD) announced that Karin De Bondt and Anne Noonan will join the board of directors of the planned independent Electronics company, which is expected to be spun off from DuPont by November 1, 2025.

April 25, 2025: DuPont has filed an initial Form 10 with the SEC for the planned spin-off of its Electronics business, currently listed as Novus SpinCo1, Inc. ("ElectronicsCo"). The spin-off, aimed at creating a pure-play leader in semiconductor and electronics materials, is expected to be completed by November 1, 2025, pending customary approvals. Information Statement

April 29, 2025: DuPont announced Qnity Electronics as the name of the planned independent Electronics public company that will be created through the intended spin-off of its Electronics business. DuPont also announced that Matthew Harbaugh will join the company effective May 1, 2025, and will be the Chief Financial Officer of Qnity.

Additional senior leaders of the planned Electronics company include:

• Chuck Xu, currently Vice President in DuPont’s ElectronicsCo division, will continue to lead Interconnect Solutions.
• Sang Ho Kang, currently Vice President in DuPont’s ElectronicsCo division, will continue to lead Semiconductor Technologies.
• Peter Hennessey, as General Counsel; Mr. Hennessey is currently Associate General Counsel and DuPont Corporate Secretary.
• Kathleen Fortebuono, as Chief Human Resources Officer; Ms. Fortebuono is currently DuPont Vice President, Global Rewards, and HR M&A.

Additionally, DuPont announced that Michael Stubblefield has decided not to assume the role of chairperson of the future Electronics Board of Directors. This decision will allow Mr. Stubblefield to focus on fully supporting Avantor’s transition to a new CEO.

A new board member for the future independent Electronics public company and the future chairperson will be named at a later date.

May 14, 2025: DuPont unveils "Qnity" as the name of its planned electronics spin-off, positioned as a leading pure-play materials provider for the semiconductor and electronics industries.

June 11, 2025: uPont appoints Mark A. Blinn (Chair) and Dr. Yi Hyon Paik to the future board of Qnity Electronics, the planned independent electronics spin-off.

August 12, 2025: DuPont secured $4.1B in financing for the planned November spin-off of Qnity Electronics, led by current electronics chief Jon Kemp. The package includes a $2.35B leveraged loan (L+200, 99.75 OID), $1.0B secured bonds at 5.75%, and $750M unsecured bonds at 6.25%. Proceeds will fund a $4.1B cash distribution to DuPont. Separately, DuPont is weighing sales of its Nomex and Kevlar brands after scrapping plans to divest its water unit.

Resources

May 22, 2024: Announcement

May 23, 2024: Investor Update Call - Investor Presentation ,  Transcript, Press Release

June 14, 2024: DuPont Overview Presentation

July 31, 2024: DuPont 2Q 2024 Earnings - Presentation, Transcript, Earnings Release

Masimo (MASI), a leader in noninvasive monitoring technologies and audio products, announced that its Board of Directors has authorized management to evaluate a proposed separation of its consumer business. 

Masimo expects that the separation will include its consumer audio and consumer health products, including the Stork baby monitor and the Freedom smart watch and band. Masimo will retain its professional healthcare and telehealth products.

Masimo Investor Relations

Update(s):

March 25, 2024: WSJ reported Medical-device maker Masimo (MASI) may opt for a joint venture as it looks to split off its consumer business and has reportedly been approached by a potential partner for its consumer division.

September 24, 2024: 

•  Medical technology manufacturer Masimo's founder Joe Kiani steps down as CEO after shareholders voted to remove him from the board following a proxy battle with Politan Capital Management.
• Healthcare executive Michelle Brennan has been named interim CEO.
• Brennan was nominated for Masimo's board by Politan in 2023, along with Politan founder Quentin Koffey.
• Masimo has hired Centerview Partners, Morgan Stanley, and Sullivan & Cromwell to explore alternatives for its consumer business, including Sound United and health tracking devices. 
• Offers for the consumer business have reached up to $950M.
• Two more Politan-backed candidates, Darlene Solomon and Bill Jellison, were appointed to Masimo’s board.
• Kiani had previously vowed to step down and sell his $500M stake if replaced by Politan nominees.
•  Politan, holding a 9% stake in Masimo, had indicated it would not oppose Kiani’s re-election to the board.
• Kiani is suing Masimo for $400M in payouts, claiming his departure entitles him to stock vesting and a cash payment.

Unilever (UL) announced steps to accelerate its Growth Action Plan (GAP) through the separation of Ice Cream and the launch of a major productivity programme.

Following separation, Unilever will become a simpler, more focused company, operating four Business Groups across Beauty & Wellbeing, Personal Care, Home Care and Nutrition.  Full separation expected by the end of 2025.

Unilever Investor Relations

Update(s):

October 24, 2024: Unilever announces that the separation of the ice cream business is on track to be completed by the end of 2025.

November 22, 2024: Unilever will slim down but not spin off its food division, its chief executive has said, as the London-listed consumer goods group presses ahead with the listing of its ice-cream unit.

January 31, 2025: Bloomberg reports that Unilever Plc (UL) is exploring an IPO for its ice cream business in the U.S., with potential listings also being considered in Amsterdam and London. The company aims to separate the unit, which includes brands like Ben & Jerry's and Breyers, by year-end.

March 19, 2025: Ben & Jerry's accused Unilever of illegally ousting CEO Dave Stever over his support for the brand’s progressive activism, escalating their legal battle. Unilever denied wrongdoing and plans to spin off its ice cream unit later this year.

May 27, 2025: Unilever guarantees 3-year employment terms for ice cream workers in Europe and the UK after spinning off its ice cream unit — triple the standard one-year guarantee under EU and UK law.

June 17, 2025: Reuters reported, Unilever has named Peter ter Kulve as its preferred candidate to lead its soon-to-be-listed ice cream division, The Magnum Ice Cream Company (TMICC). Despite past criticism from Ben & Jerry’s board, ter Kulve is expected to receive TMICC board approval next month, ahead of the planned Amsterdam listing later this year.

June 26, 2025: Ben & Jerry’s claims Unilever is censoring its activism and violating a deal meant to protect its social mission. The dispute intensifies ahead of Unilever’s ice cream spinoff into “The Magnum Ice Cream Company.” Unilever denies wrongdoing, citing business and reputational risks.

July 23, 2025: Unilever’s ice cream unit, now called The Magnum Ice Cream Co., has named Vanessa Vilar as Chief Legal Officer and Natalia Cavaliere as Americas Regional General Counsel ahead of its spin-off later this year. Both have nearly 30 years of combined experience at Unilever.

VivoPower International PLC (VVPR) announced that its board of directors has approved an execution plan to spin off the majority of its Caret business unit’s portfolio, representing up to ten solar projects totalling 586MW-DC at varying stages of development.

It is intended that VivoPower shareholders receive a special dividend in the form of stock in the spin off entity.

The Company will seek the approval from VivoPower shareholders to receive the special dividend stock as a result of the spin off in its next general meeting of shareholders, which is anticipated to be in December 2023 at the latest.

VivoPower International PLC Investor Relations

Update(s):

November 29, 2024: VivoPower International announced it would host a presentation on December 5, 2024, in relation to its annual results and key strategic developments including Caret Digital's Dogecoin mining spin-off, the Tembo merger, and other significant updates. 

December 5, 2024: VivoPower announced that its subsidiary, Caret Digital, will begin Dogecoin mining operations in January 2025, utilizing renewable-powered facilities in Wisconsin and Oregon. Caret Digital is also developing a 55MW renewable-powered mining facility, capable of generating up to $150 million annually from Dogecoin mining. VivoPower shareholders previously approved a potential spin-off of Caret Digital, including a special dividend, and further updates on the spin-off via a reverse merger will be provided.

March 20, 2025: VivoPower announced plans to spin off its subsidiary, Caret Digital, via a direct listing on Nasdaq.

Shareholders on a future record date will receive five (5) Caret Digital shares per VivoPower share.  Caret Digital to focus on Dogecoin (DOGE) mining, converting to Bitcoin (BTC) for optimized returns. The spin-off was approved at VivoPower’s 2023 AGM, with further shareholder authorization granted in 2024.  

June 16, 2025: VivoPower has engaged advisors to accelerate the planned IPO spin-off of its digital asset subsidiary, Caret Digital, on NASDAQ. The six-month DOGE mining trial is nearing completion, and VivoPower sees strong scalability potential. The proposed spin-off implies a $308M valuation (subject to market conditions), with up to $50M in strategic funding sought, primarily from partners in the Middle East and Asia. 

June 24, 2025: VivoPower International announced that it has set the record date as July 9, 2025, for the purpose of determining eligibility to receive a special dividend relating to the spin-off of Caret Digital.

Society Pass Inc. (SOPA) Southeast Asia’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, announces that it  will pursue a spinout and initial public offering on Nasdaq in 2024 for its digital advertising ecosystem, Thoughtful Media Group Inc, and for its online travel platform, NusaTrip Inc.

Society Pass Investor Relations

NusaTrip Inc.

According to Reuters, Banking and payments conglomerate Fidelity National Information Services (FIS) plans to pursue a tax-free spin-off of its merchant business, which processes payments for companies.

The spin-off will take several months to be completed, and FIS will also entertain any acquisition offers for the unit during this period.

Much of FIS's merchant business consists of Worldpay, which it bought for $43 billion in 2019. FIS expects the spin-off to be completed within the next 12 months.

Upon completion of the proposed spin-off, the Merchant Solutions business will operate as Worldpay, reestablishing and strengthening a brand that remains highly trusted among clients and partners.

Update(s):

February 13, 2023:  FIS announces plans to spin off merchant business

Press Release

April 27, 2023: Fidelity National Information Services (FIS) announced along with first quater 2023 earnnings report that it continues to make progress on the tax-free spin-off of its Merchant Solutions business. As previously communicated, the spin-off, which is subject to customary conditions, is expected to be completed by early 2024.

Q1 Earnings Presentation

July 3, 2023: Private equity firm GTCR is in advanced talks to buy a majority stake in the merchant acquiring business of Fidelity National Information Services

July 6, 2023: FIS announces agreement for GTCR to acquire majority stake in Worldpay

FIS has signed a definitive agreement to sell a majority stake in its Worldpay Merchant Solutions business to private equity funds managed by GTCR in a transaction valuing Worldpay at $18.5 billion, including $1 billion of consideration contingent on the returns realized by GTCR exceeding certain thresholds. 

FIS Presentation

• FIS to retain 45% ownership in Worldpay
• GTCR committed to invest up to $1.25 billion in additional growth capital to accelerate Worldpaygrowth strategy
• FIS will receive upfront, net proceeds of approximately $11.7 billion at close. On a pro-forma basis for the transaction, FIS expects leverage to be approximately 2.5-times, based on 2023 Adjusted EBITDA upon close.
• In addition, the upfront cash proceeds will create immediate capital allocation flexibility. FIS will use proceeds from the sale to pay down debt and return additional capital to shareholders through its existing share repurchase authorization, as well as for general corporate purposes, while maintaining a strong investment grade credit rating
• The transaction is expected to close by Q1 2024

Augsut 2, 2023: Second Quarter 2023

Q2 Earnings Presentation

Q2 Earnings Release

FIS Q2 2023 Updated Investor Q&A regarding spinoff

Fidelity National Information Services Investor Relations

About Worldpay 

American Resources Corporation (AREC) announces plan to spin-off ReElement Technologies subsidiary into a standalone public company

Update(s):

January 24, 2023: Form 10 Registration

August 19, 2024: During the Q2 2024 report on August 19, 2024, American Resources Corporation CEO Mark Jensen expressed confidence in completing the spin-offs of ReElement Technologies and a significant portion of American Infrastructure by the end of the year.

The chief executive of Vale SA (VALE) said, the Brazilian iron ore miner is reconsidering a near-term spin-off of its base metals business and an eventual public listing.

Update(s):

February 8, 2023: According to Bloomberg, General Motors Co. (GM) is competing for a stake in Brazilian mining giant Vale SA’s base metals unit.

July 27, 2023: Brazilian miner Vale (VALE) said it reached two separate agreements to sell a 13% stake in its base metals business for $3.4 billion, aiming to boost its copper and nickel output.

September 27, 2024:

Vale (VALE) is exploring a potential public listing for its base metals unit, Vale Base Metals (VBM), by late 2026, according to VBM Chair Mark Cutifani.

The company previously separated its nickel, copper, and cobalt operations from its iron ore business and sold a 10% stake to Saudi Arabia, valuing the unit at approximately $40 billion.

Speaking at the FT Mining Summit, Cutifani stated, "Our objective for an IPO is by the end of 2026 going into 2027," emphasizing a pathway to further enhance the unit's value.

Cutifani also highlighted that even without an IPO, VBM would be "a very different company by the end of 2026. 

Chairman and Chief Executive Officer of Spectrum Brands (SPB) David Maura mentioned they are currently considering possible scenarios for the combined business, which include, but are not limited to, a partial or complete spin-off to our shareholders, an initial public offering or a merger with an existing publicly traded entity. 

Spectrum Brands will acquire Tristar Products' Appliance and Cookware business and integrate it with its Home and Personal Care segment. This new combined business is set to be separated from Spectrum Brands, forming a standalone global company, while Spectrum Brands will focus on its Global Pet Care and Home & Garden businesses.

Update(s):

August 12.2022: Spectrum Brands announced the completion of the internal separation of its Home & Personal Appliances business, paving the way for a potential spin-off or other transaction.

February 8, 2024: David Maura, CEO of Spectrum Brands, highlighted the company's improved efficiency, reduced debt, and increased shareholder returns through dividends and buybacks. The company is also accelerating efforts to separate its Home & Personal Care business while restoring its profitability.

May 9, 2024: Spectrum Brands has secured a new agreement with Stanley Black & Decker to license the Black & Decker name through 2035. The company is also pursuing strategic alternatives for its Home and Personal Care (HPC) business, including a potential sale, joint venture, or spinoff, with plans to file an initial Form 10 this summer.

July 2. 2024: Spectrum Brands Holdings announced that it has filed a confidential Form 10 registration statement with the U.S. Securities and Exchange Commission for the spin-off of its home and personal care (“HPC”) business.

Spectrum Brands Holdings Investor Relations

Resources

July 2, 2024: Confidential Form 10 Registration Announcement

July 2, 2024: Announcement

August 8, 2024: Presentation

Keurig Dr Pepper (KDP) announced a definitive agreement to acquire JDE Peet’s (EURONEXT: JDEP) in an all-cash transaction valued at €15.7 billion (€31.85 per share, a 33% premium). The deal combines KDP’s Keurig single-serve platform with JDE Peet’s global coffee portfolio, creating a new global coffee leader.
Following the acquisition, KDP plans to separate into two U.S.-listed companies:

Global Coffee Co. – the world’s largest pure-play coffee company with ~$16B in net sales, $400M in expected cost synergies, and leadership across 100+ markets.

Beverage Co. – a North American refreshment beverage challenger with ~$11B in sales, iconic brands like Dr Pepper®, 7UP®, and Canada Dry®, and a robust DSD distribution network.

Both companies are expected to maintain investment-grade credit ratings, with the spin-off designed as a tax-free transaction for shareholders. The JDE Peet’s acquisition is expected to close in the first half of 2026, with the coffee spin-off to follow soon after.

Keurig Dr Pepper Investor Relations

Alibaba announced that its autonomous-driving software unit Banma Network Technology plans a separate listing on the Hong Kong Stock Exchange.

The spinoff, to be carried out through a global share offering, would reduce Alibaba’s stake from 44.72% to around 30%. The deal still requires approval from China’s securities regulator, and no timeline or valuation was disclosed.

Alibaba said the listing would raise Banma’s profile, help it win more business, and provide independent access to equity and credit markets.

Sinclair Broadcast Group (SBGI) announced its board has authorized a strategic review of the company’s broadcast business.

The company is also considering a separation of its Ventures portfolio. The review comes as media companies reevaluate cable TV assets amid a shift toward streaming platforms.

Ventures portfolio includes:

• Private equity and real estate assets
• Tennis Channel, which covers most major tennis tournaments
• Ad tech unit Digital Remedy

CEO Chris Ripley said the move could unlock overlooked value and provide more flexibility to drive the broadcast strategy.

Ventures business made $11 million in minority investments during Q2.

Sinclair cautioned the review may not lead to a transaction or change.

Sinclair Broadcast Group Investor Relations

Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. 

The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026.  The separation does not require shareholder approval. 

• Post spin-off, Resideo will focus solely on its Products & Solutions (P&S) segment, including brands like Honeywell Home and First Alert.
• ADI will operate independently, distributing over 500,000 low-voltage security and AV products.
• Tom Surran will remain CEO of Resideo, while Rob Aarnes will become CEO of the new ADI.
• CEO Jay Geldmacher will retire post-spin and stay on temporarily as an advisor.

For the 12 months ending March 29, 2025:

• P&S posted $2.6B revenue with 24.2% adjusted EBITDA margin.
• ADI delivered $4.5B revenue with 7.5% adjusted EBITDA margin.

• Resideo will pay $1.59B to Honeywell in Q3 2025, ending future payments under the Reimbursement Agreement (previously $140M/year through 2043).

Preliminary Q2 2025 guidance (given May 6):

• Revenue: $1.805–$1.855B
• Adjusted EBITDA: $175–$195M
• Adjusted EPS: $0.51–$0.61
• Cash expected: ~$750M as of June 28, 2025

• Resideo expects to exceed the upper end of all Q2 guidance ranges.
• Investor call scheduled for July 30, 2025, at 8:30 AM ET via investor.resideo.com.
• Advisors: Evercore (financial), Willkie Farr & Gallagher (legal), Collected Strategies (communications).

Update(s):

August 13, 2025: Resideo Technologies will spin off its $4.5B ADI distribution unit in 2H 2026, leaving the company focused on its higher-margin Products & Solutions segment. Ahead of the move, Resideo paid Honeywell $1.59 billion to terminate long-term indemnification obligations of up to $140 million annually through 2043.

Resideo Technologies Investor Relations

Reuters reported that Intel (INTC) is planning to spin off its networking and communications business into a stand-alone company and has already begun seeking investors, the company said on Friday. This move is part of new CEO Lip-Bu Tan’s broader effort to streamline operations and refocus the company on its core strengths. Tan’s turnaround strategy includes divesting non-core assets, cutting expenses by scaling back large investments, and reducing headcount.

• The unit, formerly known as NEX, makes chips for telecom equipment and generated $5.8 billion in revenue in 2024—about 11% of Intel’s total sales.
• In Q1 2025, Intel integrated NEX into its data center and PC group and stopped reporting it as a standalone segment.
• Intel stated it will remain an anchor investor in the spinoff, similar to its approach with Altera.
• The spinoff reflects Intel’s push to refocus on core areas amid struggles in manufacturing and stiff competition in AI.
• Intel’s shares dropped 9% on Friday after it warned it may exit chip manufacturing without securing a major customer.
• The company also posted a surprise adjusted loss for Q2 and guided for a larger-than-expected Q3 loss.

Intel Investor Relations

On July 18, 2025, FOXO Technologies announced that its Board of Directors has approved pursuing the spin-off of its FOXO Labs, Inc. subsidiary that is focused on the development of its epigenetics business.

FOXO Technologies Investor Relations

According to the Wall Street Journal, Kraft Heinz (KHC) is reportedly planning to split up its business, nearly a decade after its high-profile merger backed by Warren Buffett and 3G Capital.

 The company aims to spin off a significant portion of its grocery division including many Kraft branded products into a separate entity that could be valued at up to $20 billion.

The remaining business would focus on its core condiments and spreads portfolio, including Heinz ketchup and Grey Poupon mustard.

Updates(s):

August 29, 2025: WSJ reported that Kraft Heinz (KHC) is close to announcing a breakup plan as soon as next week, potentially spinning off a ~$20B grocery unit. 

September 2, 2025:

Kraft Heinz (KHC) announced its board has unanimously approved a tax-free spin-off to split into two independent public companies:
The two resulting companies, whose names will be determined at a later date, will be

Global Taste Elevation Co.: ~$15.4B 2024 net sales, anchored by Heinz, Philadelphia, and Kraft Mac & Cheese.

North American Grocery Co.: ~$10.4B 2024 net sales, led by Oscar Mayer, Kraft Singles, and Lunchables, with CEO Carlos Abrams-Rivera at the helm.

Miguel Patricio will become executive chair while a CEO search is underway for Global Taste Elevation Co. The separation is expected to close in 2H 2026, pending approvals.

Kraft Heinz Investor Relations

Reitar Logtech has initiated a spin-off of its logistics automation segment, following the acquisition of Jingxing Storage Equipment Engineering (HK), now a group subsidiary.

The new standalone company will focus on smart warehousing, integrated automation solutions, and data-driven tech.

Reitar Logtech Investor Relations

On May 21, 2025, Medtronic plc (MDT) announced plans to separate its Diabetes business into a new, independent, publicly traded company—“New Diabetes Company.” 

Timeline: Separation expected within 18 months via IPO followed by a split-off. The company plans to spin off the unit with an initial public offering (IPO) of less than 20% followed by a split-off of the remaining 80%.

Structure: Preferred path is capital markets transaction, expected to be tax-free for U.S. shareholders.

Strategic Benefits for Medtronic

Post-separation, Medtronic will sharpen focus on core MedTech franchises and high-growth categories:

• Focus areas include pulsed field ablation, renal denervation, implantable tibial neuromodulation, and soft tissue robotics.
• Enhanced commercial, manufacturing, and technology synergies.
• Targets mid-single-digit or higher organic revenue growth and improved earnings leverage.

Financial benefits include:

• ~50 bps gross margin improvement
• ~100 bps operating margin expansion
• Immediate adjusted EPS accretion
• Share count expected to decline without using cash, reducing dividend liability and supporting reinvestment.
• Dividend per share to remain unchanged.

New Diabetes Company

• To offer a complete intensive insulin management ecosystem.
• Will prioritize growth in Automated Insulin Delivery and Smart MDI.
• Enhanced investment in innovation, automation, and manufacturing scale.
• Staff of 8,000+ employees with global R&D, manufacturing, and commercial capabilities.
• Que Dallara, current EVP and President of Medtronic Diabetes, will serve as CEO.
• Tailored shareholder base to better align with business and financial profile.

Financial and Transaction Details

• Diabetes unit accounted for 8% of Medtronic revenue and 4% of segment operating profit in FY2025.
• Entire business—including employees, product portfolio, pipeline, IP, partnerships, and global manufacturing—will transfer to New Diabetes Company.

Advisors

• Financial Advisors: Goldman Sachs & Co. LLC and BofA Securities
• Legal Counsel: Cleary Gottlieb, Baker McKenzie (Medtronic); Davis Polk (advisors)
• Tax Counsel: Skadden, Arps, Slate, Meagher & Flom LLP

Update(s):

June 12, 2025: Medtronic plc announced MiniMed as the name for the planned New Diabetes Company following the intended separation. 

July 8, 2025: Medtronic has named Chad Spooner CFO of its diabetes business, beginning July 14.

Medtronic Investor Relations

Resources

May 21, 2025: Announcement Press Release / Separation Investor Presentation

Sony announced a partial spin off its financial services unit, Sony Financial Group Inc.  SFGI, by distributing just over 80% of SFGI shares to shareholders (1:1 ratio). 

The spin-off is subject to SFGI’s listing on the Tokyo Stock Exchange Prime Market, with applications submitted in May 2025. 

Expected completion is October 2025, following Board approval in early September. Sony will retain just under 20% post-spin, with SFGI accounted for as an equity-method affiliate. (Press Release) (Investor Presentation)

Update(s):

May 27, 2025: Sony to make case for finance arm spin-off in latest corporate transformation. Sony will unveil its growth plan for Sony Financial Group on Thursday during its Investor Day, highlighting the latest step in its corporate transformation. The spin-off, slated for a direct listing on September 29, will be Japan’s first partial spin-off under a 2023 tax reform.

August 8, 2025: Sony Group Corporation will partially spin off its wholly owned subsidiary, Sony Financial Group Inc., in October 2025. Following the Board’s approval on May 14, 2025, the Financial Services business has been reported as a discontinued operation from Q1 FY25. Post spin-off, Sony will use the equity method to account for its remaining stake in SFGI, with related profits or losses reflected in continuing operations’ operating income.

September 3, 2025: Sony Group Corporation has approved the partial spin-off of Sony Financial Group Inc. (SFGI), effective October 1, 2025. The company has also received re-approval from Japan’s Minister of Economy, Trade and Industry for amendments to its Corporate Restructuring Plan. The spin-off remains subject to the Tokyo Stock Exchange’s approval of SFGI’s share listing.

Sony Investor Relations

Resources

May 14, 2025: Announcement / Investor Presentation

McKesson Corporation announced plans to spin off its Medical-Surgical Solutions unit into a standalone company, a move aimed at streamlining operations and intensifying focus on its core pharmaceutical distribution business. 

McKesson Corporation Investor Relations

S&P Global has announced its intention to separate its Mobility segment into an independent public company. The planned spin-off is expected to be completed within 12 to 18 months, subject to regulatory approvals, board consent, and the successful filing of a Form 10 registration statement with the SEC. 

S&P Global Post-Separation

Following the spin-off, S&P Global will continue to operate its four synergistic core segments:

• S&P Global Market Intelligence
• S&P Global Ratings
• S&P Global Commodity Insights
• S&P Dow Jones Indices

This streamlined structure will support simplified operations, stronger strategic alignment, and enhanced momentum in areas like AI, data analytics, and product innovation. The company believes it will be better positioned to serve both public and private markets with an integrated approach.

S&P Global will share further details about its multi-year strategic roadmap at its Investor Day on November 13, 2025.

Mobility

S&P Global Mobility is a leading automotive data and technology provider focused on delivering insights across the entire vehicle lifecycle. It operates through three divisions:

• Used Vehicle Sales & Service (including CARFAX)
• Strategy & Product Planning
• New Vehicle Sales & Marketing

Key brands under Mobility include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. The business generated $1.6 billion in revenue in FY 2024, marking a ~8% year-over-year increase.

The separation, subject to customary closing conditions and approvals, is intended to be structured as a tax-free distribution to existing S&P Global shareholders. 

S&P Global Investor Relations

ABB announced plans to propose a full spin-off of its Robotics division at its 2026 Annual General Meeting. If approved by shareholders, the division—tentatively named “ABB Robotics”—will be listed as a separate public company in Q2 2026.

The spin-off would be executed through a share distribution, with ABB shareholders receiving shares in the new company as a dividend in-kind, proportional to their current holdings.

Starting in Q1 2026, ABB’s Machine Automation division—currently part of the Robotics & Discrete Automation business—will be integrated into the Process Automation business area.

Update(s):

May 12, 2025: Bloomberg reported that ABB Ltd. is considering a potential sale of its robotics unit—valued at over $3.5 billion—as an alternative to its planned 2026 spinoff, according to sources. The company is reportedly nearing the appointment of advisers for both the sale and the listing process. (Bloomberg)

May 27, 2025: Bloomberg reported ABB has enlisted Bank of America and UBS Group to explore strategic options for its robotics division.

ABB Investor Relations

Germany's Continental plans to turn its ContiTech rubber and plastics division into an independent entity, setting the company up to be a pure-play tire maker after the planned spin-off of its automotive segment.

The separation is to be implemented after the spin-off of its automotive unit, which its supervisory board formally approved last month and is due to take place this year.

ContiTech could become independent during 2026.

Press Release

Continental AG Investor Relations

On March 12, 2025 Vivani Medical, a clinical-stage biopharmaceutical company developing miniature, ultra long-acting drug implants,  announced that it intends to spin off Cortigent, a division that develops brain implant devices to help people recover critical body functions, as an independent publicly-traded company.

Vivani to concentrate on NanoPortal™ drug implants, while Cortigent advances neurostimulation technology.

Cortigent’s Focus: Advancing precision neurostimulation technology, including:

• Orion® Cortical Visual Prosthesis System for treating blindness, with FDA Breakthrough Device designation.
• Expansion into stroke recovery and other neuromodulation applications.

Leadership Continuity: CEO Jonathan Adams will continue leading Cortigent post-spin-off.

Update(s):

May 29, 2025: Vivani Medical files Form 10 for planned Q3 2025 spin-off of Cortigent as a standalone Nasdaq-listed neurostimulation company.

Vivani Medical Investor Relations

Cortigent Website

Resources

Announcement - Press Release

Teleflex announced that following a comprehensive business portfolio evaluation, its Board of Directors has authorized Teleflex management to pursue a plan to separate the company’s Urology, Acute Care, and OEM businesses into a new, independent, publicly traded company via a distribution of newly issued shares of NewCo to shareholders that is tax-free for U.S. tax purposes.

Teleflex RemainCo (Projected $2.1B revenue in 2024)

• Focuses on high-growth hospital-based markets (ICU, OR, Cath Lab, ED)
• Key segments: Vascular Access, Interventional, Surgical
• Gains operational efficiencies by reducing from 19 to 7 manufacturing sites
• Targets 6%+ revenue growth, double-digit EPS growth post-spin
• Led by CEO Liam Kelly, with continued investment in innovation and M&A

NewCo (Projected $1.4B revenue in 2024)

• Specializes in Urology (UroLift, Barrigel, Rüsch), Acute Care (Anesthesia, Respiratory), and OEM
• Aims for low to mid-single-digit revenue growth over time
• Will benefit from a dedicated management team and tailored capital strategy
• Executive leadership to be announced soon

 Expected completion: Mid-2026

Teleflex Investor Relations

Resources

Strategic Transaction Investor Presentation

The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies:

• Middleby Food Processing: Specializes in industrial food markets, offering end-to-end solutions for protein, bakery, and snack processing.
• Middleby RemainCo: Focused on commercial foodservice and residential kitchen equipment, enhancing automation, digital tech, and IoT solutions.

The Middleby Corporation Investor Relations

Resources

February 25, 2025: Spinoff Presentation

On February 6, 2025, Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders.

Honeywell Automation 

• Leader in industrial automation and digital transformation.
• Expected $18 billion in revenue for 2024.
• Will focus on AI, software, and automation solutions to enhance industrial productivity.

Honeywell Aerospace 

• Largest pure-play aerospace technology suppliers.
• Expected $15 billion in revenue for 2024.
• Products include aircraft propulsion, cockpit systems, navigation, and auxiliary power.
• The company will focus on electrification and autonomy in aviation.

Advanced Materials 

• Will be a sustainability-focused specialty chemicals and materials company.
• Expected $4 billion in revenue for 2024.
• Holds strong positions in fluorine products, electronic materials, industrial fibers, and healthcare packaging.
• Its Solstice® hydrofluoro-olefin (HFO) technology leads in low global warming solutions.

Financial & Strategic Moves:

• Honeywell plans to deploy $25 billion+ through dividends, stock buybacks, capital expenditures, and acquisitions by 2025.
• Honeywell is also divesting its Personal Protective Equipment (PPE) business, expected to close in 1H 2025.

Separation Timings

• The planned separation of Automation and Aerospace is expected to be achieved in a manner that is tax-free to Honeywell shareholders and targeted for completion in the second half of 2026.
• The company is continuing to execute on its previously announced spin-off of its Advanced Materials business, which is expected to be completed by the end of 2025 or early in 2026. 

August 22, 2025: Honeywell announced the appointment of Peter Lau as President and CEO of its Industrial Automation business, effective October 15, 2025. 

Honeywell Investor Relations

Resources

February 6, 2025: Portfolio Update: Separation of Automation and Aerospace

On February 5, 2025 BD (Becton, Dickinson and Company) (BDX), a global medical technology company, announced its board of directors has unanimously authorized BD management to pursue a plan to separate BD's Biosciences and Diagnostic Solutions business from the rest of BD to enhance strategic focus and growth-oriented investments and capital allocation for both BD and the separated business and enhance value creation for shareholders.

Overview:

• BD (Becton, Dickinson and Company) plans to separate its Biosciences and Diagnostic Solutions business to enhance strategic focus and growth.
• The decision follows a portfolio evaluation launched in early 2024.

Post-Separation Structure:

• New BD: A pure-play MedTech leader with four core segments:

  • Medical Essentials: IV catheters, syringes, and blood collection solutions.
  • Connected Care: Smart medical devices, AI-powered pharmacy automation.
  • BioPharma Systems: Drug delivery solutions for biologics and GLP-1 treatments.
  • Interventional: Devices for urology, peripheral vascular disease, and surgical applications.

• Projected revenue: ~$17.8B in FY24 with a $70B+ total addressable market.

• Targeted growth strategy: Focused R&D investments, M&A, and a strong recurring revenue base (>90%).

• Biosciences & Diagnostic Solutions: A pure-play leader in Life Sciences & Diagnostics.

  • Biosciences: Immunology and cancer research tools, including flow cytometry.
  • Diagnostics: Microbiology and infectious disease testing, molecular diagnostics.

• Projected revenue: ~$3.4B in FY24 with a $22B+ total addressable market.

• Expected margin: ~30% adjusted EBITDA, with >80% recurring revenue.

Separation Plan & Timeline:

• BD is evaluating various separation options (Reverse Morris Trust, spin-off, sale).
• Further details expected by the end of FY25; completion targeted in FY26.
• Investor Day, originally set for Feb. 26, 2025, has been postponed.

Advisors:

• Citi as lead financial advisor, with support from Evercore, Wachtell, PwC, Skadden, and FGS Global.

July 14, 2025: Waters Corporation (WAT) and BD (Becton, Dickinson and Company, NYSE: BDX) have announced a definitive agreement to combine BD’s Biosciences & Diagnostic Solutions (BDS) business with Waters through a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion. (Investor Presentation)

Transaction Structure

• BD will spin off BDS to its shareholders, who will then receive shares in the new combined entity.
• Post-merger ownership: Waters shareholders will own ~60.8%, BD shareholders ~39.2%.
• BD also receives a $4B cash distribution pre-closing.
• Waters will take on ~$4B in new debt; expected leverage of 2.3x EBITDA at closing.
• Deal is expected to close by Q1 2026, subject to regulatory and shareholder approvals.

Strategic Rationale & Synergies

The merger creates a life science and diagnostics leader with: ~$6.5B pro forma revenue in 2025 ~$2.0B adjusted EBITDA Expanded total addressable market (TAM) to $40B High-quality ~70% recurring revenue Complementary platforms across liquid chromatography, mass spectrometry, flow cytometry, and diagnostics

By 2030, the company is projected to reach: $9B revenue, $3.3B adjusted EBITDA, and 32% operating margin

Synergy Details

• Cost synergies: ~$200M by year 3 (mainly in manufacturing, supply chain, SG&A)
• Revenue synergies: ~$290M by year 5 (from cross-selling, commercial execution)
• Total EBITDA synergies: ~$345M annually by 2030
• Deal is accretive to adjusted EPS in the first year post-closing 

Strategic Growth Acceleration

• Bioseparations: Leveraging Waters’ chemistry and BD’s biologics to improve large molecule separation.
• Bioanalytical characterization: BD’s PCR and flow cytometry integrated with Waters’ Empower™ informatics for high-volume QA/QC.
• Clinical diagnostics: Waters gains faster access to regulated markets using BD’s infrastructure.

Leadership & Governance: Udit Batra (CEO, Waters) to lead the combined entity Amol Chaubal to serve as CFO Up to two BD designees will join the Waters Board Headquarters remains in Milford, MA, with continued presence at BD’s BDS facilities The combined company will continue under the Waters name and ticker (NYSE: WAT)

BD’s BDS unit is expected to generate approximately $3.4 billion in revenue and $925 million in adjusted EBITDA in 2025, with strong positions in immunology, cancer research, molecular diagnostics, and point-of-care solutions.

The transaction has been unanimously approved by both boards and is expected to close by the end of Q1 2026, subject to regulatory and shareholder approvals.

Advisors include Barclays and Kirkland & Ellis LLP for Waters, and Citi, Evercore, and Wachtell Lipton for BD.

Press Release

Becton, Dickinson and Company Investor Relations

Resources

Separation Announcement Presentation

Waters + BD Press Releases / Investor Presentation / Infographic

Aptiv PLC (APTV) announced that its Board of Directors has unanimously approved a plan to separate its Electrical Distribution Systems business from Aptiv, creating two independent companies

• Aptiv: Specializes in Advanced Safety & User Experience and Engineered Components. Offers a sensor-to-cloud technology stack, including ADAS, in-cabin user experience platforms, interconnects, and components for next-generation applications in industries such as aerospace, telecommunications, automotive, and industrial sectors.
• EDS: A leader in low- and high-voltage electrical architectures for automotive and commercial vehicles. Focuses on optimizing vehicle systems to minimize weight, mass, and costs for OEMs.

Separation Transaction Details (Aptiv EDS Spinoff Presentation)

• The separation will occur through a spin-off of EDS, allowing Aptiv shareholders to retain their existing Aptiv shares while receiving a proportional dividend of EDS stock.
• The transaction is expected to be tax-free for Aptiv and its shareholders under Swiss and U.S. federal income tax laws.
• Aptiv aims to complete the spin-off by March 31, 2026, pending final Board approval and customary conditions, including tax advisor opinions and the filing and approval of a Form 10 registration statement with the U.S. SEC.

Full-Year 2024 Outlook: Aptiv is set to announce its Q4 2024 financial results on February 6, 2025, followed by an investor call later that day.

Advisors: Goldman Sachs & Co. LLC and Centerview Partners LLC are serving as financial advisors to Aptiv, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel.

Aptiv Investor Relations

Resources

January 22, 2025: Announcement

January 22, 2025: Aptiv EDS Spinoff Presentation

January 22, 2025: Aptiv EDS Infographic

On December 19, 2024, FedEx Corp. announced that its Board of Directors has concluded a comprehensive assessment of the role of FedEx Freight as part of its portfolio and has decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company.

The separation is expected to be achieved in a tax-efficient manner for FedEx stockholders and executed within the next 18 months.

Update(s):

January 17, 2025: FedEx Corporation announced that Lance Moll, president of FedEx Freight, will retire after 33 years with the company. He will remain in his role until January 31, then transition to an executive advisor position until July 31. Following Moll's departure, the FedEx Freight team will report to Smith, who will oversee the separation of FedEx and FedEx Freight into two public companies, set to be completed within 18 months.

May 19, 2025: FedEx has named longtime executive John Smith as CEO of its freight trucking spinoff, FedEx Freight. Smith, currently Chief Operating Officer for the company's U.S. and Canada operations, brings over 25 years of experience with FedEx. He was CEO of the FedEx Freight business between 2018 and 2021.

June 25, 2025: Ahead of its planned spin-off next spring, FedEx named key leaders for the standalone company:

• John Smith as CEO (retains current FedEx COO role until separation)

• Brad Martin as Chairman

• Clint McCoy as COO

• Michael Rogers as CTO

• Eddie Klank as Chief HR & Legal Officer

• Mike Lyons as Chief Specialized Services & Commercial Officer

FedEx Corp. Investor Relations

On December 16, 2024, Honeywell announced ongoing portfolio evaluation, including a potential Aerospace business separation, with progress updates expected in its Q4 2024 earnings release. (Announcement)

Update(s):

January 13, 2024:

Honeywell will issue its fourth quarter financial results and 2025 outlook before the opening of the Nasdaq Stock Market on February 6.

January 14, 2025: According to Bloomberg, Honeywell International plans to move forward with a breakup under pressure from activist investor Elliott Investment Management. The Charlotte, North Carolina-based industrial giant intends to separate into two independent, publicly traded companies, with one focusing on automation and the other on aerospace and defense.

February 6, 2025: Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders.

Honeywell Automation 

• Leader in industrial automation and digital transformation.
• Expected $18 billion in revenue for 2024.
• Will focus on AI, software, and automation solutions to enhance industrial productivity.

Honeywell Aerospace 

• Largest pure-play aerospace technology suppliers.
• Expected $15 billion in revenue for 2024.
• Products include aircraft propulsion, cockpit systems, navigation, and auxiliary power.
• The company will focus on electrification and autonomy in aviation.

Advanced Materials 

• Will be a sustainability-focused specialty chemicals and materials company.
• Expected $4 billion in revenue for 2024.
• Holds strong positions in fluorine products, electronic materials, industrial fibers, and healthcare packaging.
• Its Solstice® hydrofluoro-olefin (HFO) technology leads in low global warming solutions.

Financial & Strategic Moves:

• Honeywell plans to deploy $25 billion+ through dividends, stock buybacks, capital expenditures, and acquisitions by 2025.
• Honeywell is also divesting its Personal Protective Equipment (PPE) business, expected to close in 1H 2025.

Separation Timings

• The planned separation of Automation and Aerospace is expected to be achieved in a manner that is tax-free to Honeywell shareholders and targeted for completion in the second half of 2026.
• The company is continuing to execute on its previously announced spin-off of its Advanced Materials business, which is expected to be completed by the end of 2025 or early in 2026. 

June 16, 2025: At the 2025 Paris Air Show, Honeywell outlined its vision for spinning off its aerospace division by late 2026. CEO Vimal Kapur called it a “transformative” year, as the company pursues divestitures, acquisitions, and restructuring under pressure from Elliott Management.

Aerospace head James Currier emphasized the unit’s global scale, strong defense ties, and growth in retrofit and upgrade services. With over $1B invested in its supply chain since 2022, Honeywell aims to double aerospace revenue by the 2030s, focusing on autonomy, electrification, and modernization. (Investor Presentation)

Honeywell Investor Relations

Resources

February 6, 2025: Portfolio Update: Separation of Automation and Aerospace

Liberty Media Corporation (FWONA, FWONK, LLYVA, LLYVK)  announced that it is pursuing a plan to split off the Liberty Live Group. 

Immediately prior to effecting the Split-Off, Liberty Media’s subsidiary Quint would be reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets. (Announcement)

Quint Reattribution: Before the split, Liberty Media's subsidiary Quint will be moved from the Formula One Group to Liberty Live Group in exchange for private assets, with any cash consideration set later based on valuation.

CEO Statement: Greg Maffei, Liberty Media’s CEO, noted the split-off will simplify Liberty’s structure, potentially reduce Liberty Live’s discount to NAV, and improve trading liquidity.

Ownership Post Split-Off:

Liberty Live, Inc. will hold ~69.6 million shares of Live Nation, Quint, other private assets, and certain debt.

Liberty Media will retain Formula 1, MotoGP (upon acquisition), other Formula One Group assets, and related debts.

Trading & Approvals: Liberty Media will remain on Nasdaq; Liberty Live is expected to trade on Nasdaq or OTC. The split-off, expected to complete in the second half of 2025, requires shareholder and regulatory approvals and aims to be tax-free.

Liberty Media Investor Relations

Resources

November 13, 2024: Announcement

Comcast (CMCSA) is considering a spin-off of its cable network portfolio, which includes CNBC, MSNBC, Bravo, Oxygen True Crime, USA Network, E!, Syfy, Universal Kids, and Universo, as reported by Reuters. The move reflects broader industry challenges as traditional television faces declining viewership from consumers increasingly shifting to streaming options. (Announcement)

The proposed spin-off would exclude NBC's main broadcast network and Comcast's streaming service, Peacock. However, Comcast is actively seeking a partner for Peacock, aiming to accelerate its growth in a highly competitive streaming market, Comcast President Mike Cavanagh noted during earnings call.

Update(s):

November 1, 2024:

Bloomberg reported Comcast Corp. (CMCSA) is working with investment bank Morgan Stanley to evaluate options for its cable networks after announcing it’s considering divesting the business.

November 19, 2024: WSJ reports, Comcast (CMCSA) is expected to announce Wednesday that it is moving forward with a plan to spin off its NBCUniversal cable TV networks.

November 20, 2024: Comcast announced its intent to create a new publicly traded company comprised of NBCUniversal’s cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with complementary digital assets including Fandango and Rotten Tomatoes, GolfNow and Sports Engine, through a tax-free spin-off. Comcast is targeting to complete the spin-off in approximately one year. (Press Release)

January 9, 2025: Mark Lazarus, prospective CEO of Comcast's spin-off "SpinCo," announced key leadership appointments, including Anand Kini as CFO and COO, Val Boreland as President of Entertainment, and others. SpinCo will include networks like CNBC and SYFY, along with digital assets like Fandango and Rotten Tomatoes.

March 6, 2025: Comcast‘s cable network “SpinCo” has appointed iHeartMedia and 21st Century Fox veteran Jordan Fasbender as Chief Legal Officer.

March 19, 2025: Comcast (CMCSA) announced that David Novak will serve as Chairman of the Board for "SpinCo," its upcoming spin-off of select media brands and digital businesses.

May 6, 2025: Comcast has announced that its upcoming spinoff consisting of most NBCUniversal cable networks will be called Versant. 

July 24, 2025: Comcast has announced the first board of directors for Versant Media Group, the upcoming NBCUniversal cable spinoff. The board features CEO Mark Lazarus, Chairman David Novak, and eight others with backgrounds in AI, governance, and dealmaking.

August 18, 2025: MSNBC will rebrand as MS Now (My Source News Opinion World) later this year, unveiling a new logo as it prepares to spin off from NBCUniversal. Parent company Comcast is forming Versant, a separate publicly traded entity that will house MSNBC, CNBC, USA Network, Oxygen, E!, SYFY, and the Golf Channel.

September 4, 2025: Comcast is on track to spin off Versant by year-end, with CFO Jason Armstrong saying the upcoming Form 10 filing will provide more details. He highlighted that Versant will debut with a conservative balance sheet, solid cash flow, and a dedicated management team, positioning it with “lots of options” as a standalone company.

Resources

October 31, 2024: Announcement

October 31, 2024: Comcast Earnings Call Transcript: Q3 2024 - Discussion on Potential Cable Network Spinoff Strategy

Versant Spin Transaction

OLB Group a diversified FinTech e-commerce and business management solutions provider, announced it has filed a Form S-1 with the SEC relating to the proposed spinoff of its wholly owned subsidiary, DMint, a Bitcoin mining facility, to OLB shareholders. The shareholder record date for the spinoff has yet to be determined and will be announced at a future date. (Press Release)

OLB Group Investor Relations

Resources

October 21, 2024: Announcement

Form S-1 filing

Nixxy (NIXX) is advancing with its restructuring plan to consolidate select assets and liabilities into Atlantic Energy Solutions (OTC: AESO), which will be rebranded as CognoGroup. (Press Release)

CognoGroup’s portfolio will feature various ventures, including CandidatePitch, an automated talent marketing tool; Mediabistro, a job board for the media industry; AI Exchange, a thriving AI community with over one million members; and PrimeGPU, an early-stage AI venture currently in stealth mode.

• Record Date: Tentatively set for October 28, 2024, for shareholders eligible to receive CognoGroup shares (final date pending).
• Distribution Date: Expected around January 15, 2025.

Nixxy Investor Relations

Update(s):

November 1, 2024: Nixxy announced that November 15, 2024 would be the record date for its previously-announced spin-off of its shares of Atlantic Energy Solutions (OTC:AESO), which will be renamed CognoGroup following the spin-off. Only shareholders of record as of November 15, 2024, will be eligible to receive the distribution of CognoGroup shares as part of the upcoming spin-off.

The payable date for the spin-off is expected to be in January 2025.

December 4, 2024: Nixxy announced that it is withdrawing the previously announced record date or its planned spin-off of its subsidiary, Atlantic Energy Solutions or CognoGroup, the anticipated future name of the company following the spinoff. The spinoff date and distribution ratio remain to be determined.

• Original Record Date: November 15, 2024
• Spin-Off Date: TBD
• Distribution Ratio: TBD

Reason for Withdrawal:
The record date was withdrawn to allow for:

• Further strategic evaluation of corporate structure
• Completion of additional regulatory reviews
• Optimization of shareholder value
• Alignment with broader strategic goals

Next Steps:

• An updated timeline will be shared in future announcements.
• Shareholders are advised to await further updates.
• All prior disclosures remain under review.

Management Commentary:
Granger Whitelaw, CEO, stated:
"Withdrawing the record date provides time to better align with corporate objectives, ensure an orderly share distribution, and maximize shareholder value."

Additional Notes:

• The spin-off remains a strategic priority.
• The company is committed to enhancing shareholder value.
• Further details will be announced as available.

Resources

October 18, 2024: Announcement

Scilex Holding Company is considering a spinoff or public listing of Scilex Pharmaceuticals in or outside of the U.S., including Hong Kong.  (Press Release)

Scilex Holding Company Investor Relations

Resources

October 16, 2024: Announcement

Honeywell announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026.

Update(s):

February 6, 2025: Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders.

Honeywell Automation 

• Leader in industrial automation and digital transformation.
• Expected $18 billion in revenue for 2024.
• Will focus on AI, software, and automation solutions to enhance industrial productivity.

Honeywell Aerospace 

• Largest pure-play aerospace technology suppliers.
• Expected $15 billion in revenue for 2024.
• Products include aircraft propulsion, cockpit systems, navigation, and auxiliary power.
• The company will focus on electrification and autonomy in aviation.

Advanced Materials 

• Will be a sustainability-focused specialty chemicals and materials company.
• Expected $4 billion in revenue for 2024.
• Holds strong positions in fluorine products, electronic materials, industrial fibers, and healthcare packaging.
• Its Solstice® hydrofluoro-olefin (HFO) technology leads in low global warming solutions.

Financial & Strategic Moves:

• Honeywell plans to deploy $25 billion+ through dividends, stock buybacks, capital expenditures, and acquisitions by 2025.
• Honeywell is also divesting its Personal Protective Equipment (PPE) business, expected to close in 1H 2025.

Separation Timings

• The planned separation of Automation and Aerospace is expected to be achieved in a manner that is tax-free to Honeywell shareholders and targeted for completion in the second half of 2026.
• The company is continuing to execute on its previously announced spin-off of its Advanced Materials business, which is expected to be completed by the end of 2025 or early in 2026. 

March 25, 2025: Honeywell announced leadership appointments for its Advanced Materials business, which will be renamed Solstice Advanced Materials following its planned tax-free spin-off, expected by late 2025 or early 2026. The independent, publicly traded company will be headquartered in Morris Plains, New Jersey, and focus on sustainability-driven specialty chemicals and materials, generating nearly $4 billion in revenue last year.

Key Leadership Appointments:

• Dr. Rajeev Gautam will serve as Non-Executive Chairman of the Board upon the spin-off’s completion. He brings over four decades of experience at Honeywell, including leadership roles in process technologies and advanced materials.
• David Sewell has been appointed President and CEO of the Advanced Materials business, effective immediately, and will retain this role post-spin. He previously served as CEO of WestRock and held leadership positions at Sherwin-Williams and General Electric.
• Tina Pierce will become Chief Financial Officer on May 1, 2025, and is expected to continue in this role after the spin. She is currently CFO of Honeywell Industrial Automation and has held financial leadership roles across multiple Honeywell segments.
• Jeff Dormo & Simon Mawson will be promoted to Senior Vice President and General Manager roles, leading Solstice Advanced Materials’ two business segments. Both currently manage business units within Honeywell Advanced Materials.

August 21, 2025: Honeywell announced the filing of its Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of Solstice Advanced Materials. Solstice will host an Investor Day on October 8, 2025.

 Honeywell announced the future Board of Directors for Solstice Advanced Materials, its specialty materials spin-off expected in Q4 2025. Dr. Rajeev Gautam, former Honeywell PMT CEO, will serve as Independent Chair, with David Sewell, Solstice’s CEO, also joining the 10-person board. Other directors include Peter Gibbons, Fiona Laird, Rose Lee, William Oplinger, Somasundaram “Soma” Somasundaram, Matthew Trerotola, Patrick Ward, and Brian Worrell, bringing extensive experience across industrial, technology, chemicals, and materials sectors.

Honeywell Investor Relations

Resources

October 8, 2024: Announcement

October 10, 2024: Honeywell Portfolio Update Presentation

February 6, 2025: Portfolio Update: Separation of Automation and Aerospace

According to Reuters, CVS Health is exploring options that could include a break-up of the company to separate its retail and insurance units, as the struggling healthcare services company looks to turn around its fortunes amid pressure from investors.

Resources

September 30, 2024: Announcement (Reuters)

Safety Shot is divesting its wellness consumer products segment into a standalone entity, Caring Brands under a Separation and Exchange Agreement. Caring Brands will take over all related assets, intellectual property, and liabilities.

Caring Brands’ Focus & IPO Plans

Caring Brands specializes in natural therapeutics for hair growth, psoriasis, vitiligo, and eczema. The company plans to go public via an IPO within three months.

As part of the deal, Safety Shot will receive three million shares of Caring Brands, with two million shares to be distributed as a dividend to Safety Shot shareholders. Caring Brands will also assume full financial responsibility for its operations.

Update(s):

March 28, 2025: Safety Shot has set April 7, 2025, as the record date for the spinoff of Caring Brands, granting one CABR common share for every 45 Safety Shot shares held or underlying certain warrants. Fractional shares will be rounded down by ClearTrust, LLC.

The distribution is expected on August 9, 2025, subject to SEC approval of CABR’s Form S-1, Nasdaq listing approval, and other regulatory requirements. If these conditions are not met, the spinoff will not proceed as planned.

CABR is anticipated to begin trading on Nasdaq on April 11, 2025.

April 18, 2025: Safety Shot (SHOT) announced that the record date for the planned spin-off and share distribution of Caring Brands, a current subsidiary, has been postponed from the originally scheduled date of April 7, 2025.

The distribution was initially expected to occur around August 9, 2025, contingent on the effectiveness of Caring Brands’ registration statement (Form S-1 No. 333-285964), approval for listing on the Nasdaq Capital Market, and other regulatory approvals. 

However, since Nasdaq has not yet approved CABR’s listing, the spin-off has been delayed. Safety Shot plans to continue pursuing listing approval, after which the distribution will proceed.

Safety Shot Investor Relations

According to Bloomberg Intel Corp. is discussing various scenarios, including a split of its product-design and manufacturing businesses, as well as which factory projects might potentially be scrapped, said the people.

Update(s):

September 16, 2024: In a memo to employees dated September 16, Intel CEO Patrick Gelsinger announced that Intel Foundry will be established as an independent subsidiary, equipped with its own board of directors and the capacity to secure external funding.

December 12, 2024: Intel's interim leaders acknowledged the potential sale of its manufacturing operations if next year's chipmaking technology fails. Zinsner said Intel Foundry, as the division is known, is already run separately from Intel's other businesses and is setting up a separate operational board and business process software system.

Announcement

Topgolf Callaway Brands Corp. (MODG) reported its second-quarter 2024 results, with CEO Mr. Brewer reaffirming confidence in Topgolf's growth potential despite recent stock and same-venue sales disappointments. The company is conducting a strategic review, exploring options to improve profitability, including a potential spinoff of Topgolf.

Update(s):

September 4, 2024: Topgolf Callaway Brands Corp. announced plans to separate into two independent companies: Callaway, focused on golf equipment and active lifestyle products, with $2.5 billion in revenue (including Toptracer), and Topgolf, a high-growth, venue-based golf entertainment business, with $1.8 billion in revenue (excluding Toptracer). The separation is expected to occur through a tax-free spin-off of Topgolf to shareholders, though the Company is exploring other options to maximize shareholder value

Callaway Business Overview

• Core Businesses: Golf Equipment, Toptracer, and Active Lifestyle brands.
• Revenue: Approximately $2.5 billion for the 12 months ending Q2 2024.
• Brand Portfolio: Callaway, Odyssey, TravisMathew, OGIO, Jack Wolfskin, and Toptracer.

Topgolf Business Overview

• Core Business: Venue-based golf entertainment (excluding Toptracer).
• Revenue: Approximately $1.8 billion for the 12 months ending Q2 2024.

2025 Development Plans: Reduced new venue development to mid-single digits to balance growth and free cash flow.

Spin-Off Structure:

• At least 80.1% of Topgolf shares to be distributed for tax-free U.S. federal income tax treatment.
• Callaway may retain a limited ownership stake in Topgolf temporarily.

Debt Allocation:

• Callaway retains existing financial debt, including term loans and convertible notes.
• Topgolf will operate debt-free, except for venue financing obligations.

Commercial Agreements: Callaway to remain Topgolf's exclusive golf equipment partner.

Leadership Teams

Callaway CEO: Chip Brewer.

Topgolf CEO: Artie Starrs.

Timeline: Spin-off expected in the second half of 2025.

July 31, 2025: Topgolf CEO Artie Starrs has resigned to join another company and will remain through September. As a result, the planned spin-off or sale of Topgolf, originally expected in the second half of 2025, is now likely delayed until 2026, pending the appointment of a new CEO.

Topgolf Callaway Brands Corp. Investor Relations

Resources

August 7, 2024: Announcement

 On August 5, 2024, the Continental Executive Board, in response to the dynamic automotive market, decided to further evaluate a potential spinoff of its Automotive group. Announcement

A decision is expected in the fourth quarter of 2024. If approved by the Executive and Supervisory Boards, the spinoff will be put to a shareholder vote on April 25, 2025, with plans to complete it by the end of 2025.

Preparations are already underway, with the profitable Tires and ContiTech sectors remaining under Continental's umbrella, a structure included in the ongoing evaluation.

Update(s):

September 16, 2024: BMW AG took over two years to uncover the full scope of a braking system defect, which could cost the automaker nearly €1 billion ($1.1 billion) to resolve. Customer complaints about the faulty brakes began in June 2022, but only last month did BMW determine that up to 1.5 million cars could be affected by the defective part, supplied by Continental AG.

October 7, 2024: Bloomberg reported, Continental AG is pushing forward with plans to spin off its struggling car parts division, despite recent recalls over faulty braking systems. The company has enlisted Goldman Sachs and JPMorgan Chase to assist with the spinoff, though details are still being finalized

December 9, 2024: Continental plans to spin off its Automotive group by the end of 2025, pending Supervisory Board and shareholder approval, with preparations completed by Q3 2025.

December 18, 2024: On December 18, 2024, Continental announced plans to spin off its Automotive group as an independent European company, subject to approvals in 2025. The Supervisory Board will review the plan in March, with a shareholder vote scheduled for April 25, 2025. The new company, set to list on the Frankfurt stock exchange by late 2025, will launch under a new brand by April 2025. Philipp von Hirschheydt, head of the group since May 2023, will lead the company.

March 12, 2025:

Continental AG’s Supervisory Board approved the Executive Board’s decision to proceed with the spin-off of the future Automotive Group and finalize related agreements.

It confirmed that the Automotive Group will have €1.5 billion in cash funds before the spin-off is completed, with risks and opportunities clearly allocated between the two independent entities based on their business operations.

Additionally, the Supervisory Board approved the proposed dividend policy for both future companies:

• Continental AG: Target dividend payout ratio set at 40% to 60% of net income.
• Future Automotive Group: Target payout ratio of 10% to 30%, subject to alignment with long-term, sustainable business development.

April 23, 2025: Continental announced that its Automotive division will be renamed Aumovio ahead of a planned spin-off in September. The rebranding was unveiled at Auto Shanghai 2025, with the Hanover-based company highlighting the division’s focus as a supplier of braking systems and electronics.

Continental AG Investor Relations

Resources:

August 5, 2024: Announcement

Announcement

According to Financial Times, Warner Bros Discovery is considering splitting its digital streaming and studio operations from its traditional television networks to boost its declining share price. CEO David Zaslav is exploring options, including selling assets or forming a new company for Warner Bros movie studio and Max streaming service to alleviate the group’s $39bn debt.

Despite a one-third drop in market capitalization to $20bn over the past year, WBD has not yet hired an investment bank.

Update(s):

December 12, 2024: Warner Bros Discovery decided to separate its declining cable TV businesses such as CNN from streaming and studio operations such as Max, laying the groundwork for a potential sale or spinoff of its TV business as more cable subscribers cut the cord.

May 8, 2025: Warner Bros. Discovery is reportedly weighing a potential breakup, with plans to separate or divest its declining cable TV business, according to CNBC, as it looks to offload its struggling cable TV business and refocus on its faster-growing streaming and studio segments.

May 15, 2025: Warner Bros. Discovery CFO Gunnar Wiedenfels acknowledged growing openness to strategic options, including a potential breakup, amid industry disruption from streaming and anticipated M&A activity. His comments follow CNBC's report suggesting WBD may spin off its declining cable TV assets, mirroring Comcast’s strategy. WBD confirmed it has initiated steps toward this reorganization, with completion expected by mid-2025.

June 9, 2025: Warner Bros. Discovery (WBD) announced plans to separate into two independent, publicly traded companies by mid-2026.

The move will split its high-growth Studios & Streaming operations—comprising Warner Bros., HBO, HBO Max, and DC Studios—from its Global Networks segment, which includes legacy cable assets such as CNN, TNT Sports, and Bleacher Report.

The restructuring aims to unburden the streaming and content business from the slower-growth cable unit, effectively unwinding the 2022 merger of WarnerMedia and Discovery. CEO David Zaslav will lead the Streaming & Studios company, while CFO Gunnar Wiedenfels will head Global Networks.

The transaction, structured as tax-free, will see Global Networks retain up to a 20% stake in Streaming & Studios and absorb the majority of WBD’s $38 billion debt load. To aid the transition, the company has secured a $17.5 billion bridge loan from J.P. Morgan to refinance and optimize its capital structure.

The breakup reflects a broader trend in media: shedding legacy assets to focus on growth areas amid intense competition in the streaming space. (Press Release) (Investor Presentation) (Debt Tender Offer Presentation)

June 12, 2025: Warner Bros. Discovery is expected to implement a rare provision in its latest debt deal that restricts bondholders from forming cooperation groups that agree to withhold financing unless the entire group consents, per the Wall Street Journal. Despite opposition, the so-called "non-boycott covenant"—part of its planned corporate split—is likely to take effect after Friday's consent deadline. The clause bans collective refusals to fund the successor companies but may still allow coordination on other matters like loan amendments.

June 16, 2025: Warner Bros. Discovery bondholders overwhelmingly approved its corporate split and new capital structure, clearing the way to separate its studios and streaming from its cable networks; the company also plans to repurchase nearly half of its $37B debt from the 2022 merger.

July 28, 2025: Warner Bros. Discovery unveiled the names and CEOs of its two post-split companies, with the separation expected to be completed by mid-2026:

• Warner Bros. will encompass the company’s studios and streaming assets, including HBO, HBO Max, DC Studios, Warner Bros. Television, and its film and gaming units. David Zaslav, the current CEO of WBD, will lead this entity as President and CEO.
• Discovery Global will house CNN, TNT Sports, Discovery, Discovery+, and international networks. It will be led by current WBD CFO Gunnar Wiedenfels as President and CEO.

August 27, 2025: Warner Bros Discovery named former media executive Brad Singer as the chief financial officer for its studio and streaming business after completion of the company's planned separation next year.

Warner Bros. Discovery Investor Relations

Resources

July 18, 2024: Announcement

The Board of Directors announced that it has submitted a proposed spin-off application to the Stock Exchange on July 12, 2024, for the potential separate listing of Smithfield Foods, Inc.'s U.S. and Mexico operations on the NYSE or Nasdaq. Smithfield Foods, currently a wholly-owned subsidiary, is expected to remain a subsidiary post-spin-off, with its financial results consolidated into the Company’s.

The company announced the details of the spin-off are not yet finalized, and it may or may not proceed.

WH Group Ltd. Investor Relations

Updates:

December 6, 2024:  WH Group announced that its shareholders had approved spinning off Smithfield Foods into a listed company in the United States. 

Januaru 6, 2025: Smithfield Foods has filed for its initial public offering in the US. The company and an indirectly-owned subsidiary of its owner, Hong Kong-listed WH Group Ltd., are both offering shares in the listing, according to a filing with the US Securities and Exchange Commission on Monday. WH Group will maintain control of the company after the listing.

The company is planning to go public on the Nasdaq Global Select Market under the symbol SFD.

Resources:

July 14, 2024: Announcement

Foremost Lithium Resource & Technology (FMST) announced its intention to spin-out  the company’s gold and silver Winston Group of Properties into a newly incorporated wholly-owned subsidiary to be named Rio Grande Resources.

Update(s): 

July 30, 2024:

Foremost Lithium Resource & Technology announced its Board's approval to spin out its Winston Group of Gold and Silver Properties into an independent, publicly traded company, Rio Grande Resources Ltd.

• Under the court-approved plan of arrangement, Foremost shareholders will receive two (2) Rio Grande shares for each Foremost share held, while retaining their existing stake in Foremost.
• The company will maintain a 19.95% interest in Rio Grande post-spinout and prior to any financing. Concurrently, Rio Grande plans to raise at least $1.5 million through financing.
• The special shareholder meeting to approve the arrangement is set for November 6, 2024, with September 9, 2024, as the record date. 
• The spinout requires 66 2/3% shareholder approval, along with clearance from the Supreme Court of British Columbia, the CSE, NASDAQ, and regulatory bodies.

September 30, 2024: Foremost Clean Energy has scheduled its Annual General and Special Meeting (AGSM) for December 9, 2024, to vote on the proposed spin-out of its Winston Group of Gold and Silver Properties into Rio Grande Resources Ltd. under a statutory plan of arrangement.

Key details:

• Record date: November 6, 2024 – only shareholders as of this date may vote.
• Spin-out terms: Shareholders as of December 9, 2024, will receive 2 Rio Grande shares for each Foremost share held, if approved.
• Board recommendation: The board unanimously supports the spin-out and urges shareholders to vote FOR the arrangement.

November 15, 2024: Foremost Clean Energy has rescheduled its 2024 Annual General and Special Meeting (AGSM) to December 20, 2024 at Stikeman Elliott LLP, Vancouver, BC.

December 23, 2024: Foremost Clean Energy Ltd. has received 99.86% shareholder approval for its previously announced plan of arrangement to spin out its Winston Property (gold and silver assets in New Mexico) into Rio Grande Resources Ltd., a wholly-owned subsidiary.

Key Approvals from December 20, 2024, AGM:

• Board size set at six (6) directors, electing: Jason Barnard, David Cates, Johnathan More, Andrew Lyons, Douglas L. Mason, and Amanda Willett.
• MNP LLP reappointed as auditors.
• Amendments approved for Foremost’s stock incentive plan.
• New stock incentive plan approved for Rio Grande, effective on the Arrangement's closing date.

Spin-Out Details:

• Shareholders as of the Effective Date will receive 2 Rio Grande shares for each Foremost share held.
• The Arrangement requires final approvals from the Supreme Court of British Columbia (expected by January 10, 2025) and the CSE.
• Upon completion, shareholders will own stakes in:
• Foremost (uranium & lithium assets in Saskatchewan, Manitoba & Quebec), trading under FAT (CSE) and FMST (NASDAQ).
• Rio Grande (Winston Property exploration & development), expected to trade on the CSE upon approval.

The Effective Date is expected in January 2025.

January 13, 2025: Foremost Clean Energy announced that the company has obtained a final order from the Supreme Court of British Columbia approving the proposed plan of arrangement under which the company will spin-out its gold and silver properties to shareholders through Rio Grande Resources a wholly-owned subsidiary of the company.

January 28, 2025: Foremost Clean Energy confirms that the spin-out of its gold and silver properties into Rio Grande Resources will take effect on January 30, 2025 (the "Surrender Date").

Key Details:

• Record Date: January 29, 2025 – shareholders will receive:
• 1 New Foremost Share
• 2 Rio Grande Shares per 1 Foremost Share held.

Stock Listings:

• New Foremost Shares will retain the same trading symbols (FMST on Nasdaq, FAT on CSE) with a new CUSIP (34547F105).
• Rio Grande Shares have received conditional approval to list on the CSE under "RGR".
• CSE approval for reclassification of Foremost Shares as New Foremost Shares is expected shortly.

January 29, 2025: Foremost Clean Energy (NASDAQ: FMST, CSE: FAT) announces that the effective date for its spin-out of gold and silver properties into Rio Grande Resources Ltd. has been revised to January 31, 2025.

January 31, 2025: Foremost Clean Energy and Rio Grande Resources expected to list on the Canadian Securities Exchange announced that Foremost and Rio Grande have completed their announced spin out of Foremost’s Winston gold and silver properties (collectively, the “Winston Property”) to Rio Grande. 

The Spin-Out was completed by way of statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia). 

Subject to Rio Grande satisfying all of the conditions of the CSE, listing of the Rio Grande Shares on the CSE under the symbol ‘RGR’ is expected to commence at market open on or around February 4, 2025.

Foremost Lithium Resource & Technology Investor Relations

Resources

The Winston Group of Properties Rio Grande Resources (Presentation)

Corporate Presentation

Announcement

DuPont (DD) announced plans to separate into three distinct, publicly traded companies. The Electronics and Water businesses will be spun off tax-free to shareholders, with New DuPont remaining as a diversified industrial company.

DuPont expects to complete the separations within 18 to 24 months. The separation transactions will not require a shareholder vote.

DuPont Investor Relations

Update(s):

July 31, 2024: DuPont (DD) announced its financial results for the second quarter ended June 30, 2024

• Net Sales of $3.2 billion increased 2%; organic sales flat versus year-ago period
• GAAP Income from continuing operations of $176 million; operating EBITDA of $798 million
• GAAP EPS from continuing operations of $0.40; adjusted EPS of $0.97
• Cash provided by operating activities from continuing operations of $527 million; adjusted free cash flow of $425 million

Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS

January 15, 2025: DuPont announced plans to accelerate the separation of its Electronics business, targeting completion by November 1, 2025, to maximize shareholder value.

• The company has decided to retain its Water business after evaluating strategic alternatives, concluding it aligns best with its long-term portfolio optimization strategy post-Electronics separation.
• The Electronics segment, which includes semiconductor technologies and interconnect solutions, saw a 7.1% rise in Q3 net sales.
• Q4 and full-year 2024 financial results will be released on February 11, 2025.

February 11, 2025: CFO Antonella Franzen provided an update on the separation process, confirming that the timeline remains on track. Separation costs are now expected to be slightly below the initial $700 million estimate, as the water business will remain with DuPont. Additionally, projected dissynergies have been revised down from $60 million to approximately $40 million. (Transcript)

March 17, 2025: DuPont announced Jon Kemp as CEO of the future Electronics public company and President & CEO of Avantor Michael Stubblefield as Chairman post-spin-off. The company plans to hire an external CFO, with the spin-off on track for November 1, 2025.

• Jon Kemp has over 20 years at DuPont, driving strategic business growth.
• Led strategy, M&A, and procurement during the DowDuPont merger.
• Served as President of DuPont’s $6B Electronics & Industrial segment for six years.
• SEMI Board Member, chairing the Board of Industry Leaders.

April 16, 2025: DuPont (DD) announced that Karin De Bondt and Anne Noonan will join the board of directors of the planned independent Electronics company, which is expected to be spun off from DuPont by November 1, 2025.

April 25, 2025: DuPont has filed an initial Form 10 with the SEC for the planned spin-off of its Electronics business, currently listed as Novus SpinCo1, Inc. ("ElectronicsCo"). The spin-off, aimed at creating a pure-play leader in semiconductor and electronics materials, is expected to be completed by November 1, 2025, pending customary approvals. Information Statement

April 29, 2025: DuPont announced Qnity Electronics as the name of the planned independent Electronics public company that will be created through the intended spin-off of its Electronics business. DuPont also announced that Matthew Harbaugh will join the company effective May 1, 2025, and will be the Chief Financial Officer of Qnity.

Additional senior leaders of the planned Electronics company include:

• Chuck Xu, currently Vice President in DuPont’s ElectronicsCo division, will continue to lead Interconnect Solutions.
• Sang Ho Kang, currently Vice President in DuPont’s ElectronicsCo division, will continue to lead Semiconductor Technologies.
• Peter Hennessey, as General Counsel; Mr. Hennessey is currently Associate General Counsel and DuPont Corporate Secretary.
• Kathleen Fortebuono, as Chief Human Resources Officer; Ms. Fortebuono is currently DuPont Vice President, Global Rewards, and HR M&A.

Additionally, DuPont announced that Michael Stubblefield has decided not to assume the role of chairperson of the future Electronics Board of Directors. This decision will allow Mr. Stubblefield to focus on fully supporting Avantor’s transition to a new CEO.

A new board member for the future independent Electronics public company and the future chairperson will be named at a later date.

May 14, 2025: DuPont unveils "Qnity" as the name of its planned electronics spin-off, positioned as a leading pure-play materials provider for the semiconductor and electronics industries.

June 11, 2025: uPont appoints Mark A. Blinn (Chair) and Dr. Yi Hyon Paik to the future board of Qnity Electronics, the planned independent electronics spin-off.

August 12, 2025: DuPont secured $4.1B in financing for the planned November spin-off of Qnity Electronics, led by current electronics chief Jon Kemp. The package includes a $2.35B leveraged loan (L+200, 99.75 OID), $1.0B secured bonds at 5.75%, and $750M unsecured bonds at 6.25%. Proceeds will fund a $4.1B cash distribution to DuPont. Separately, DuPont is weighing sales of its Nomex and Kevlar brands after scrapping plans to divest its water unit.

Resources

May 22, 2024: Announcement

May 23, 2024: Investor Update Call - Investor Presentation ,  Transcript, Press Release

June 14, 2024: DuPont Overview Presentation

July 31, 2024: DuPont 2Q 2024 Earnings - Presentation, Transcript, Earnings Release

Masimo (MASI), a leader in noninvasive monitoring technologies and audio products, announced that its Board of Directors has authorized management to evaluate a proposed separation of its consumer business. 

Masimo expects that the separation will include its consumer audio and consumer health products, including the Stork baby monitor and the Freedom smart watch and band. Masimo will retain its professional healthcare and telehealth products.

Masimo Investor Relations

Update(s):

March 25, 2024: WSJ reported Medical-device maker Masimo (MASI) may opt for a joint venture as it looks to split off its consumer business and has reportedly been approached by a potential partner for its consumer division.

September 24, 2024: 

•  Medical technology manufacturer Masimo's founder Joe Kiani steps down as CEO after shareholders voted to remove him from the board following a proxy battle with Politan Capital Management.
• Healthcare executive Michelle Brennan has been named interim CEO.
• Brennan was nominated for Masimo's board by Politan in 2023, along with Politan founder Quentin Koffey.
• Masimo has hired Centerview Partners, Morgan Stanley, and Sullivan & Cromwell to explore alternatives for its consumer business, including Sound United and health tracking devices. 
• Offers for the consumer business have reached up to $950M.
• Two more Politan-backed candidates, Darlene Solomon and Bill Jellison, were appointed to Masimo’s board.
• Kiani had previously vowed to step down and sell his $500M stake if replaced by Politan nominees.
•  Politan, holding a 9% stake in Masimo, had indicated it would not oppose Kiani’s re-election to the board.
• Kiani is suing Masimo for $400M in payouts, claiming his departure entitles him to stock vesting and a cash payment.

Unilever (UL) announced steps to accelerate its Growth Action Plan (GAP) through the separation of Ice Cream and the launch of a major productivity programme.

Following separation, Unilever will become a simpler, more focused company, operating four Business Groups across Beauty & Wellbeing, Personal Care, Home Care and Nutrition.  Full separation expected by the end of 2025.

Unilever Investor Relations

Update(s):

October 24, 2024: Unilever announces that the separation of the ice cream business is on track to be completed by the end of 2025.

November 22, 2024: Unilever will slim down but not spin off its food division, its chief executive has said, as the London-listed consumer goods group presses ahead with the listing of its ice-cream unit.

January 31, 2025: Bloomberg reports that Unilever Plc (UL) is exploring an IPO for its ice cream business in the U.S., with potential listings also being considered in Amsterdam and London. The company aims to separate the unit, which includes brands like Ben & Jerry's and Breyers, by year-end.

March 19, 2025: Ben & Jerry's accused Unilever of illegally ousting CEO Dave Stever over his support for the brand’s progressive activism, escalating their legal battle. Unilever denied wrongdoing and plans to spin off its ice cream unit later this year.

May 27, 2025: Unilever guarantees 3-year employment terms for ice cream workers in Europe and the UK after spinning off its ice cream unit — triple the standard one-year guarantee under EU and UK law.

June 17, 2025: Reuters reported, Unilever has named Peter ter Kulve as its preferred candidate to lead its soon-to-be-listed ice cream division, The Magnum Ice Cream Company (TMICC). Despite past criticism from Ben & Jerry’s board, ter Kulve is expected to receive TMICC board approval next month, ahead of the planned Amsterdam listing later this year.

June 26, 2025: Ben & Jerry’s claims Unilever is censoring its activism and violating a deal meant to protect its social mission. The dispute intensifies ahead of Unilever’s ice cream spinoff into “The Magnum Ice Cream Company.” Unilever denies wrongdoing, citing business and reputational risks.

July 23, 2025: Unilever’s ice cream unit, now called The Magnum Ice Cream Co., has named Vanessa Vilar as Chief Legal Officer and Natalia Cavaliere as Americas Regional General Counsel ahead of its spin-off later this year. Both have nearly 30 years of combined experience at Unilever.

VivoPower International PLC (VVPR) announced that its board of directors has approved an execution plan to spin off the majority of its Caret business unit’s portfolio, representing up to ten solar projects totalling 586MW-DC at varying stages of development.

It is intended that VivoPower shareholders receive a special dividend in the form of stock in the spin off entity.

The Company will seek the approval from VivoPower shareholders to receive the special dividend stock as a result of the spin off in its next general meeting of shareholders, which is anticipated to be in December 2023 at the latest.

VivoPower International PLC Investor Relations

Update(s):

November 29, 2024: VivoPower International announced it would host a presentation on December 5, 2024, in relation to its annual results and key strategic developments including Caret Digital's Dogecoin mining spin-off, the Tembo merger, and other significant updates. 

December 5, 2024: VivoPower announced that its subsidiary, Caret Digital, will begin Dogecoin mining operations in January 2025, utilizing renewable-powered facilities in Wisconsin and Oregon. Caret Digital is also developing a 55MW renewable-powered mining facility, capable of generating up to $150 million annually from Dogecoin mining. VivoPower shareholders previously approved a potential spin-off of Caret Digital, including a special dividend, and further updates on the spin-off via a reverse merger will be provided.

March 20, 2025: VivoPower announced plans to spin off its subsidiary, Caret Digital, via a direct listing on Nasdaq.

Shareholders on a future record date will receive five (5) Caret Digital shares per VivoPower share.  Caret Digital to focus on Dogecoin (DOGE) mining, converting to Bitcoin (BTC) for optimized returns. The spin-off was approved at VivoPower’s 2023 AGM, with further shareholder authorization granted in 2024.  

June 16, 2025: VivoPower has engaged advisors to accelerate the planned IPO spin-off of its digital asset subsidiary, Caret Digital, on NASDAQ. The six-month DOGE mining trial is nearing completion, and VivoPower sees strong scalability potential. The proposed spin-off implies a $308M valuation (subject to market conditions), with up to $50M in strategic funding sought, primarily from partners in the Middle East and Asia. 

June 24, 2025: VivoPower International announced that it has set the record date as July 9, 2025, for the purpose of determining eligibility to receive a special dividend relating to the spin-off of Caret Digital.

Society Pass Inc. (SOPA) Southeast Asia’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, announces that it  will pursue a spinout and initial public offering on Nasdaq in 2024 for its digital advertising ecosystem, Thoughtful Media Group Inc, and for its online travel platform, NusaTrip Inc.

Society Pass Investor Relations

NusaTrip Inc.

According to Reuters, Banking and payments conglomerate Fidelity National Information Services (FIS) plans to pursue a tax-free spin-off of its merchant business, which processes payments for companies.

The spin-off will take several months to be completed, and FIS will also entertain any acquisition offers for the unit during this period.

Much of FIS's merchant business consists of Worldpay, which it bought for $43 billion in 2019. FIS expects the spin-off to be completed within the next 12 months.

Upon completion of the proposed spin-off, the Merchant Solutions business will operate as Worldpay, reestablishing and strengthening a brand that remains highly trusted among clients and partners.

Update(s):

February 13, 2023:  FIS announces plans to spin off merchant business

Press Release

April 27, 2023: Fidelity National Information Services (FIS) announced along with first quater 2023 earnnings report that it continues to make progress on the tax-free spin-off of its Merchant Solutions business. As previously communicated, the spin-off, which is subject to customary conditions, is expected to be completed by early 2024.

Q1 Earnings Presentation

July 3, 2023: Private equity firm GTCR is in advanced talks to buy a majority stake in the merchant acquiring business of Fidelity National Information Services

July 6, 2023: FIS announces agreement for GTCR to acquire majority stake in Worldpay

FIS has signed a definitive agreement to sell a majority stake in its Worldpay Merchant Solutions business to private equity funds managed by GTCR in a transaction valuing Worldpay at $18.5 billion, including $1 billion of consideration contingent on the returns realized by GTCR exceeding certain thresholds. 

FIS Presentation

• FIS to retain 45% ownership in Worldpay
• GTCR committed to invest up to $1.25 billion in additional growth capital to accelerate Worldpaygrowth strategy
• FIS will receive upfront, net proceeds of approximately $11.7 billion at close. On a pro-forma basis for the transaction, FIS expects leverage to be approximately 2.5-times, based on 2023 Adjusted EBITDA upon close.
• In addition, the upfront cash proceeds will create immediate capital allocation flexibility. FIS will use proceeds from the sale to pay down debt and return additional capital to shareholders through its existing share repurchase authorization, as well as for general corporate purposes, while maintaining a strong investment grade credit rating
• The transaction is expected to close by Q1 2024

Augsut 2, 2023: Second Quarter 2023

Q2 Earnings Presentation

Q2 Earnings Release

FIS Q2 2023 Updated Investor Q&A regarding spinoff

Fidelity National Information Services Investor Relations

About Worldpay 

American Resources Corporation (AREC) announces plan to spin-off ReElement Technologies subsidiary into a standalone public company

Update(s):

January 24, 2023: Form 10 Registration

August 19, 2024: During the Q2 2024 report on August 19, 2024, American Resources Corporation CEO Mark Jensen expressed confidence in completing the spin-offs of ReElement Technologies and a significant portion of American Infrastructure by the end of the year.

The chief executive of Vale SA (VALE) said, the Brazilian iron ore miner is reconsidering a near-term spin-off of its base metals business and an eventual public listing.

Update(s):

February 8, 2023: According to Bloomberg, General Motors Co. (GM) is competing for a stake in Brazilian mining giant Vale SA’s base metals unit.

July 27, 2023: Brazilian miner Vale (VALE) said it reached two separate agreements to sell a 13% stake in its base metals business for $3.4 billion, aiming to boost its copper and nickel output.

September 27, 2024:

Vale (VALE) is exploring a potential public listing for its base metals unit, Vale Base Metals (VBM), by late 2026, according to VBM Chair Mark Cutifani.

The company previously separated its nickel, copper, and cobalt operations from its iron ore business and sold a 10% stake to Saudi Arabia, valuing the unit at approximately $40 billion.

Speaking at the FT Mining Summit, Cutifani stated, "Our objective for an IPO is by the end of 2026 going into 2027," emphasizing a pathway to further enhance the unit's value.

Cutifani also highlighted that even without an IPO, VBM would be "a very different company by the end of 2026. 

Chairman and Chief Executive Officer of Spectrum Brands (SPB) David Maura mentioned they are currently considering possible scenarios for the combined business, which include, but are not limited to, a partial or complete spin-off to our shareholders, an initial public offering or a merger with an existing publicly traded entity. 

Spectrum Brands will acquire Tristar Products' Appliance and Cookware business and integrate it with its Home and Personal Care segment. This new combined business is set to be separated from Spectrum Brands, forming a standalone global company, while Spectrum Brands will focus on its Global Pet Care and Home & Garden businesses.

Update(s):

August 12.2022: Spectrum Brands announced the completion of the internal separation of its Home & Personal Appliances business, paving the way for a potential spin-off or other transaction.

February 8, 2024: David Maura, CEO of Spectrum Brands, highlighted the company's improved efficiency, reduced debt, and increased shareholder returns through dividends and buybacks. The company is also accelerating efforts to separate its Home & Personal Care business while restoring its profitability.

May 9, 2024: Spectrum Brands has secured a new agreement with Stanley Black & Decker to license the Black & Decker name through 2035. The company is also pursuing strategic alternatives for its Home and Personal Care (HPC) business, including a potential sale, joint venture, or spinoff, with plans to file an initial Form 10 this summer.

July 2. 2024: Spectrum Brands Holdings announced that it has filed a confidential Form 10 registration statement with the U.S. Securities and Exchange Commission for the spin-off of its home and personal care (“HPC”) business.

Spectrum Brands Holdings Investor Relations

Resources

July 2, 2024: Confidential Form 10 Registration Announcement

July 2, 2024: Announcement

August 8, 2024: Presentation