Top Upcoming Spinoffs to Watch in 2023 and Beyond

The list of upcoming spinoffs provides investors with valuable information about companies that are planning to spin off business units in the near future. By keeping track of these upcoming spinoffs, investors can identify potential investment opportunities. The list of upcoming spinoffs typically includes information about the planned spinoff, such as the business unit being spun off, the expected timing of the spin off, and the ownership structure of the new entity.

Investors can use this information to evaluate the potential investment opportunity and determine if it fits their investment objectives and risk profile. It's important to note that not all spinoffs are created equal, and careful due diligence is required before making any investment decisions, especially since some parent load their spinoffs with a lot of debt or undesirable assets. The list of upcoming spinoffs can serve as a starting point for investors looking for potential investment opportunities in the stock market.

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Note: Premium members can sort this table by Spinoff Name, Announced Date, Parent Name, Parent Symbol and Type.

 Spinoff NameAnnounced DatePotential Spinoff DateParent NameParent SymbolType
Freight logistics business03/08/2023N/AUber Technologies, Inc.UBERSpinoff
Uber Technologies, Inc., spinoff details:

According to Bloomberg, Uber Technologies (UBER) is weighing up options to spin off its freight logistics business either in a sale or as a separate publicly traded company at a time when the company is doubling up efforts to grow its ride-hailing and food-delivery businesses.

Elk Valley Resources Ltd.02/21/2023Q2 2023Teck Resources LimitedTECKSpinoff
Teck Resources Limited, spinoff details:

 

Teck Resources Limited (TECK)announced  the reorganization of its business to separate Teck into two independent, publicly-listed companies: Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“EVR”).
Teck Metals – a premier, growth-oriented producer of energy transition metals 
Elk Valley Resources – a pure-play, high-margin steelmaking coal producer
Under the Transition Capital Structure, Teck Metals will receive quarterly payments consisting of Royalty payments and preferred share redemption amounts that will in aggregate equal 90% of EVR free cash flow. 
Teck shareholders of record as of the applicable distribution record date will receive common shares of EVR in proportion to their Teck shareholdings at an exchange ratio of 0.1 common share of EVR for each Teck share (or approximately 51.9 million total EVR common shares) and approximately $0.39 cash per share for an aggregate of $200 million in cash. Shareholders will be able to elect to maximize the amount of cash or common shares of EVR they receive, subject to proration, through a Dutch auction election process.
As part of the Separation, Teck will change its name to Teck Metals Corp. and continue to be listed on the Toronto and New York stock exchanges (“TSX” and “NYSE”). EVR has applied to have its common shares listed on the TSX.

Teck Resources Limited (TECK)announced  the reorganization of its business to separate Teck into two independent, publicly-listed companies: Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“EVR”).

  • Teck Metals – a premier, growth-oriented producer of energy transition metals 
  • Elk Valley Resources – a pure-play, high-margin steelmaking coal producer

Under the Transition Capital Structure, Teck Metals will receive quarterly payments consisting of Royalty payments and preferred share redemption amounts that will in aggregate equal 90% of EVR free cash flow. 

Teck shareholders of record as of the applicable distribution record date will receive common shares of EVR in proportion to their Teck shareholdings at an exchange ratio of 0.1 common share of EVR for each Teck share (or approximately 51.9 million total EVR common shares) and approximately $0.39 cash per share for an aggregate of $200 million in cash. Shareholders will be able to elect to maximize the amount of cash or common shares of EVR they receive, subject to proration, through a Dutch auction election process.

As part of the Separation, Teck will change its name to Teck Metals Corp. and continue to be listed on the Toronto and New York stock exchanges (“TSX” and “NYSE”). EVR has applied to have its common shares listed on the TSX.

Teck expects that the transaction will be completed in the second quarter of 2023. 

 

Semiconductor Business02/13/2023Q2 2023WISeKey International HoldingWKEYSpinoff
WISeKey International Holding, spinoff details:

WISeKey International Holding (WKEY), a leading Swiss cybersecurity, AI and IoT company announced that, through a wholly-owned subsidiary, SEALSQ Corp, it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission to effect a partial spin-off of SEALSQ Corp.

SEALSQ is in the process of applying to have its Ordinary Shares listed on the Nasdaq Global Market under the ticker symbol "LAES".

Merchant Business02/11/2023Q1 2024Fidelity National Information ServicesFISSpinoff
Fidelity National Information Services, spinoff details:

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.

 

February 13, 2023:  FIS Announces Plans to Spin Off Merchant Business Press Release

Flash business01/21/2023N/AWestern DigitalWDCReverse Morris Trust
Western Digital, spinoff details:

Western Digital (WDC) would spin off its flash business and merge it with Kioxia, creating a publicly traded company in the US, the people said

Renal Care and Acute Therapies01/06/2023Q2 2024Baxter International Inc.BAXSpinoff
Baxter International Inc., spinoff details:

Baxter International Inc. (BAX), a leading global medtech company, announced a plan to spin off the company’s Renal Care and Acute Therapies global business units (GBUs) into an independent, publicly traded company.

Baxter expects to complete the proposed spinoff in 12 to 18 months

Safe and Green Development Corporation12/23/2022N/ASafe & Green Holdings Corp.SGBXSpinoff
Safe & Green Holdings Corp., spinoff details:

Safe & Green Holdings Corp. (SGBX) , announced that the company’s subsidiary, SGB Development Corp. has changed its name to Safe and Green Development Corporation, and that the company further intends to spin-off thirty percent of Safe and Green Development Corporation to the company’s stockholders, to form an independent, publicly traded company.

SRM12/19/2022N/AJupiter WellnessJUPWSpinoff
Jupiter Wellness , spinoff details:

Jupiter Wellness (JUPW), announced that SRM Entertainment (SRM) has filed a registration statement with the Securities and Exchange Commission to separate the company from Jupiter Wellness. Upon completion of the spin-off, SRM and Jupiter Wellness will be two independent and separate public companies and Jupiter Wellness is expected to remain the majority shareholder of SRM.

Centuri Group, Inc.12/15/202203/31/2023Southwest Gas Holdings, Inc.SWXSpinoff
Southwest Gas Holdings, Inc., spinoff details:

Southwest Gas Holdings (SWX) determined it will pursue a spin-off of its wholly owned subsidiary, Centuri Group, to form a new independent publicly traded utility infrastructure services company.

Fuel Systems and Aftermarket segments12/06/2022N/ABorgWarner Inc.BWASpinoff
BorgWarner Inc., spinoff details:

BorgWarner (BWA), announced its intention to execute a tax-free spin-off of its Fuel Systems and Aftermarket segments into a separate, publicly traded company (“NewCo”).

Update(S):

February 14, 2023: BorgWarner(BWA): announces Brady Ericson as CEO, Chris Gropp as CFO, and PHINIA Inc. as company name for Proposed Fuel Systems and Aftermarket Segment Spin-Off.

Nitrogen Fertilizer Business11/21/2022N/ACVR Energy, Inc.CVISpinoff
CVR Energy, Inc., spinoff details:

CVR Energy, Inc. (CVI) announced that its board of directors has authorized CVR Energy’s management to explore a potential spin-off of its interests in its nitrogen fertilizer business, which is owned by CVR Energy through the general and limited partner interests it holds in CVR Partners, LP (UAN), a publicly traded limited partnership. 

Atlanta Braves11/17/2022H1 2023Liberty Media CorporationLSXMASpinoff
Liberty Media Corporation , spinoff details:

Liberty Media Corporation (LSXMA) announced that its board of directors has authorized management to pursue a split-off of the Atlanta Braves and its associated real estate development project and the creation of a new Liberty Live Group tracking stock.

NewCo11/03/2022Q4 2023Lithium Americas Corp.LACSpinoff
Lithium Americas Corp. , spinoff details:

 

Lithium Americas Corp. (LAC) announces that, it intends to advance a reorganization that will result in the separation of its North American and Argentine business units into two independent public companies. 
The Separation will establish two separate companies that include:
An Argentina focused lithium company owning Lithium Americas’ current interest in its Argentine lithium assets, including the near-production Caucharí-Olaroz lithium brine project in Jujuy, Argentina; and
A North America focused lithium company (“Lithium Americas (NewCo)”) owning the Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass”) and the Company’s North American investments.

Lithium Americas Corp. (LAC) announces that, it intends to advance a reorganization that will result in the separation of its North American and Argentine business units into two independent public companies. The Separation will establish two separate companies that include:

An Argentina focused lithium company owning Lithium Americas’ current interest in its Argentine lithium assets, including the near-production Caucharí-Olaroz lithium brine project in Jujuy, Argentina; and

A North America focused lithium company (“Lithium Americas (NewCo)”) owning the Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass”) and the Company’s North American investments.

The execution plan currently provides for completion of the Separation by the end of 2023.

Oncology Business11/02/2022H2 2023Alkermes plcALKSCarve Out
Alkermes plc , spinoff details:

Alkermes plc (ALKS) announced approval by its Board of Directors to explore separating its commercial-stage neuroscience business and development-stage oncology business.

ReElement Technologies10/27/2022N/AAmerican Resources CorporationARECSpinoff
American Resources Corporation, spinoff details:

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

Live Entertainment and MSG Networks businesses10/26/202203/31/2023Madison Square Garden Entertainment Corp.MSGESpinoff
Madison Square Garden Entertainment Corp. , spinoff details:

Madison Square Garden Entertainment Corp. (MSGE) announced that it has confidentially submitted an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission for the proposed spin-off of its traditional live entertainment and MSG Networks businesses.

Update(s):

January 13, 2023:

Madison Square Garden Entertainment Corp (MSGE.N) said on Friday it would move forward with a previously proposed spinoff of its live entertainment business, which houses the iconic New York arena.
The tax-free spinoff, which is expected to be completed by the end of March, will give shareholders of MSG Entertainment a 67% economic interest in the new company.
The new company, which will include other venues such as Radio City Music Hall, the Beacon Theatre and the Chicago Theatre, will take on the name Madison Square Garden Entertainment Corp, while the existing company will be renamed MSG Sphere Corp.

Madison Square Garden Entertainment Corp (MSGE) said  it would move forward with a previously proposed spinoff of its live entertainment business, which houses the iconic New York arena.

The tax-free spinoff, which is expected to be completed by the end of March, will give shareholders of MSG Entertainment a 67% economic interest in the new company.

The new company, which will include other venues such as Radio City Music Hall, the Beacon Theatre and the Chicago Theatre, will take on the name Madison Square Garden Entertainment Corp, while the existing company will be renamed MSG Sphere Corp.

February 16, 2023: Madison Square Garden Entertainment (MSGE) (to be renamed MSG Sphere Corp. following the spin-off) has filed a publicly available Form 10 Registration Statement with the U.S. Securities and Exchange Commission for the new live entertainment company, which would take on the name Madison Square Garden Entertainment Corp.

March 30, 2023: Madison Square Garden Entertainment Corp. (MSGE) announced that its board of directors has approved the spin-off of its traditional live entertainment business, which is expected to be completed on April 20th.

Investor presentation

NewCo10/24/2022Q4 2023Medtronic plcMDTSpinoff
Medtronic plc, spinoff details:

Medtronic plc (MDT), a global leader in healthcare technology, announced its intention to pursue a separation of the company's combined Patient Monitoring and Respiratory Interventions businesses ("NewCo"), which are part of the company's Medical Surgical Portfolio.

Base metals businrss10/21/2022N/AVale S.A.VALESpinoff
Vale S.A. , spinoff details:

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

SpinCo10/14/2022Q1 2024Albertsons Cos.ACISpinoff
Albertsons Cos. , spinoff details:

Albertsons Cos. (ACI) is prepared to establish an Albertsons Cos. subsidiary (SpinCo). SpinCo would be spun-off to Albertsons Cos. shareholders immediately prior to merger closing and operate as a standalone public company. Kroger and Albertsons Cos. have agreed to work together to determine which stores would comprise SpinCo, as well as the pro forma capitalization of SpinCo.

Steel Processing business09/29/2022Q1 2024Worthington Industries, Inc.WORSpinoff
Worthington Industries, Inc., spinoff details:

 Worthington Industries, Inc. (WOR), a leading industrial manufacturing company, announced that its Board of Directors unanimously approved a plan to pursue a separation of the company’s Steel Processing business into a new public company. 

Canadian oil sands operations09/28/2022N/ATotalEnergies SETTESpinoff
TotalEnergies SE, spinoff details:

TotalEnergies (TTE) said it is looking to spin off its Canadian oil sands operations and list the new company on the Toronto Stock Exchange, as the assets do not fit with the French oil major's low-emissions strategy.

The proposal will be submitted to a vote at the supermajor’s annual general meeting in May 2023.

CXApp Holding Corp09/26/2022Q4 2022InpixonINPXReverse Morris Trust
Inpixon, spinoff details:

Inpixon (INPX), the Indoor Intelligence company,  announced it has signed a definitive merger agreement with KINS Technology Group, a publicly traded special purpose acquisition company (KINZ), for KINS to acquire Inpixon's enterprise apps business. 

The transaction will be structured as a business combination with Inpixon's newly formed subsidiary, CXApp Holding Corp., that is anticipated to result in Inpixon stockholders receiving shares in KINS valued at approximately $69 million. 

ATM business09/15/2022Q4 2023NCR CorporationNCRSpinoff
NCR Corporation , spinoff details:

NCR Corporation (NCR), a leading enterprise technology provider to banks, retailers and restaurants, announced its Board of Directors has unanimously approved a plan to separate NCR into two independent, publicly traded companies

– one focused on digital commerce,

- ATM business

The separation is intended to be structured in a tax-free manner and is targeted for the end of 2023.

Digital commerce business09/15/2022Q4 2023NCR CorporationNCRSpinoff
NCR Corporation, spinoff details:

NCR Corporation (NCR), a leading enterprise technology provider to banks, retailers and restaurants, announced its Board of Directors has unanimously approved a plan to separate NCR into two independent, publicly traded companies

– one focused on digital commerce,

- ATM business

The separation is intended to be structured in a tax-free manner and is targeted for the end of 2023.

Veralto Corporation09/14/2022Q4 2023Danaher CorporationDHRSpinoff
Danaher Corporation, spinoff details:

Danaher Corporation (DHR) announced its intention to separate its Environmental & Applied Solutions segment to create an independent, publicly traded company. The new company will be comprised of Danaher's Water Quality and Product Identification businesses and will be referred to as "EAS" until it is named at a later date.

The transaction is intended to be tax-free to Danaher shareholders and expected to be completed in the fourth quarter of 2023.

Update(s):

February 8, 2023: Danaher Corporation (DHR) announced that Veralto Corporation will be the name of the separate public company Danaher intends to create in the fourth quarter of 2023.

Sandoz08/25/2022Q4 2023Novartis AGNVSSpinoff
Novartis AG, spinoff details:

Novartis (NVS) plans to spin off its underperforming generics unit Sandoz to sharpen its focus on its patented prescription medicines, the Swiss group said on Thursday, acknowledging it had not received any formal offers for the business to date.

The transaction, which is anticipated to be generally tax-neutral for Novartis, is expected to be completed in the second half of next year, subject to market conditions

August 25, 2022: Investor presentation

Banner Midstream08/24/2022N/ABitNile Metaverse, Inc. Previously Ecoark Holdings, Inc.BNMVReverse Morris Trust
BitNile Metaverse, Inc. Previously Ecoark Holdings, Inc. , spinoff details:

Ecoark Holdings, (ZEST) announced the execution of a definitive agreement to divest its wholly-owned subsidiary, Banner Midstream Corp, via a reverse merger into the company, Enviro Technologies US, (EVTN). Enviro will issue 12,996,958 shares to Ecoark in exchange for 100% of the issued and outstanding common stock of Banner to result in a 70% retained ownership for Ecoark at closing. 

Update(s):

March 10, 2023: 

The name and ticker symbol change are subject to regulatory approval and are expected to be completed within the next 10 trading days. The plan to change the company’s name and stock ticker are a planned next step after the Company’s recent acquisition of BitNile.com from Ault Alliance(AULT). 

Ecoark Holdings, Inc. (ZEST)  announced its plan to rename the company to “BitNile Metaverse Inc.”, and change its stock ticker symbol to “BNMV”. 
The name and ticker symbol change are subject to regulatory approval and are expected to be completed within the next 10 trading days. The plan to change the company’s name and stock ticker are a planned next step after the Company’s recent acquisition of BitNile.com from Ault Alliance(AULT). 

March 21, 2023: Ecoark Holdings Changes its name to BitNile Metaverse (BNMV). The company’s ticker symbol will change from “ZEST” to “BNMV”. 

Action Outdoor Sports08/15/2022Q4 2023AMMO, Inc.POWWSplitoff
AMMO, Inc., spinoff details:

AMMO, Inc. (POWW), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, announces that its Board of Directors has unanimously approved a plan to separate its ammunition and marketplace businesses into two independent publicly-traded companies.

Outdoor Online will be comprised of GunBroker.com and its related online businesses. Current AMMO Chairman & CEO, Fred Wagenhals, will assume the Chairman & CEO role in Outdoor Online. 

The second entity, Action Outdoor Sports, will retain the company’s current ammunition and munition components business

Investor Presentation

Outdoor Online08/15/2022Q4 2023AMMO, Inc.POWWSplitoff
AMMO, Inc., spinoff details:

 

AMMO, Inc. (POWW), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, announces that its Board of Directors has unanimously approved a plan to separate its ammunition and marketplace businesses into two independent publicly-traded companies.
Outdoor Online will be comprised of GunBroker.com and its related online businesses. Current AMMO Chairman & CEO, Fred Wagenhals, will assume the Chairman & CEO role in Outdoor Online. 
The second entity, Action Outdoor Sports, will retain the company’s current ammunition and munition components business

AMMO, Inc. (POWW), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, announces that its Board of Directors has unanimously approved a plan to separate its ammunition and marketplace businesses into two independent publicly-traded companies.

Outdoor Online will be comprised of GunBroker.com and its related online businesses. Current AMMO Chairman & CEO, Fred Wagenhals, will assume the Chairman & CEO role in Outdoor Online. 

The second entity, Action Outdoor Sports, will retain the company’s current ammunition and munition components business

Investor Presentation

Update(s):

August 25, 2022: AMMO, Inc. (POWW) CEO provides letter to Shareholders highlighting the separation of its Ammunition and Marketplace segments into two independent publicly traded companies. Current AMMO (POWW) shareholders will retain their full shares in Outdoor Online, which will be the new name of that company. 

SpinCo08/11/2022Q4 2022 or in Q1 2023iStarSTARSpinoff
iStar, spinoff details:

iStar (STAR) will spin off to iStar shareholders a new publicly traded entity ("SpinCo") that will own all of its remaining non-ground lease assets and $400 million of its SAFE shares, enabling iStar shareholders to participate in the orderly monetization of these assets over time. SpinCo will be managed by New Safehold in exchange for a management fee.

Press Release

Investor Presentation

Update(s):

March 17, 2023: iStar (STAR) announced that its Board of Directors has conditionally declared a pro rata distribution of 0.153 common shares of Star Holdings for each share of iStar common stock outstanding as of March 27, 2023, the record date for the distribution. 

iStar currently expects the distribution to be made before the open of trading on March 31, 2023.

Knife River Corporation08/04/2022Q4 2023MDU Resources Group, Inc.MDUSpinoff
MDU Resources Group, Inc., spinoff details:

MDU Resources Group, Inc. (MDU) announced that its board of directors has unanimously approved a plan to separate its wholly owned construction materials business, Knife River Corporation, from the company.  The separation is expected to be effected as a tax-free spinoff to MDU Resources shareholders and to be completed in 2023.

Update(s):

March 10, 2023: MDU Resources Group (MDU: Knife River to be listed under ticker KNF on NYSE upon spinoff from MDU Resources. MDU Resources is on track to complete the spinoff of Knife River into an independent, publicly traded company in the second quarter of 2023.

Fortrea07/28/2022N/ALaboratory Corporation of America HoldingsLHSpinoff
Laboratory Corporation of America Holdings, spinoff details:

Laboratory Corp. of America Holdings (LH) plans to spin off its unit focused on clinical drug trials, according to people familiar with the matter, a move that will create a new stand-alone company in the fast-growing contract-research sector.

Update(s):

February 09, 2023: Labcorp (LH) announced that the new company to be formed by the planned spin-off of its Clinical Development business will be known as Fortrea. Upon completion of the spin-off from Labcorp, Fortrea will operate as an independent, publicly traded global CRO that offers comprehensive drug and medical device development services.

Healthcare business07/26/2022Q4 20233M CompanyMMMSpinoff
3M Company , spinoff details:

3M Co (MMM) disclosed plans to spin off its healthcare business into a listed company, joining a raft of U.S. manufacturers looking to simplify their business and boost investor returns.

PodcastOne07/15/2022Q4 2022LiveOne, Inc.LVOSpinoff
LiveOne, Inc., spinoff details:

LiveOne (LVO), an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events, announced its intention to spin-out its wholly owned subsidiary, PodcastOne, as a separate public company to be listed on a national exchange.

North America Cereal Co06/21/2022Q4 2023Kellogg CompanyKSpinoff
Kellogg Company, spinoff details:

Kellogg Company (K) announced that its Board of Directors has approved a plan to separate its North American cereal and plant-based foods businesses, via tax-free spin-offs, resulting in three independent public companies, each better positioned to unlock their full standalone potential.

 - "Global Snacking Co." will be a leading company in global snacking, international cereal and noodles  and North America frozen breakfast

- "North America Cereal Co."  will be a leading cereal company in the U.S., Canada, and Caribbean

- "Plant Co." , will be a leading, pure-play plant-based foods company, anchored by the MorningStar Farms brand

The proposed spin-offs are intended to result in tax-free distributions of North America Cereal Co. and Plant Co. shares to Kellogg Company shareowners.  Shareowners would receive shares in the two spin-off entities on a pro-rata basis relative to their Kellogg holdings at the record date for each spin-off.

More details

Update(s):

September 28, 2022: Kellogg Company (K) announced additional appointments to the future leadership team of North America Cereal Co

Kellogg Company (K) appointed Norma Barnes-Euresti as Chief Legal Officer, Mike Christensen as Chief Human Resources Officer, Stacy Flathau as Chief Corporate Affairs Officer, Sarah Ludmer as Chief Wellbeing and ESG Officer and Bill Rex as Chief Information Officer

March 15, 2023: Kellogg Co's (K) global snacking business will be called "Kellanova" following the spin-off of its North American cereal unit.

Starz05/26/2022Q3 2022Lions Gate Entertainment Corp.LGF-ASpinoff
Lions Gate Entertainment Corp., spinoff details:

Lionsgate (LGF-A) CEO Jon Feltheimer revealed details during an investor call on, May 26, about the company’s plans to spin off its Starz streaming unit by the end of the summer.

Update(s):

August 5, 2022: Lions Gate Entertainment Corp. (LGF-A) mentioned it’s likely to announce a deal to spin off or sell a piece of its Starz cable network in September, with potential partners also showing interest in the company’s film and TV studios.

NewCo05/25/2022Q4 2022Citius Pharmaceuticals, Inc.CTXRCarve Out
Citius Pharmaceuticals, Inc. , spinoff details:

 

Citius Pharmaceuticals, Inc.(CTXR), a late-stage biopharmaceutical company developing and commercializing first-in-class critical care products,  announced that it intends to split the Company's assets into two separate publicly-traded entities. 
Citius plans to form a new company (NewCo) focused on developing and commercializing I/ONTAK, for which a Phase 3 trial was completed in December 2021 and a biologics license application (BLA) is being planned for submission in the second half of 2022.
Citius intends the spinoff to be accomplished through an initial public offering (IPO) and pro rata distribution of stock in the NewCo to Citius shareholders. 
The transactions are expected to be completed in the second half of calendar year 2022

Citius Pharmaceuticals, Inc. (CTXR), a late-stage biopharmaceutical company developing and commercializing first-in-class critical care products,  announced that it intends to split the Company's assets into two separate publicly-traded entities

Citius Pharmaceuticals, Inc. announces intention to Spinoff Late-Stage Oncology Asset, I/ONTAK, into a New Standalone Publicly Traded Company

Citius intends the spinoff to be accomplished through an initial public offering (IPO) and pro rata distribution of stock in the NewCo to Citius shareholders. 

The transactions are expected to be completed in the second half of calendar year 2022

Asset Management Business05/12/2022Q4 2022Brookfield Asset ManagementBAMSpinoff
Brookfield Asset Management, spinoff details:

Publicly traded Brookfield Asset Management Inc. (BAM) and distribute a 25% interest worth an estimated $20 billion to shareholders later this year, Bruce Flatt, chief executive, said in a letter

Update(s):

September 23, 2022: Brookfield (BAM) announced that its Board of Directors has unanimously approved the transaction for the public listing and distribution of a 25% interest in its asset management business, through Brookfield Asset Management Ltd. 

Acanna Therapeutics Inc.05/11/2022N/AEnveric Biosciences, Inc.ENVBSpinoff
Enveric Biosciences, Inc., spinoff details:

 

 Enveric Biosciences (ENVB), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, announced plans to transfer and spin-off its cannabinoid clinical development pipeline assets to a wholly-owned subsidiary, Acanna Therapeutics Inc., by way of dividend to Enveric shareholders. 
 

 Enveric Biosciences (ENVB), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, announced plans to transfer and spin-off its cannabinoid clinical development pipeline assets to a wholly-owned subsidiary, Acanna Therapeutics Inc., by way of dividend to Enveric shareholders.  

 

Aramark Uniform Services05/10/2022Q4 2023AramarkARMKSpinoff
Aramark , spinoff details:

 

Aramark (ARMK) announced its plan to separate Aramark Uniform Services (AUS) into an independent, publicly traded company. The transaction is intended to be structured as a spin-off that is tax-free to Aramark and its stockholders. 
The Company currently expects the spin-off to occur by the end of fiscal 2023.

Aramark (ARMK) announced its plan to separate Aramark Uniform Services (AUS) into an independent, publicly traded company. The transaction is intended to be structured as a spin-off that is tax-free to Aramark and its stockholders. 

The Company currently expects the spin-off to occur by the end of fiscal 2023.

Investor Presentation

 

Outdoor Products (to be renamed)05/05/20222023Vista Outdoor Inc.VSTOSplitoff
Vista Outdoor Inc. , spinoff details:

 

Vista Outdoor Inc.(VSTO) announced that its Board of Directors has unanimously approved a plan to separate its Outdoor Products and Sporting Products segments into two independent, publicly-traded companies. The Company expects to create these companies through a tax-free spin-off of its Outdoor Products segment to Vista Outdoor shareholders. 
Following the separation, the Company's Outdoor Products segment will be an industry-leading platform of outdoor brands including CamelBak, Bell, Giro, Camp Chef, Bushnell, Bushnell Golf, Foresight Sports, Stone Glacier and QuietKat. 
As an independent company, Sporting Products will continue to focus on ammunition categories through its renowned brands including Federal, Remington, CCI, Speer, Estate Cartridge and HEVI-Shot.

Vista Outdoor Inc. (VSTO) announced that its Board of Directors has unanimously approved a plan to separate its Outdoor Products and Sporting Products segments into two independent, publicly-traded companies. The Company expects to create these companies through a tax-free spin-off of its Outdoor Products segment to Vista Outdoor shareholders. 

Following the separation, the Company's Outdoor Products segment will be an industry-leading platform of outdoor brands including CamelBak, Bell, Giro, Camp Chef, Bushnell, Bushnell Golf, Foresight Sports, Stone Glacier and QuietKat. 

As an independent company, Sporting Products will continue to focus on ammunition categories through its renowned brands including Federal, Remington, CCI, Speer, Estate Cartridge and HEVI-Shot.

Update(s):

July 27, 2022: On May 5, 2022, Vista Outdoor Inc. (VSTO) announced that Board of Directors has unanimously approved preparations for the separation of our Outdoor Products and Sporting Products reportable segments into two independent, publicly-traded companies. During the three months ended June 26, 2022, they incurred costs associated with the planned separation, including advisory and legal fees. Given the nature of transaction costs, and differences in these amounts from one transaction to another, the company believes these costs are not indicative of ongoing operations of the company. They applied a blended tax rate of 25 percent.

Investor Presentation

SkyHawk Security05/03/2022N/ARadwareRDWRSpinoff
Radware , spinoff details:

Radware (RDWR), a leading provider of cyber security and application delivery solutions, announced the spinoff of its Cloud Native Protector business to form a new company called SkyHawk Security. 

Investor Presentation

Transportation Business04/07/2022N/AConduent IncorporatedCNDTSpinoff
Conduent Incorporated, spinoff details:

Conduent Incorporated (CNDT), a business process services and solutions company, announced it is pursuing a separation of its Transportation business through either a sale or a spin-off.

Update(s):

July 19, 2022: Conduent Incorporated (CNDT), a business process services and solutions company, plans to report its second-quarter 2022 financial results on Tuesday, Aug. 2, after market close.

Crane NXT03/30/202204/03/2023Crane Co.CRSplitoff
Crane Co. , spinoff details:

 

Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that its Board of Directors has unanimously approved a plan to pursue a separation into two independent, publicly-traded companies.  After the separation, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses. Payment and Merchandising Technologies Business to Become “Crane NXT”.
Crane NXT's shares are expected to be listed on the NYSE under the ticker symbol “CXT”.
Separation Expected to be Completed Within Approximately 12 Months.

Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that its Board of Directors has unanimously approved a plan to pursue a separation into two independent, publicly-traded companies.  After the separation, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses.

Payment and Merchandising Technologies Business to Become “Crane NXT”.

Crane NXT's shares are expected to be listed on the NYSE under the ticker symbol “CXT”.

Separation Expected to be Completed Within Approximately 12 Months.

Update(s):

July 26, 2022:  Search process for Crane NXT CEO is underway, including evaluation of internal and external candidates.

December 15, 2022: Crane (CR) announced that it has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission and is on track to complete the previously announced separation on April 3, 2023.

February 27, 2023: Crane Holdings, Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that Christina Cristiano has been appointed Senior Vice President, Chief Financial Officer of Crane NXT. Spinoff is expected to occur on April 3, 2023.

March 20, 2023: Crane Holdings (CR), announced the signing of credit agreements that will provide an aggregate principal amount of $1.65 billion in new syndicated revolving credit and term loan facilities for Crane Company and Crane NXT. The new facilities are intended to support Crane’s previously announced plan to separate into two independent and simplified businesses, which we expect to complete on April 3, 2023.

Home Appliances and Personal Care businesses02/04/2022N/ASpectrum Brands Holdings, Inc.SPBSpinoff
Spectrum Brands Holdings, Inc., spinoff details:

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. 

Ault Alliance, Inc11/22/2021Q4 2022Ault Global Holdings, Inc.DPWSplitoff
Ault Global Holdings, Inc., spinoff details:

Ault Global Holdings, Inc. (DPW) a diversified holding company, announced its plan to split into two public companies by pursuing a spin-off of Ault Alliance to its stockholders.

Ault Alliance will continue its focus on the Company’s legacy businesses and more recently initiated operations, including lending and investing in the real estate and distressed asset spaces, among others, defense, and power solutions, including EV charging products.

Ault Global Holdings, Inc. to change its name to BitNile Holdings, Inc. and stock symbol to NILE by the end of 2021

Kenvue -Consumer Health business11/12/2021Q2 2023Johnson & JohnsonJNJSpinoff
Johnson & Johnson, spinoff details:

Johnson & Johnson (JNJ) announced its intent to separate the Company’s Consumer Health business, creating a new publicly traded company.

Investor Presentation

Update(s):

August 24, 2022: Johnson & Johnson (JNJ) announced the appointment of Larry Merlo as Non-executive Chair Designate for the future, listed New Consumer Health Company’s Board of Directors. Merlo previously served as President and CEO of CVS Health

September 28, 2022: Johnson & Johnson (JNJannounces Kenvue as the name for planned new consumer health company

January 4, 2023: Johnson & Johnson's (JNJ) consumer health unit Kenvue filed to be listed as an independent company, bringing the healthcare conglomerate a step closer to completing the biggest shakeup.

GE Aviation11/09/2021Q1 2024General Electric CompanyGESpinoff
General Electric Company, spinoff details:

GE (GE) announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy. Following the split, it will become an aviation company, helmed by Culp. The aviation company will inherit GE's other assets and liabilities, including its runoff insurance business.

Investor presentation

Update(s):

November 15, 2021: GE Aviation is ready to look at acquisitions to top up its portfolio with technologies that could help it shape the future of flight, without waiting for a planned break-up of its parent General Electric Co (GE).

Combined Renewable Energy and Power11/09/2021Q1 2024General Electric CompanyGESpinoff
General Electric Company, spinoff details:

GE (GE) announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy by
combining GE Renewable Energy, GE Power, and GE Digital into one business, positioned to lead the energy transition, and then pursuing a tax-free spin-off of this business in early 2024.

Investor presentation

Coal Business09/14/2021N/ATeck Resources LtdTECKSpinoff
Teck Resources Ltd, spinoff details:

Teck Resources Ltd. (TECK) is exploring options for its metallurgical coal business, including a sale or spinoff that could value the unit at as much as $8 billion

Trend Discovery Holdings LLC,08/26/2021Q4 2021BitNile Metaverse, Inc. Previosuly Ecoark Holdings, Inc.BNMVSpinoff
BitNile Metaverse, Inc. Previosuly Ecoark Holdings, Inc., spinoff details:

Ecoark Holdings, Inc. (ZEST), announced its plan to spin-off its subsidiary, Trend Discovery Holdings LLC, and its subsidiaries into a new independent publicly-traded company through a pro rata distribution of Trend’s common stock to Ecoark’s shareholders.

Update(s):

March 21, 2023: Ecoark Holdings Changes its name to BitNile Metaverse (BNMV). The company’s ticker symbol will change from “ZEST” to “BNMV”. 

SK Square06/10/2021Q4 2021SK Telecom Co.,LtdSKMSplitoff
SK Telecom Co.,Ltd , spinoff details:

June 10, 2021: SK Telecom (SKM) announced that the Board of Directors approved the plan to split the company into SK Telecom and SKT Investment (new entity, tentatively named) through a horizontal spin-off.

Press Release

Investor Presentation

Update(s):

August 11, 2021: SKT (SKM) is taking necessary steps to split the company into a surviving company based on telecommunications, AI and digital infrastructure and a new investment company specialized in semiconductor and ICT. The spin-off is expected to be finalized through the General Shareholders Meeting to be held on October 12, 2021.

August 17, 2021: SK Telecom (SKM) announced that the name of the new company to be established through a horizontal spin-off has been decided as “SK Square.” The surviving company will keep its current name SK Telecom. SK Telecom is expected to officially split into SK Telecom and SK Square on November 1, 2021.

November 01, 2021: SK Telecom (SKM) held a Board of Directors Meeting at its headquarters and announced that Ryu Young-sang, has been appointed as its new CEO.

November 26, 2021: SK Squareband One Store, a company included in the investment portfolio of SK Square, announced that they applied for a preliminary review of their IPO plan for listing One Store on KOSPI by the first half of next year.

Quantinuum06/08/2021Q3 2021Honeywell International Inc.HONReverse Morris Trust
Honeywell International Inc. , spinoff details:

June 08, 2021: Honeywell International Inc. (HON) plans to spin off its quantum computing business and merge it with a software firm to form a new company that is likely to trade publicly.

Update(s):

July 21, 2021: Honeywell (HON) and Cambridge Quantum announced in June they are combining to form the world's largest, stand-alone quantum computing company. Closing of the combination transaction remains subject to regulatory review and customary closing conditions.

November 30, 2021: Honeywell (HON) announced  that Honeywell Quantum Solutions (HQS) and Cambridge Quantum (CQ), two global leaders in quantum computing and technology, received regulatory approval and completed the previously announced business combination.

Wynn Interactive Ltd.05/10/2021Q4 2021Wynn Resorts, LimitedWYNNReverse Morris Trust
Wynn Resorts, Limited, spinoff details:

May 10, 2021: Wynn Resorts, Limited (WYNN) and Austerlitz Acquisition Corporation I announced that they have entered into a definitive agreement under which Austerlitz I will combine with Wynn Interactive Ltd., a subsidiary of Wynn Resorts, to create an independent public company. Upon closing of the proposed transaction, the combined company will retain the “Wynn Interactive, Ltd.” name and relist its shares on the Nasdaq Stock Exchange under the new ticker symbol “WBET.”

Office Depot Consumer Business05/05/2021Q2 2022The ODP CorporationODPSpinoff
The ODP Corporation, spinoff details:

The ODP Corporation (ODP) office supply retailing company, announced today that its Board of Directors has unanimously approved a plan to pursue a separation of the Company into two independent, publicly-traded companies.

Press Release

Update(s):

June 4, 2021: The ODP Corporation (ODP), through an integrated B2B distribution platform with an online presence confirmed that its Board of Directors has received a proposal from USR Parent, Inc. (“Staples”), the parent company of Staples and a portfolio company of Sycamore Partners, to acquire the Company’s consumer business for $1 billion in cash.

August 4, 2021: The Company has modified its plan for the separation to be structured as a tax-free spin-off of the Company’s consumer business, with the Company retaining its B2B related operations.

August 24, 2021:  The ODP Corporation (ODP) Announces officedepot.com, will be spun-off and will be named Office Depot, Inc. Kevin Moffitt, currently EVP, Chief Retail Officer of The ODP Corporation, will be appointed CEO of Office Depot upon completion of the spin-off.

January 14, 2022: The ODP Corporation (ODP), announced that its Board of Directors determined to delay the previously announced public company separation to evaluate a potential sale of the Company’s consumer business

May 4, 2022: Office Depot owner close to decision on sale of retail business 'Operationally, we’ll keep our heads down and focused on continuing to drive strong execution while making progress on the strategic evaluation of our consumer business, working to bring that process to a close in the near term,’ says ODP CEO Jerry Smith.

Home Networks04/08/2021Q2 2022 (delayed)CommScope Holding Company, Inc.COMMSpinoff
CommScope Holding Company, Inc., spinoff details:

April 8, 2021: CommScope Holding Company, Inc. (COMM), a global leader in connectivity solutions for communications networks, announced its plan to spin-off its Home Networks business and other initiatives to reduce operating costs throughout the Company.

Investor Presentation

Update(s):

May 6, 2021: Announced plan to spin-off Home Networks business on track.

August 5, 2021: Planned spin-off progressing; on track to complete spin-off during second quarter 2022.

February 17, 2022: Planned spin-off of Home Networks business delayed due to supply chain constraints.

Lennar Mortgage Finance03/17/2021Q3 or Q4 2022Lennar CorporationLENSpinoff
Lennar Corporation, spinoff details:

Lennar Corp said it plans to spin-off all or parts of ongoing businesses to become a pure-play homebuilder and financial services company.

Update(s):

March 17, 2022: Stuart Miller - Executive Chairman mentioned during earning call that they have Filed confidential Form 10 filing in February.? Also added, Given the choppiness of the capital markets and the work that is still being completed, we're pushing our expectations for the actual execution to the third or fourth quarter of this year.

Solar Juice10/27/2020N/ASPI Energy Co., Ltd.SPISpinoff
SPI Energy Co., Ltd., spinoff details:

October 27, 2020: SPI Energy (SPI) announced that its Board of Directors has approved the Company's plan to spin off its Solar Juice subsidiary through an initial public offering.

May 18, 2021: SPI Energy Co., Ltd. (SPI), a global renewable energy company and provider of solar storage and electric vehicle solutions for business, residential, government, logistics, and utility customers and investors, announced the appointment of Ning “Clare” Cai as its Chief Financial Officer of the Company’s SolarJuice Co., Ltd. (“Solarjuice”) subsidiary.

Life & Retirement business (Corebridge Financial)10/26/2020N/AAmerican International GroupAIGCarve Out
American International Group, spinoff details:

October 26, 2020: American International Group (AIG) announced its intention to separate its Life & Retirement business from AIG.

Update(s):

December 9, 2020: AIG Life & Retirement, a division of American International Group Inc. (AIG), announced that Todd Solash, Chief Executive Officer of its Individual Retirement business, will take on an expanded role with the additional leadership of the company’s Life Insurance business.

July 14, 2021: American International Group, Inc. (AIG) and Blackstone (BX) announced that they have reached a definitive agreement for Blackstone to acquire a 9.9% equity stake in AIG’s Life & Retirement business for $2.2 billion in an all cash transaction.

November 2, 2021: American International Group, Inc. (AIG) and Blackstone (BX) announced that the previously disclosed transaction for Blackstone to acquire a 9.9% equity stake in AIG’s Life & Retirement business and for Blackstone to manage an initial $50 billion of Life & Retirement’s existing investment portfolio has closed.

March 28, 2022: American International Group, Inc. (AIGannounced Directors for the Board of Directors of Corebridge Financial, Inc. as it continues to prepare its Life & Retirement business to be a standalone company.

March 28, 2022: American International Group, Inc. (AIG) announced that it plans to rebrand SAFG Retirement Services, Inc., the parent company of its Life & Retirement business, as Corebridge Financial, Inc. when it becomes a public company.

March 28, 2022: American International Group Inc. filed for an initial public offering of its life and retirement arm, one of the final steps in a years-long effort to simplify the sprawling insurer.

April 11, 2022:  American International Group, Inc. (AIG) announced that Sabra Purtill, has been appointed Executive Vice President and Chief Investment Officer for its Life & Retirement business, effective immediately.

LENSAR, Inc.08/26/2020N/APDL BioPharma, Inc.PDLISpinoff
PDL BioPharma, Inc., spinoff details:

August 26, 2020: PDL BioPharma (PDLI) announced that its majority owned medical device subsidiary, LENSAR, has filed a registration statement on Form 10 with the Securities and Exchange Commission relating to a potential spin-off of LENSAR from PDL. In the event the spin-off is consummated, LENSAR has applied to list shares of its common stock on the NASDAQ stock market under the ticker symbol “LNSR.”

Curibaya07/29/2020Q4 2020Auryn Resources Inc.AUGSpinoff
Auryn Resources Inc., spinoff details:

July 29, 2020: Auryn Resources (AUG) and Eastmain Resources announced that they have entered into a definitive agreement pursuant to which Auryn will acquire all of the issued and outstanding shares of Eastmain, immediately following a spin out of Auryn’s Peruvian projects to Auryn shareholders and completion of a concurrent financing. The Transaction will create Fury Gold Mines Limited and two independent spin-out entities - “SpinCo Sombrero” consisting of the Sombrero project and “SpinCo Curibaya” consisting of the Curibaya and Huilacollo projects.

Sombrero07/29/2020Q4 2020Auryn Resources Inc.AUGSpinoff
Auryn Resources Inc., spinoff details:

July 29, 2020: Auryn Resources (AUG) and Eastmain Resources announced that they have entered into a definitive agreement pursuant to which Auryn will acquire all of the issued and outstanding shares of Eastmain, immediately following a spin out of Auryn’s Peruvian projects to Auryn shareholders and completion of a concurrent financing. The Transaction will create Fury Gold Mines Limited and two independent spin-out entities - “SpinCo Sombrero” consisting of the Sombrero project and “SpinCo Curibaya” consisting of the Curibaya and Huilacollo projects.

White Cap07/17/2020N/AHD Supply Holdings, Inc.HDSCarve Out
HD Supply Holdings, Inc., spinoff details:

July 17, 2020: The board of directors of HD Supply Holdings (HDS) has approved the spinoff to stockholders of our White Cap Construction & Industrial business unit. White Cap is a leading distributor of specialty concrete and construction products and services in North America serving professional contractors. Its common stock will be listed on The Nasdaq Stock Market under the symbol "WCAP." Following completion of the spinoff, HD Supply common shares will continue to trade on NASDAQ under the symbol "HDS" and HD Supply will continue to operate its Facilities Maintenance business unit.

New BBX Capital,06/17/2020N/ABBX Capital CorporationBBXSpinoff
BBX Capital Corporation, spinoff details:

June 17, 2020: BBX Capital Corporation (BBX) announced its intention to spin off its subsidiary, BBX Capital Florida LLC (“New BBX Capital”), in order to separate the business, activities and investments of the Company into two separate, publicly-traded companies: (i) the Company, which will continue to hold its investment in Bluegreen Vacations Corporation (“Bluegreen Vacations”), a leading vacation ownership company that markets and sells vacation ownership interests and manages resorts in popular leisure and urban destinations, and (ii) New BBX Capital, which will continue to hold or will hold at the time of the spin-off all of the Company’s other businesses and investments, including BBX Capital Real Estate LLC, BBX Sweet Holdings, LLC and Renin Holdings, LLC. As a result of the spin-off, the Company will cease to have any ownership interest in New BBX Capital and will become a “pure-play” Bluegreen Vacations holding company.

Bath & Body Works02/20/2020N/AL Brands, Inc.LBCarve Out
L Brands, Inc., spinoff details:

February 2, 2020: L Brands (LB) and Sycamore Partners announced a strategic transaction by positioning Bath & Body Works standalone public company and separating Victoria’s Secret into a privately-held entity.

May 5, 2020: L Brands (LB) announced that it had reached an agreement with New York-based private equity firm Sycamore Partners to cancel the sale of a 55% stake in Victoria's Secret. In a statement, L Brands said it would continue to prepare Victoria's Secret to spin off as a private, standalone company. In the meantime, it says it will go forward with a plan to be centered on Bath & Body Works, which has been its faster-growing brand.

May 11, 2021: L Brands, Inc. (LB) announced its Board of Directors has unanimously approved a plan to separate the company into two independent, public companies: Bath & Body Works, one of the world’s leading bath, body and home fragrance retailers, and Victoria’s Secret, including Victoria’s Secret Lingerie, PINK and Victoria’s Secret Beauty, a leading retailer of intimates and beauty products.

July 09, 2021: L Brands, Inc. (LB) announced that its Board of Directors approved a name change from L Brands, Inc. to Bath & Body Works, Inc. L Brands’ stock symbol will also change from “LB” to “BBWI.” The Name Change is expected to become effective on August 2, 2021, in connection with the separation. L Brands’ common stock is expected to start trading under the new stock symbol on August 3, 2021.

Hispanoamerica11/27/2019N/ATelefonica, S.A.TEFSpinoff
Telefonica, S.A., spinoff details:

November 27, 2019: Telefónica S.A. (TEF) to Spin Off Hispanoamerica Business as Part of Action Plan.

Global Connect business11/07/2019Q4 2020Nielsen Holdings plcNLSNSpinoff
Nielsen Holdings plc, spinoff details:

November 7, 2019: Nielsen Holdings (NLSN) announced the completion of its strategic review and its plan to spin-off the company's Global Connect business, creating two independent, publicly traded companies—the Global Media business and the Global Connect business—each of which will have sharper strategic focus and greater opportunity to leverage its unique competitive advantages. Nielsen currently expects the spin-off transaction to be completed in nine to twelve months

Speedway10/31/2019Q4 2020Marathon Petroleum CorporationMPCCarve Out
Marathon Petroleum Corporation, spinoff details:

October 31, 2019: Marathon Petroleum Corporation (MPC) announced its intention to separate Speedway into an independent, publicly traded company.

Update(s):

January 13, 2021: TechnipFMC's CFO to leave for Marathon Petroleum role ahead of spinoff

Facilities Maintenance09/24/2019Q4 2020HD Supply Holdings, Inc.HDSSplitoff
HD Supply Holdings, Inc. , spinoff details:

September 24, 2019: HD Supply Holdings (HDS) announced its intention to separate its Facilities Maintenance and Construction & Industrial businesses into two independent publicly traded companies through a distribution, which is expected to be tax-free to HD Supply shareholders for U.S. tax purposes. The separation is expected to be completed by the middle of fiscal 2020.

March 30, 2020: HD Supply Holdings (HDS) announced that due to materially changing market conditions caused by the COVID-19 pandemic, the previously announced timeline for the separation of its two businesses had been impacted. The Company remains committed to the separation of the two businesses and the strategic rationale is unchanged. The Company is continuing its preparations for separation when the markets sufficiently recover.

Conifer business07/24/2019Q2 2021Tenet Healthcare CorporationTHCSpinoff
Tenet Healthcare Corporation, spinoff details:

July 24, 2019: Tenet Healthcare Corporation (THC) announced its intention to pursue a tax-free spin-off of its Conifer business as a separate, independent publicly traded company. The company expects to complete the spin-off by the end of the second quarter of 2021.

December 1, 2020:  Tenet Healthcare Corporation (THC) announced the appointment of J. Roger Davis as President and Chief Executive Officer of its Conifer Health Solutions subsidiary, effective immediately.

April 10, 2021: Tenet Healthcare Corporation (THC) announced its intention to pursue a tax-free spin-off of its Conifer business as a separate, independent publicly traded company.

The company expects to complete the spin-off by the end of the second quarter of 2021.

 

 

Digital Farms, Inc.11/27/2018N/AAult Global Holdings, Inc.DPWSpinoff
Ault Global Holdings, Inc., spinoff details:

November 27, 2018: DPW Holdings (DPW) announced that its Board of Directors has authorized the officers of DPW to pursue a spinoff of DPW’s wholly-owned subsidiary Super Crypto Mining, Inc.

January 2018: DPW formed Super Crypto Mining, Inc., a wholly-owned subsidiary, which recently changed its name to Digital Farms, Inc. (“DFI”). DFI was established to operate their newly formed cryptocurrency business, which is pursuing a variety of digital currency. They mine the top three cryptocurrencies for their own account. These cryptocurrencies include Bitcoin, Litecoin and Ethereum.

January 5, 2021: DPW Holdings (DPW), announced that it will, effective January 18, 2021, change its name to Ault Global Holdings, Inc. No approval of the Company’s stockholders is required for the Name Change. The Company’s shares will remain traded on the NYSE American under its current ticker symbol “DPW.”

Prescription Pharmaceuticals (Rx) business08/09/2018N/APerrigo Company plcPRGOSpinoff
Perrigo Company plc, spinoff details:

August 9, 2018: Perrigo Company (PRGO) announced that its Board of Directors approved a plan to separate the Company's Prescription Pharmaceuticals (Rx) business following the Company's previously announced strategic portfolio review.

Powertrain Technology Company04/10/2018Q4 2020Tenneco Inc.TENSpinoff
Tenneco Inc., spinoff details:

April 10, 2018: Tenneco (TEN) announced that it has signed a definitive agreement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises L.P. for a total consideration of $5.4 billion to be funded through cash, Tenneco equity and assumption of debt. Tenneco also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an aftermarket & ride performance company and a powertrain technology company. The acquisition is expected to close in the second half of 2018, subject to regulatory and shareholder approvals and other customary closing conditions, with the separation occurring in the second half of 2019.

During the Q2 2020 conference call Brian Kesseler announced the separation has been delayed due to pandemic.

DRiV Incorporated04/10/2018N/ATenneco Inc.TENSpinoff
Tenneco Inc., spinoff details:

April 10, 2018: Tenneco (TEN) announced that it has signed a definitive agreement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises L.P. for a total consideration of $5.4 billion to be funded through cash, Tenneco equity and assumption of debt. Tenneco also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an aftermarket & ride performance company and a powertrain technology company.

The acquisition is expected to close in the second half of 2018, subject to regulatory and shareholder approvals and other customary closing conditions, with the separation occurring in the second half of 2019.

Update(s):

February 15, 2019: Tenneco (TEN) announced that DRiV Incorporated will be the name of the future publicly traded Aftermarket and Ride Performance company that will launch in the second half of this year, following Tenneco’s separation into two independent companies.

January 7, 2020: Tenneco Inc. (TEN) announced current end-market conditions are affecting the Company's ability to complete a separation in the mid-year 2020 time range. 

 January 27, 2020: Tenneco Inc. (TEN) reconfirmed that it has been reviewing strategic alternatives to maximize shareholder value. In consultation with its advisors, Tenneco is reviewing and considering, in addition to the current plan to spin off the Company's Aftermarket and Ride Performance business ("DRiV"), a full range of strategic options including the sale of DRiV and/or the Company's Powertrain Technology business.

During the Second quarter 2020 conference call Brian Kesseler announced the separation has been delayed due to pandemic.

DWS asset management business02/26/2018N/ADeutsche Bank AktiengesellschaftDBCarve Out
Deutsche Bank Aktiengesellschaft, spinoff details:

February 26, 2018: Deutsche Bank (DB) is poised to take the most tangible step so far in its reorganization with the stock market spinoff of its DWS fund management group as early as next month.

Note: Premium members can sort this table by Spinoff Name, Announced Date and Parent Symbol.

 Spinoff NameAnnounced DateParent Symbol
Freight logistics business03/08/2023UBER
Uber Technologies, Inc., spinoff details:

According to Bloomberg, Uber Technologies (UBER) is weighing up options to spin off its freight logistics business either in a sale or as a separate publicly traded company at a time when the company is doubling up efforts to grow its ride-hailing and food-delivery businesses.

Elk Valley Resources Ltd.02/21/2023TECK
Teck Resources Limited, spinoff details:

 

Teck Resources Limited (TECK)announced  the reorganization of its business to separate Teck into two independent, publicly-listed companies: Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“EVR”).
Teck Metals – a premier, growth-oriented producer of energy transition metals 
Elk Valley Resources – a pure-play, high-margin steelmaking coal producer
Under the Transition Capital Structure, Teck Metals will receive quarterly payments consisting of Royalty payments and preferred share redemption amounts that will in aggregate equal 90% of EVR free cash flow. 
Teck shareholders of record as of the applicable distribution record date will receive common shares of EVR in proportion to their Teck shareholdings at an exchange ratio of 0.1 common share of EVR for each Teck share (or approximately 51.9 million total EVR common shares) and approximately $0.39 cash per share for an aggregate of $200 million in cash. Shareholders will be able to elect to maximize the amount of cash or common shares of EVR they receive, subject to proration, through a Dutch auction election process.
As part of the Separation, Teck will change its name to Teck Metals Corp. and continue to be listed on the Toronto and New York stock exchanges (“TSX” and “NYSE”). EVR has applied to have its common shares listed on the TSX.

Teck Resources Limited (TECK)announced  the reorganization of its business to separate Teck into two independent, publicly-listed companies: Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“EVR”).

  • Teck Metals – a premier, growth-oriented producer of energy transition metals 
  • Elk Valley Resources – a pure-play, high-margin steelmaking coal producer

Under the Transition Capital Structure, Teck Metals will receive quarterly payments consisting of Royalty payments and preferred share redemption amounts that will in aggregate equal 90% of EVR free cash flow. 

Teck shareholders of record as of the applicable distribution record date will receive common shares of EVR in proportion to their Teck shareholdings at an exchange ratio of 0.1 common share of EVR for each Teck share (or approximately 51.9 million total EVR common shares) and approximately $0.39 cash per share for an aggregate of $200 million in cash. Shareholders will be able to elect to maximize the amount of cash or common shares of EVR they receive, subject to proration, through a Dutch auction election process.

As part of the Separation, Teck will change its name to Teck Metals Corp. and continue to be listed on the Toronto and New York stock exchanges (“TSX” and “NYSE”). EVR has applied to have its common shares listed on the TSX.

Teck expects that the transaction will be completed in the second quarter of 2023. 

 

Semiconductor Business02/13/2023WKEY
WISeKey International Holding, spinoff details:

WISeKey International Holding (WKEY), a leading Swiss cybersecurity, AI and IoT company announced that, through a wholly-owned subsidiary, SEALSQ Corp, it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission to effect a partial spin-off of SEALSQ Corp.

SEALSQ is in the process of applying to have its Ordinary Shares listed on the Nasdaq Global Market under the ticker symbol "LAES".

Merchant Business02/11/2023FIS
Fidelity National Information Services, spinoff details:

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.

 

February 13, 2023:  FIS Announces Plans to Spin Off Merchant Business Press Release

Flash business01/21/2023WDC
Western Digital, spinoff details:

Western Digital (WDC) would spin off its flash business and merge it with Kioxia, creating a publicly traded company in the US, the people said

Renal Care and Acute Therapies01/06/2023BAX
Baxter International Inc., spinoff details:

Baxter International Inc. (BAX), a leading global medtech company, announced a plan to spin off the company’s Renal Care and Acute Therapies global business units (GBUs) into an independent, publicly traded company.

Baxter expects to complete the proposed spinoff in 12 to 18 months

Safe and Green Development Corporation12/23/2022SGBX
Safe & Green Holdings Corp., spinoff details:

Safe & Green Holdings Corp. (SGBX) , announced that the company’s subsidiary, SGB Development Corp. has changed its name to Safe and Green Development Corporation, and that the company further intends to spin-off thirty percent of Safe and Green Development Corporation to the company’s stockholders, to form an independent, publicly traded company.

SRM12/19/2022JUPW
Jupiter Wellness , spinoff details:

Jupiter Wellness (JUPW), announced that SRM Entertainment (SRM) has filed a registration statement with the Securities and Exchange Commission to separate the company from Jupiter Wellness. Upon completion of the spin-off, SRM and Jupiter Wellness will be two independent and separate public companies and Jupiter Wellness is expected to remain the majority shareholder of SRM.

Centuri Group, Inc.12/15/2022SWX
Southwest Gas Holdings, Inc., spinoff details:

Southwest Gas Holdings (SWX) determined it will pursue a spin-off of its wholly owned subsidiary, Centuri Group, to form a new independent publicly traded utility infrastructure services company.

Fuel Systems and Aftermarket segments12/06/2022BWA
BorgWarner Inc., spinoff details:

BorgWarner (BWA), announced its intention to execute a tax-free spin-off of its Fuel Systems and Aftermarket segments into a separate, publicly traded company (“NewCo”).

Update(S):

February 14, 2023: BorgWarner(BWA): announces Brady Ericson as CEO, Chris Gropp as CFO, and PHINIA Inc. as company name for Proposed Fuel Systems and Aftermarket Segment Spin-Off.

Nitrogen Fertilizer Business11/21/2022CVI
CVR Energy, Inc., spinoff details:

CVR Energy, Inc. (CVI) announced that its board of directors has authorized CVR Energy’s management to explore a potential spin-off of its interests in its nitrogen fertilizer business, which is owned by CVR Energy through the general and limited partner interests it holds in CVR Partners, LP (UAN), a publicly traded limited partnership. 

Atlanta Braves11/17/2022LSXMA
Liberty Media Corporation , spinoff details:

Liberty Media Corporation (LSXMA) announced that its board of directors has authorized management to pursue a split-off of the Atlanta Braves and its associated real estate development project and the creation of a new Liberty Live Group tracking stock.

NewCo11/03/2022LAC
Lithium Americas Corp. , spinoff details:

 

Lithium Americas Corp. (LAC) announces that, it intends to advance a reorganization that will result in the separation of its North American and Argentine business units into two independent public companies. 
The Separation will establish two separate companies that include:
An Argentina focused lithium company owning Lithium Americas’ current interest in its Argentine lithium assets, including the near-production Caucharí-Olaroz lithium brine project in Jujuy, Argentina; and
A North America focused lithium company (“Lithium Americas (NewCo)”) owning the Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass”) and the Company’s North American investments.

Lithium Americas Corp. (LAC) announces that, it intends to advance a reorganization that will result in the separation of its North American and Argentine business units into two independent public companies. The Separation will establish two separate companies that include:

An Argentina focused lithium company owning Lithium Americas’ current interest in its Argentine lithium assets, including the near-production Caucharí-Olaroz lithium brine project in Jujuy, Argentina; and

A North America focused lithium company (“Lithium Americas (NewCo)”) owning the Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass”) and the Company’s North American investments.

The execution plan currently provides for completion of the Separation by the end of 2023.

Oncology Business11/02/2022ALKS
Alkermes plc , spinoff details:

Alkermes plc (ALKS) announced approval by its Board of Directors to explore separating its commercial-stage neuroscience business and development-stage oncology business.

ReElement Technologies10/27/2022AREC
American Resources Corporation, spinoff details:

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

Live Entertainment and MSG Networks businesses10/26/2022MSGE
Madison Square Garden Entertainment Corp. , spinoff details:

Madison Square Garden Entertainment Corp. (MSGE) announced that it has confidentially submitted an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission for the proposed spin-off of its traditional live entertainment and MSG Networks businesses.

Update(s):

January 13, 2023:

Madison Square Garden Entertainment Corp (MSGE.N) said on Friday it would move forward with a previously proposed spinoff of its live entertainment business, which houses the iconic New York arena.
The tax-free spinoff, which is expected to be completed by the end of March, will give shareholders of MSG Entertainment a 67% economic interest in the new company.
The new company, which will include other venues such as Radio City Music Hall, the Beacon Theatre and the Chicago Theatre, will take on the name Madison Square Garden Entertainment Corp, while the existing company will be renamed MSG Sphere Corp.

Madison Square Garden Entertainment Corp (MSGE) said  it would move forward with a previously proposed spinoff of its live entertainment business, which houses the iconic New York arena.

The tax-free spinoff, which is expected to be completed by the end of March, will give shareholders of MSG Entertainment a 67% economic interest in the new company.

The new company, which will include other venues such as Radio City Music Hall, the Beacon Theatre and the Chicago Theatre, will take on the name Madison Square Garden Entertainment Corp, while the existing company will be renamed MSG Sphere Corp.

February 16, 2023: Madison Square Garden Entertainment (MSGE) (to be renamed MSG Sphere Corp. following the spin-off) has filed a publicly available Form 10 Registration Statement with the U.S. Securities and Exchange Commission for the new live entertainment company, which would take on the name Madison Square Garden Entertainment Corp.

March 30, 2023: Madison Square Garden Entertainment Corp. (MSGE) announced that its board of directors has approved the spin-off of its traditional live entertainment business, which is expected to be completed on April 20th.

Investor presentation

NewCo10/24/2022MDT
Medtronic plc, spinoff details:

Medtronic plc (MDT), a global leader in healthcare technology, announced its intention to pursue a separation of the company's combined Patient Monitoring and Respiratory Interventions businesses ("NewCo"), which are part of the company's Medical Surgical Portfolio.

Base metals businrss10/21/2022VALE
Vale S.A. , spinoff details:

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

SpinCo10/14/2022ACI
Albertsons Cos. , spinoff details:

Albertsons Cos. (ACI) is prepared to establish an Albertsons Cos. subsidiary (SpinCo). SpinCo would be spun-off to Albertsons Cos. shareholders immediately prior to merger closing and operate as a standalone public company. Kroger and Albertsons Cos. have agreed to work together to determine which stores would comprise SpinCo, as well as the pro forma capitalization of SpinCo.

Steel Processing business09/29/2022WOR
Worthington Industries, Inc., spinoff details:

 Worthington Industries, Inc. (WOR), a leading industrial manufacturing company, announced that its Board of Directors unanimously approved a plan to pursue a separation of the company’s Steel Processing business into a new public company. 

Canadian oil sands operations09/28/2022TTE
TotalEnergies SE, spinoff details:

TotalEnergies (TTE) said it is looking to spin off its Canadian oil sands operations and list the new company on the Toronto Stock Exchange, as the assets do not fit with the French oil major's low-emissions strategy.

The proposal will be submitted to a vote at the supermajor’s annual general meeting in May 2023.

CXApp Holding Corp09/26/2022INPX
Inpixon, spinoff details:

Inpixon (INPX), the Indoor Intelligence company,  announced it has signed a definitive merger agreement with KINS Technology Group, a publicly traded special purpose acquisition company (KINZ), for KINS to acquire Inpixon's enterprise apps business. 

The transaction will be structured as a business combination with Inpixon's newly formed subsidiary, CXApp Holding Corp., that is anticipated to result in Inpixon stockholders receiving shares in KINS valued at approximately $69 million. 

ATM business09/15/2022NCR
NCR Corporation , spinoff details:

NCR Corporation (NCR), a leading enterprise technology provider to banks, retailers and restaurants, announced its Board of Directors has unanimously approved a plan to separate NCR into two independent, publicly traded companies

– one focused on digital commerce,

- ATM business

The separation is intended to be structured in a tax-free manner and is targeted for the end of 2023.

Digital commerce business09/15/2022NCR
NCR Corporation, spinoff details:

NCR Corporation (NCR), a leading enterprise technology provider to banks, retailers and restaurants, announced its Board of Directors has unanimously approved a plan to separate NCR into two independent, publicly traded companies

– one focused on digital commerce,

- ATM business

The separation is intended to be structured in a tax-free manner and is targeted for the end of 2023.

Veralto Corporation09/14/2022DHR
Danaher Corporation, spinoff details:

Danaher Corporation (DHR) announced its intention to separate its Environmental & Applied Solutions segment to create an independent, publicly traded company. The new company will be comprised of Danaher's Water Quality and Product Identification businesses and will be referred to as "EAS" until it is named at a later date.

The transaction is intended to be tax-free to Danaher shareholders and expected to be completed in the fourth quarter of 2023.

Update(s):

February 8, 2023: Danaher Corporation (DHR) announced that Veralto Corporation will be the name of the separate public company Danaher intends to create in the fourth quarter of 2023.

Sandoz08/25/2022NVS
Novartis AG, spinoff details:

Novartis (NVS) plans to spin off its underperforming generics unit Sandoz to sharpen its focus on its patented prescription medicines, the Swiss group said on Thursday, acknowledging it had not received any formal offers for the business to date.

The transaction, which is anticipated to be generally tax-neutral for Novartis, is expected to be completed in the second half of next year, subject to market conditions

August 25, 2022: Investor presentation

Banner Midstream08/24/2022BNMV
BitNile Metaverse, Inc. Previously Ecoark Holdings, Inc. , spinoff details:

Ecoark Holdings, (ZEST) announced the execution of a definitive agreement to divest its wholly-owned subsidiary, Banner Midstream Corp, via a reverse merger into the company, Enviro Technologies US, (EVTN). Enviro will issue 12,996,958 shares to Ecoark in exchange for 100% of the issued and outstanding common stock of Banner to result in a 70% retained ownership for Ecoark at closing. 

Update(s):

March 10, 2023: 

The name and ticker symbol change are subject to regulatory approval and are expected to be completed within the next 10 trading days. The plan to change the company’s name and stock ticker are a planned next step after the Company’s recent acquisition of BitNile.com from Ault Alliance(AULT). 

Ecoark Holdings, Inc. (ZEST)  announced its plan to rename the company to “BitNile Metaverse Inc.”, and change its stock ticker symbol to “BNMV”. 
The name and ticker symbol change are subject to regulatory approval and are expected to be completed within the next 10 trading days. The plan to change the company’s name and stock ticker are a planned next step after the Company’s recent acquisition of BitNile.com from Ault Alliance(AULT). 

March 21, 2023: Ecoark Holdings Changes its name to BitNile Metaverse (BNMV). The company’s ticker symbol will change from “ZEST” to “BNMV”. 

Action Outdoor Sports08/15/2022POWW
AMMO, Inc., spinoff details:

AMMO, Inc. (POWW), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, announces that its Board of Directors has unanimously approved a plan to separate its ammunition and marketplace businesses into two independent publicly-traded companies.

Outdoor Online will be comprised of GunBroker.com and its related online businesses. Current AMMO Chairman & CEO, Fred Wagenhals, will assume the Chairman & CEO role in Outdoor Online. 

The second entity, Action Outdoor Sports, will retain the company’s current ammunition and munition components business

Investor Presentation

Outdoor Online08/15/2022POWW
AMMO, Inc., spinoff details:

 

AMMO, Inc. (POWW), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, announces that its Board of Directors has unanimously approved a plan to separate its ammunition and marketplace businesses into two independent publicly-traded companies.
Outdoor Online will be comprised of GunBroker.com and its related online businesses. Current AMMO Chairman & CEO, Fred Wagenhals, will assume the Chairman & CEO role in Outdoor Online. 
The second entity, Action Outdoor Sports, will retain the company’s current ammunition and munition components business

AMMO, Inc. (POWW), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, announces that its Board of Directors has unanimously approved a plan to separate its ammunition and marketplace businesses into two independent publicly-traded companies.

Outdoor Online will be comprised of GunBroker.com and its related online businesses. Current AMMO Chairman & CEO, Fred Wagenhals, will assume the Chairman & CEO role in Outdoor Online. 

The second entity, Action Outdoor Sports, will retain the company’s current ammunition and munition components business

Investor Presentation

Update(s):

August 25, 2022: AMMO, Inc. (POWW) CEO provides letter to Shareholders highlighting the separation of its Ammunition and Marketplace segments into two independent publicly traded companies. Current AMMO (POWW) shareholders will retain their full shares in Outdoor Online, which will be the new name of that company. 

SpinCo08/11/2022STAR
iStar, spinoff details:

iStar (STAR) will spin off to iStar shareholders a new publicly traded entity ("SpinCo") that will own all of its remaining non-ground lease assets and $400 million of its SAFE shares, enabling iStar shareholders to participate in the orderly monetization of these assets over time. SpinCo will be managed by New Safehold in exchange for a management fee.

Press Release

Investor Presentation

Update(s):

March 17, 2023: iStar (STAR) announced that its Board of Directors has conditionally declared a pro rata distribution of 0.153 common shares of Star Holdings for each share of iStar common stock outstanding as of March 27, 2023, the record date for the distribution. 

iStar currently expects the distribution to be made before the open of trading on March 31, 2023.

Knife River Corporation08/04/2022MDU
MDU Resources Group, Inc., spinoff details:

MDU Resources Group, Inc. (MDU) announced that its board of directors has unanimously approved a plan to separate its wholly owned construction materials business, Knife River Corporation, from the company.  The separation is expected to be effected as a tax-free spinoff to MDU Resources shareholders and to be completed in 2023.

Update(s):

March 10, 2023: MDU Resources Group (MDU: Knife River to be listed under ticker KNF on NYSE upon spinoff from MDU Resources. MDU Resources is on track to complete the spinoff of Knife River into an independent, publicly traded company in the second quarter of 2023.

Fortrea07/28/2022LH
Laboratory Corporation of America Holdings, spinoff details:

Laboratory Corp. of America Holdings (LH) plans to spin off its unit focused on clinical drug trials, according to people familiar with the matter, a move that will create a new stand-alone company in the fast-growing contract-research sector.

Update(s):

February 09, 2023: Labcorp (LH) announced that the new company to be formed by the planned spin-off of its Clinical Development business will be known as Fortrea. Upon completion of the spin-off from Labcorp, Fortrea will operate as an independent, publicly traded global CRO that offers comprehensive drug and medical device development services.

Healthcare business07/26/2022MMM
3M Company , spinoff details:

3M Co (MMM) disclosed plans to spin off its healthcare business into a listed company, joining a raft of U.S. manufacturers looking to simplify their business and boost investor returns.

PodcastOne07/15/2022LVO
LiveOne, Inc., spinoff details:

LiveOne (LVO), an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events, announced its intention to spin-out its wholly owned subsidiary, PodcastOne, as a separate public company to be listed on a national exchange.

North America Cereal Co06/21/2022K
Kellogg Company, spinoff details:

Kellogg Company (K) announced that its Board of Directors has approved a plan to separate its North American cereal and plant-based foods businesses, via tax-free spin-offs, resulting in three independent public companies, each better positioned to unlock their full standalone potential.

 - "Global Snacking Co." will be a leading company in global snacking, international cereal and noodles  and North America frozen breakfast

- "North America Cereal Co."  will be a leading cereal company in the U.S., Canada, and Caribbean

- "Plant Co." , will be a leading, pure-play plant-based foods company, anchored by the MorningStar Farms brand

The proposed spin-offs are intended to result in tax-free distributions of North America Cereal Co. and Plant Co. shares to Kellogg Company shareowners.  Shareowners would receive shares in the two spin-off entities on a pro-rata basis relative to their Kellogg holdings at the record date for each spin-off.

More details

Update(s):

September 28, 2022: Kellogg Company (K) announced additional appointments to the future leadership team of North America Cereal Co

Kellogg Company (K) appointed Norma Barnes-Euresti as Chief Legal Officer, Mike Christensen as Chief Human Resources Officer, Stacy Flathau as Chief Corporate Affairs Officer, Sarah Ludmer as Chief Wellbeing and ESG Officer and Bill Rex as Chief Information Officer

March 15, 2023: Kellogg Co's (K) global snacking business will be called "Kellanova" following the spin-off of its North American cereal unit.

Starz05/26/2022LGF-A
Lions Gate Entertainment Corp., spinoff details:

Lionsgate (LGF-A) CEO Jon Feltheimer revealed details during an investor call on, May 26, about the company’s plans to spin off its Starz streaming unit by the end of the summer.

Update(s):

August 5, 2022: Lions Gate Entertainment Corp. (LGF-A) mentioned it’s likely to announce a deal to spin off or sell a piece of its Starz cable network in September, with potential partners also showing interest in the company’s film and TV studios.

NewCo05/25/2022CTXR
Citius Pharmaceuticals, Inc. , spinoff details:

 

Citius Pharmaceuticals, Inc.(CTXR), a late-stage biopharmaceutical company developing and commercializing first-in-class critical care products,  announced that it intends to split the Company's assets into two separate publicly-traded entities. 
Citius plans to form a new company (NewCo) focused on developing and commercializing I/ONTAK, for which a Phase 3 trial was completed in December 2021 and a biologics license application (BLA) is being planned for submission in the second half of 2022.
Citius intends the spinoff to be accomplished through an initial public offering (IPO) and pro rata distribution of stock in the NewCo to Citius shareholders. 
The transactions are expected to be completed in the second half of calendar year 2022

Citius Pharmaceuticals, Inc. (CTXR), a late-stage biopharmaceutical company developing and commercializing first-in-class critical care products,  announced that it intends to split the Company's assets into two separate publicly-traded entities

Citius Pharmaceuticals, Inc. announces intention to Spinoff Late-Stage Oncology Asset, I/ONTAK, into a New Standalone Publicly Traded Company

Citius intends the spinoff to be accomplished through an initial public offering (IPO) and pro rata distribution of stock in the NewCo to Citius shareholders. 

The transactions are expected to be completed in the second half of calendar year 2022

Asset Management Business05/12/2022BAM
Brookfield Asset Management, spinoff details:

Publicly traded Brookfield Asset Management Inc. (BAM) and distribute a 25% interest worth an estimated $20 billion to shareholders later this year, Bruce Flatt, chief executive, said in a letter

Update(s):

September 23, 2022: Brookfield (BAM) announced that its Board of Directors has unanimously approved the transaction for the public listing and distribution of a 25% interest in its asset management business, through Brookfield Asset Management Ltd. 

Acanna Therapeutics Inc.05/11/2022ENVB
Enveric Biosciences, Inc., spinoff details:

 

 Enveric Biosciences (ENVB), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, announced plans to transfer and spin-off its cannabinoid clinical development pipeline assets to a wholly-owned subsidiary, Acanna Therapeutics Inc., by way of dividend to Enveric shareholders. 
 

 Enveric Biosciences (ENVB), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, announced plans to transfer and spin-off its cannabinoid clinical development pipeline assets to a wholly-owned subsidiary, Acanna Therapeutics Inc., by way of dividend to Enveric shareholders.  

 

Aramark Uniform Services05/10/2022ARMK
Aramark , spinoff details:

 

Aramark (ARMK) announced its plan to separate Aramark Uniform Services (AUS) into an independent, publicly traded company. The transaction is intended to be structured as a spin-off that is tax-free to Aramark and its stockholders. 
The Company currently expects the spin-off to occur by the end of fiscal 2023.

Aramark (ARMK) announced its plan to separate Aramark Uniform Services (AUS) into an independent, publicly traded company. The transaction is intended to be structured as a spin-off that is tax-free to Aramark and its stockholders. 

The Company currently expects the spin-off to occur by the end of fiscal 2023.

Investor Presentation

 

Outdoor Products (to be renamed)05/05/2022VSTO
Vista Outdoor Inc. , spinoff details:

 

Vista Outdoor Inc.(VSTO) announced that its Board of Directors has unanimously approved a plan to separate its Outdoor Products and Sporting Products segments into two independent, publicly-traded companies. The Company expects to create these companies through a tax-free spin-off of its Outdoor Products segment to Vista Outdoor shareholders. 
Following the separation, the Company's Outdoor Products segment will be an industry-leading platform of outdoor brands including CamelBak, Bell, Giro, Camp Chef, Bushnell, Bushnell Golf, Foresight Sports, Stone Glacier and QuietKat. 
As an independent company, Sporting Products will continue to focus on ammunition categories through its renowned brands including Federal, Remington, CCI, Speer, Estate Cartridge and HEVI-Shot.

Vista Outdoor Inc. (VSTO) announced that its Board of Directors has unanimously approved a plan to separate its Outdoor Products and Sporting Products segments into two independent, publicly-traded companies. The Company expects to create these companies through a tax-free spin-off of its Outdoor Products segment to Vista Outdoor shareholders. 

Following the separation, the Company's Outdoor Products segment will be an industry-leading platform of outdoor brands including CamelBak, Bell, Giro, Camp Chef, Bushnell, Bushnell Golf, Foresight Sports, Stone Glacier and QuietKat. 

As an independent company, Sporting Products will continue to focus on ammunition categories through its renowned brands including Federal, Remington, CCI, Speer, Estate Cartridge and HEVI-Shot.

Update(s):

July 27, 2022: On May 5, 2022, Vista Outdoor Inc. (VSTO) announced that Board of Directors has unanimously approved preparations for the separation of our Outdoor Products and Sporting Products reportable segments into two independent, publicly-traded companies. During the three months ended June 26, 2022, they incurred costs associated with the planned separation, including advisory and legal fees. Given the nature of transaction costs, and differences in these amounts from one transaction to another, the company believes these costs are not indicative of ongoing operations of the company. They applied a blended tax rate of 25 percent.

Investor Presentation

SkyHawk Security05/03/2022RDWR
Radware , spinoff details:

Radware (RDWR), a leading provider of cyber security and application delivery solutions, announced the spinoff of its Cloud Native Protector business to form a new company called SkyHawk Security. 

Investor Presentation

Transportation Business04/07/2022CNDT
Conduent Incorporated, spinoff details:

Conduent Incorporated (CNDT), a business process services and solutions company, announced it is pursuing a separation of its Transportation business through either a sale or a spin-off.

Update(s):

July 19, 2022: Conduent Incorporated (CNDT), a business process services and solutions company, plans to report its second-quarter 2022 financial results on Tuesday, Aug. 2, after market close.

Crane NXT03/30/2022CR
Crane Co. , spinoff details:

 

Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that its Board of Directors has unanimously approved a plan to pursue a separation into two independent, publicly-traded companies.  After the separation, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses. Payment and Merchandising Technologies Business to Become “Crane NXT”.
Crane NXT's shares are expected to be listed on the NYSE under the ticker symbol “CXT”.
Separation Expected to be Completed Within Approximately 12 Months.

Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that its Board of Directors has unanimously approved a plan to pursue a separation into two independent, publicly-traded companies.  After the separation, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses.

Payment and Merchandising Technologies Business to Become “Crane NXT”.

Crane NXT's shares are expected to be listed on the NYSE under the ticker symbol “CXT”.

Separation Expected to be Completed Within Approximately 12 Months.

Update(s):

July 26, 2022:  Search process for Crane NXT CEO is underway, including evaluation of internal and external candidates.

December 15, 2022: Crane (CR) announced that it has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission and is on track to complete the previously announced separation on April 3, 2023.

February 27, 2023: Crane Holdings, Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that Christina Cristiano has been appointed Senior Vice President, Chief Financial Officer of Crane NXT. Spinoff is expected to occur on April 3, 2023.

March 20, 2023: Crane Holdings (CR), announced the signing of credit agreements that will provide an aggregate principal amount of $1.65 billion in new syndicated revolving credit and term loan facilities for Crane Company and Crane NXT. The new facilities are intended to support Crane’s previously announced plan to separate into two independent and simplified businesses, which we expect to complete on April 3, 2023.

Home Appliances and Personal Care businesses02/04/2022SPB
Spectrum Brands Holdings, Inc., spinoff details:

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. 

Ault Alliance, Inc11/22/2021DPW
Ault Global Holdings, Inc., spinoff details:

Ault Global Holdings, Inc. (DPW) a diversified holding company, announced its plan to split into two public companies by pursuing a spin-off of Ault Alliance to its stockholders.

Ault Alliance will continue its focus on the Company’s legacy businesses and more recently initiated operations, including lending and investing in the real estate and distressed asset spaces, among others, defense, and power solutions, including EV charging products.

Ault Global Holdings, Inc. to change its name to BitNile Holdings, Inc. and stock symbol to NILE by the end of 2021

Kenvue -Consumer Health business11/12/2021JNJ
Johnson & Johnson, spinoff details:

Johnson & Johnson (JNJ) announced its intent to separate the Company’s Consumer Health business, creating a new publicly traded company.

Investor Presentation

Update(s):

August 24, 2022: Johnson & Johnson (JNJ) announced the appointment of Larry Merlo as Non-executive Chair Designate for the future, listed New Consumer Health Company’s Board of Directors. Merlo previously served as President and CEO of CVS Health

September 28, 2022: Johnson & Johnson (JNJannounces Kenvue as the name for planned new consumer health company

January 4, 2023: Johnson & Johnson's (JNJ) consumer health unit Kenvue filed to be listed as an independent company, bringing the healthcare conglomerate a step closer to completing the biggest shakeup.

GE Aviation11/09/2021GE
General Electric Company, spinoff details:

GE (GE) announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy. Following the split, it will become an aviation company, helmed by Culp. The aviation company will inherit GE's other assets and liabilities, including its runoff insurance business.

Investor presentation

Update(s):

November 15, 2021: GE Aviation is ready to look at acquisitions to top up its portfolio with technologies that could help it shape the future of flight, without waiting for a planned break-up of its parent General Electric Co (GE).

Combined Renewable Energy and Power11/09/2021GE
General Electric Company, spinoff details:

GE (GE) announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy by
combining GE Renewable Energy, GE Power, and GE Digital into one business, positioned to lead the energy transition, and then pursuing a tax-free spin-off of this business in early 2024.

Investor presentation

Coal Business09/14/2021TECK
Teck Resources Ltd, spinoff details:

Teck Resources Ltd. (TECK) is exploring options for its metallurgical coal business, including a sale or spinoff that could value the unit at as much as $8 billion

Trend Discovery Holdings LLC,08/26/2021BNMV
BitNile Metaverse, Inc. Previosuly Ecoark Holdings, Inc., spinoff details:

Ecoark Holdings, Inc. (ZEST), announced its plan to spin-off its subsidiary, Trend Discovery Holdings LLC, and its subsidiaries into a new independent publicly-traded company through a pro rata distribution of Trend’s common stock to Ecoark’s shareholders.

Update(s):

March 21, 2023: Ecoark Holdings Changes its name to BitNile Metaverse (BNMV). The company’s ticker symbol will change from “ZEST” to “BNMV”. 

SK Square06/10/2021SKM
SK Telecom Co.,Ltd , spinoff details:

June 10, 2021: SK Telecom (SKM) announced that the Board of Directors approved the plan to split the company into SK Telecom and SKT Investment (new entity, tentatively named) through a horizontal spin-off.

Press Release

Investor Presentation

Update(s):

August 11, 2021: SKT (SKM) is taking necessary steps to split the company into a surviving company based on telecommunications, AI and digital infrastructure and a new investment company specialized in semiconductor and ICT. The spin-off is expected to be finalized through the General Shareholders Meeting to be held on October 12, 2021.

August 17, 2021: SK Telecom (SKM) announced that the name of the new company to be established through a horizontal spin-off has been decided as “SK Square.” The surviving company will keep its current name SK Telecom. SK Telecom is expected to officially split into SK Telecom and SK Square on November 1, 2021.

November 01, 2021: SK Telecom (SKM) held a Board of Directors Meeting at its headquarters and announced that Ryu Young-sang, has been appointed as its new CEO.

November 26, 2021: SK Squareband One Store, a company included in the investment portfolio of SK Square, announced that they applied for a preliminary review of their IPO plan for listing One Store on KOSPI by the first half of next year.

Quantinuum06/08/2021HON
Honeywell International Inc. , spinoff details:

June 08, 2021: Honeywell International Inc. (HON) plans to spin off its quantum computing business and merge it with a software firm to form a new company that is likely to trade publicly.

Update(s):

July 21, 2021: Honeywell (HON) and Cambridge Quantum announced in June they are combining to form the world's largest, stand-alone quantum computing company. Closing of the combination transaction remains subject to regulatory review and customary closing conditions.

November 30, 2021: Honeywell (HON) announced  that Honeywell Quantum Solutions (HQS) and Cambridge Quantum (CQ), two global leaders in quantum computing and technology, received regulatory approval and completed the previously announced business combination.

Wynn Interactive Ltd.05/10/2021WYNN
Wynn Resorts, Limited, spinoff details:

May 10, 2021: Wynn Resorts, Limited (WYNN) and Austerlitz Acquisition Corporation I announced that they have entered into a definitive agreement under which Austerlitz I will combine with Wynn Interactive Ltd., a subsidiary of Wynn Resorts, to create an independent public company. Upon closing of the proposed transaction, the combined company will retain the “Wynn Interactive, Ltd.” name and relist its shares on the Nasdaq Stock Exchange under the new ticker symbol “WBET.”

Office Depot Consumer Business05/05/2021ODP
The ODP Corporation, spinoff details:

The ODP Corporation (ODP) office supply retailing company, announced today that its Board of Directors has unanimously approved a plan to pursue a separation of the Company into two independent, publicly-traded companies.

Press Release

Update(s):

June 4, 2021: The ODP Corporation (ODP), through an integrated B2B distribution platform with an online presence confirmed that its Board of Directors has received a proposal from USR Parent, Inc. (“Staples”), the parent company of Staples and a portfolio company of Sycamore Partners, to acquire the Company’s consumer business for $1 billion in cash.

August 4, 2021: The Company has modified its plan for the separation to be structured as a tax-free spin-off of the Company’s consumer business, with the Company retaining its B2B related operations.

August 24, 2021:  The ODP Corporation (ODP) Announces officedepot.com, will be spun-off and will be named Office Depot, Inc. Kevin Moffitt, currently EVP, Chief Retail Officer of The ODP Corporation, will be appointed CEO of Office Depot upon completion of the spin-off.

January 14, 2022: The ODP Corporation (ODP), announced that its Board of Directors determined to delay the previously announced public company separation to evaluate a potential sale of the Company’s consumer business

May 4, 2022: Office Depot owner close to decision on sale of retail business 'Operationally, we’ll keep our heads down and focused on continuing to drive strong execution while making progress on the strategic evaluation of our consumer business, working to bring that process to a close in the near term,’ says ODP CEO Jerry Smith.

Home Networks04/08/2021COMM
CommScope Holding Company, Inc., spinoff details:

April 8, 2021: CommScope Holding Company, Inc. (COMM), a global leader in connectivity solutions for communications networks, announced its plan to spin-off its Home Networks business and other initiatives to reduce operating costs throughout the Company.

Investor Presentation

Update(s):

May 6, 2021: Announced plan to spin-off Home Networks business on track.

August 5, 2021: Planned spin-off progressing; on track to complete spin-off during second quarter 2022.

February 17, 2022: Planned spin-off of Home Networks business delayed due to supply chain constraints.

Lennar Mortgage Finance03/17/2021LEN
Lennar Corporation, spinoff details:

Lennar Corp said it plans to spin-off all or parts of ongoing businesses to become a pure-play homebuilder and financial services company.

Update(s):

March 17, 2022: Stuart Miller - Executive Chairman mentioned during earning call that they have Filed confidential Form 10 filing in February.? Also added, Given the choppiness of the capital markets and the work that is still being completed, we're pushing our expectations for the actual execution to the third or fourth quarter of this year.

Solar Juice10/27/2020SPI
SPI Energy Co., Ltd., spinoff details:

October 27, 2020: SPI Energy (SPI) announced that its Board of Directors has approved the Company's plan to spin off its Solar Juice subsidiary through an initial public offering.

May 18, 2021: SPI Energy Co., Ltd. (SPI), a global renewable energy company and provider of solar storage and electric vehicle solutions for business, residential, government, logistics, and utility customers and investors, announced the appointment of Ning “Clare” Cai as its Chief Financial Officer of the Company’s SolarJuice Co., Ltd. (“Solarjuice”) subsidiary.

Life & Retirement business (Corebridge Financial)10/26/2020AIG
American International Group, spinoff details:

October 26, 2020: American International Group (AIG) announced its intention to separate its Life & Retirement business from AIG.

Update(s):

December 9, 2020: AIG Life & Retirement, a division of American International Group Inc. (AIG), announced that Todd Solash, Chief Executive Officer of its Individual Retirement business, will take on an expanded role with the additional leadership of the company’s Life Insurance business.

July 14, 2021: American International Group, Inc. (AIG) and Blackstone (BX) announced that they have reached a definitive agreement for Blackstone to acquire a 9.9% equity stake in AIG’s Life & Retirement business for $2.2 billion in an all cash transaction.

November 2, 2021: American International Group, Inc. (AIG) and Blackstone (BX) announced that the previously disclosed transaction for Blackstone to acquire a 9.9% equity stake in AIG’s Life & Retirement business and for Blackstone to manage an initial $50 billion of Life & Retirement’s existing investment portfolio has closed.

March 28, 2022: American International Group, Inc. (AIGannounced Directors for the Board of Directors of Corebridge Financial, Inc. as it continues to prepare its Life & Retirement business to be a standalone company.

March 28, 2022: American International Group, Inc. (AIG) announced that it plans to rebrand SAFG Retirement Services, Inc., the parent company of its Life & Retirement business, as Corebridge Financial, Inc. when it becomes a public company.

March 28, 2022: American International Group Inc. filed for an initial public offering of its life and retirement arm, one of the final steps in a years-long effort to simplify the sprawling insurer.

April 11, 2022:  American International Group, Inc. (AIG) announced that Sabra Purtill, has been appointed Executive Vice President and Chief Investment Officer for its Life & Retirement business, effective immediately.

LENSAR, Inc.08/26/2020PDLI
PDL BioPharma, Inc., spinoff details:

August 26, 2020: PDL BioPharma (PDLI) announced that its majority owned medical device subsidiary, LENSAR, has filed a registration statement on Form 10 with the Securities and Exchange Commission relating to a potential spin-off of LENSAR from PDL. In the event the spin-off is consummated, LENSAR has applied to list shares of its common stock on the NASDAQ stock market under the ticker symbol “LNSR.”

Curibaya07/29/2020AUG
Auryn Resources Inc., spinoff details:

July 29, 2020: Auryn Resources (AUG) and Eastmain Resources announced that they have entered into a definitive agreement pursuant to which Auryn will acquire all of the issued and outstanding shares of Eastmain, immediately following a spin out of Auryn’s Peruvian projects to Auryn shareholders and completion of a concurrent financing. The Transaction will create Fury Gold Mines Limited and two independent spin-out entities - “SpinCo Sombrero” consisting of the Sombrero project and “SpinCo Curibaya” consisting of the Curibaya and Huilacollo projects.

Sombrero07/29/2020AUG
Auryn Resources Inc., spinoff details:

July 29, 2020: Auryn Resources (AUG) and Eastmain Resources announced that they have entered into a definitive agreement pursuant to which Auryn will acquire all of the issued and outstanding shares of Eastmain, immediately following a spin out of Auryn’s Peruvian projects to Auryn shareholders and completion of a concurrent financing. The Transaction will create Fury Gold Mines Limited and two independent spin-out entities - “SpinCo Sombrero” consisting of the Sombrero project and “SpinCo Curibaya” consisting of the Curibaya and Huilacollo projects.

White Cap07/17/2020HDS
HD Supply Holdings, Inc., spinoff details:

July 17, 2020: The board of directors of HD Supply Holdings (HDS) has approved the spinoff to stockholders of our White Cap Construction & Industrial business unit. White Cap is a leading distributor of specialty concrete and construction products and services in North America serving professional contractors. Its common stock will be listed on The Nasdaq Stock Market under the symbol "WCAP." Following completion of the spinoff, HD Supply common shares will continue to trade on NASDAQ under the symbol "HDS" and HD Supply will continue to operate its Facilities Maintenance business unit.

New BBX Capital,06/17/2020BBX
BBX Capital Corporation, spinoff details:

June 17, 2020: BBX Capital Corporation (BBX) announced its intention to spin off its subsidiary, BBX Capital Florida LLC (“New BBX Capital”), in order to separate the business, activities and investments of the Company into two separate, publicly-traded companies: (i) the Company, which will continue to hold its investment in Bluegreen Vacations Corporation (“Bluegreen Vacations”), a leading vacation ownership company that markets and sells vacation ownership interests and manages resorts in popular leisure and urban destinations, and (ii) New BBX Capital, which will continue to hold or will hold at the time of the spin-off all of the Company’s other businesses and investments, including BBX Capital Real Estate LLC, BBX Sweet Holdings, LLC and Renin Holdings, LLC. As a result of the spin-off, the Company will cease to have any ownership interest in New BBX Capital and will become a “pure-play” Bluegreen Vacations holding company.

Bath & Body Works02/20/2020LB
L Brands, Inc., spinoff details:

February 2, 2020: L Brands (LB) and Sycamore Partners announced a strategic transaction by positioning Bath & Body Works standalone public company and separating Victoria’s Secret into a privately-held entity.

May 5, 2020: L Brands (LB) announced that it had reached an agreement with New York-based private equity firm Sycamore Partners to cancel the sale of a 55% stake in Victoria's Secret. In a statement, L Brands said it would continue to prepare Victoria's Secret to spin off as a private, standalone company. In the meantime, it says it will go forward with a plan to be centered on Bath & Body Works, which has been its faster-growing brand.

May 11, 2021: L Brands, Inc. (LB) announced its Board of Directors has unanimously approved a plan to separate the company into two independent, public companies: Bath & Body Works, one of the world’s leading bath, body and home fragrance retailers, and Victoria’s Secret, including Victoria’s Secret Lingerie, PINK and Victoria’s Secret Beauty, a leading retailer of intimates and beauty products.

July 09, 2021: L Brands, Inc. (LB) announced that its Board of Directors approved a name change from L Brands, Inc. to Bath & Body Works, Inc. L Brands’ stock symbol will also change from “LB” to “BBWI.” The Name Change is expected to become effective on August 2, 2021, in connection with the separation. L Brands’ common stock is expected to start trading under the new stock symbol on August 3, 2021.

Hispanoamerica11/27/2019TEF
Telefonica, S.A., spinoff details:

November 27, 2019: Telefónica S.A. (TEF) to Spin Off Hispanoamerica Business as Part of Action Plan.

Global Connect business11/07/2019NLSN
Nielsen Holdings plc, spinoff details:

November 7, 2019: Nielsen Holdings (NLSN) announced the completion of its strategic review and its plan to spin-off the company's Global Connect business, creating two independent, publicly traded companies—the Global Media business and the Global Connect business—each of which will have sharper strategic focus and greater opportunity to leverage its unique competitive advantages. Nielsen currently expects the spin-off transaction to be completed in nine to twelve months

Speedway10/31/2019MPC
Marathon Petroleum Corporation, spinoff details:

October 31, 2019: Marathon Petroleum Corporation (MPC) announced its intention to separate Speedway into an independent, publicly traded company.

Update(s):

January 13, 2021: TechnipFMC's CFO to leave for Marathon Petroleum role ahead of spinoff

Facilities Maintenance09/24/2019HDS
HD Supply Holdings, Inc. , spinoff details:

September 24, 2019: HD Supply Holdings (HDS) announced its intention to separate its Facilities Maintenance and Construction & Industrial businesses into two independent publicly traded companies through a distribution, which is expected to be tax-free to HD Supply shareholders for U.S. tax purposes. The separation is expected to be completed by the middle of fiscal 2020.

March 30, 2020: HD Supply Holdings (HDS) announced that due to materially changing market conditions caused by the COVID-19 pandemic, the previously announced timeline for the separation of its two businesses had been impacted. The Company remains committed to the separation of the two businesses and the strategic rationale is unchanged. The Company is continuing its preparations for separation when the markets sufficiently recover.

Conifer business07/24/2019THC
Tenet Healthcare Corporation, spinoff details:

July 24, 2019: Tenet Healthcare Corporation (THC) announced its intention to pursue a tax-free spin-off of its Conifer business as a separate, independent publicly traded company. The company expects to complete the spin-off by the end of the second quarter of 2021.

December 1, 2020:  Tenet Healthcare Corporation (THC) announced the appointment of J. Roger Davis as President and Chief Executive Officer of its Conifer Health Solutions subsidiary, effective immediately.

April 10, 2021: Tenet Healthcare Corporation (THC) announced its intention to pursue a tax-free spin-off of its Conifer business as a separate, independent publicly traded company.

The company expects to complete the spin-off by the end of the second quarter of 2021.

 

 

Digital Farms, Inc.11/27/2018DPW
Ault Global Holdings, Inc., spinoff details:

November 27, 2018: DPW Holdings (DPW) announced that its Board of Directors has authorized the officers of DPW to pursue a spinoff of DPW’s wholly-owned subsidiary Super Crypto Mining, Inc.

January 2018: DPW formed Super Crypto Mining, Inc., a wholly-owned subsidiary, which recently changed its name to Digital Farms, Inc. (“DFI”). DFI was established to operate their newly formed cryptocurrency business, which is pursuing a variety of digital currency. They mine the top three cryptocurrencies for their own account. These cryptocurrencies include Bitcoin, Litecoin and Ethereum.

January 5, 2021: DPW Holdings (DPW), announced that it will, effective January 18, 2021, change its name to Ault Global Holdings, Inc. No approval of the Company’s stockholders is required for the Name Change. The Company’s shares will remain traded on the NYSE American under its current ticker symbol “DPW.”

Prescription Pharmaceuticals (Rx) business08/09/2018PRGO
Perrigo Company plc, spinoff details:

August 9, 2018: Perrigo Company (PRGO) announced that its Board of Directors approved a plan to separate the Company's Prescription Pharmaceuticals (Rx) business following the Company's previously announced strategic portfolio review.

Powertrain Technology Company04/10/2018TEN
Tenneco Inc., spinoff details:

April 10, 2018: Tenneco (TEN) announced that it has signed a definitive agreement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises L.P. for a total consideration of $5.4 billion to be funded through cash, Tenneco equity and assumption of debt. Tenneco also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an aftermarket & ride performance company and a powertrain technology company. The acquisition is expected to close in the second half of 2018, subject to regulatory and shareholder approvals and other customary closing conditions, with the separation occurring in the second half of 2019.

During the Q2 2020 conference call Brian Kesseler announced the separation has been delayed due to pandemic.

DRiV Incorporated04/10/2018TEN
Tenneco Inc., spinoff details:

April 10, 2018: Tenneco (TEN) announced that it has signed a definitive agreement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises L.P. for a total consideration of $5.4 billion to be funded through cash, Tenneco equity and assumption of debt. Tenneco also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an aftermarket & ride performance company and a powertrain technology company.

The acquisition is expected to close in the second half of 2018, subject to regulatory and shareholder approvals and other customary closing conditions, with the separation occurring in the second half of 2019.

Update(s):

February 15, 2019: Tenneco (TEN) announced that DRiV Incorporated will be the name of the future publicly traded Aftermarket and Ride Performance company that will launch in the second half of this year, following Tenneco’s separation into two independent companies.

January 7, 2020: Tenneco Inc. (TEN) announced current end-market conditions are affecting the Company's ability to complete a separation in the mid-year 2020 time range. 

 January 27, 2020: Tenneco Inc. (TEN) reconfirmed that it has been reviewing strategic alternatives to maximize shareholder value. In consultation with its advisors, Tenneco is reviewing and considering, in addition to the current plan to spin off the Company's Aftermarket and Ride Performance business ("DRiV"), a full range of strategic options including the sale of DRiV and/or the Company's Powertrain Technology business.

During the Second quarter 2020 conference call Brian Kesseler announced the separation has been delayed due to pandemic.

DWS asset management business02/26/2018DB
Deutsche Bank Aktiengesellschaft, spinoff details:

February 26, 2018: Deutsche Bank (DB) is poised to take the most tangible step so far in its reorganization with the stock market spinoff of its DWS fund management group as early as next month.

Types of Spin-offs

A. Spin-offs

Corporate spinoffs are the most common type of spin off and involve a parent company spinning off a subsidiary or business unit as a separate entity. The new entity operates independently of the parent company and may have its own management team and board of directors. The parent company typically distributes the shares of the new company to its shareholders and may retain a portion of ownership in the new entity.

B. Equity Carve-outs

Equity carve-outs involve a parent company selling a portion of its ownership in a subsidiary or business unit to the public through an IPO while retaining a controlling stake in the company. This type of spinoff allows the parent company to raise capital and unlock the value of the subsidiary or business unit while maintaining control over the operations.

C. Split-offs

Split-offs are a type of spinoff where the parent company distributes shares of the new entity to its shareholders in exchange for a portion of their shares in the parent company. In contrast to corporate spinoffs, split-offs involve a simultaneous exchange of shares, which can provide tax benefits for both the parent company and its shareholders.

D. Tracking Stocks

Tracking stocks are a type of spinoff that allow the parent company to create a separate stock for a particular business unit without creating a separate entity. This type of spinoff is rare and allows investors to buy into a particular business unit without having to invest in the parent company as a whole. Tracking stocks do not represent ownership in a separate legal entity, but rather a portion of the parent company's business.

R. Reverse Morris Trust Transactions

This is a tax efficient type of spinoff where a parent company spins off a subsidiary and at the same time merges it with another company. When the pharmaceutical giant Pfizer (NYSE: PFE) wanted to separate its generic drugs business called Upjohn, it used a Reverse Morris Trust transaction by merging Upjohn with the publicly traded generic drugs company Mylan (the maker of EpiPen) in 2020. The combined company was called Viatris (VTRS).

Investing in Spin Off Companies

A. Reasons to invest in spin off companies

Investing in spin off companies can provide several benefits, including:

  • Focused business strategy: Spin off companies are typically more focused on their core business, which can lead to improved financial performance and growth potential.
  • Undervalued assets: Spin off companies may be undervalued by the market, providing investors with the opportunity to buy in at a lower price and benefit from potential upside.
  • Diversification: Investing in spin off companies can provide diversification benefits, as the new entity may operate in a different industry or market than the parent company.
  • Catalyst for change: Spin off companies may undergo significant changes after the spin off, such as mergers, acquisitions, or other strategic initiatives, which can create value for investors.

B. Risks of investing in spin off companies

Investing in spin off companies also comes with risks, including:

  • Limited information: Spin off companies may not have a long track record or may be less transparent than established companies, which can make it difficult to evaluate the investment opportunity.
  • Market uncertainty: The market may not fully understand the value or potential of the new entity, which can lead to increased volatility and risk.
  • Increased competition: Spin off companies may face increased competition from established players or other spin off companies, which can impact their financial performance.

C. Tips for investing in spin off companies

When investing in spin off companies, it's important to consider the following:

  • Conduct thorough due diligence: Research the business fundamentals, market conditions, and management team of the spin off company before making any investment decisions.
  • Evaluate the parent company: Consider the impact of the spin off on the parent company and any potential risks or benefits for its existing operations and financial performance. Sometimes it might be better to buy the parent instead of the spinoff.
  • Be patient: Spin offs often drop after they become independent companies. This is because of forced selling by funds that may not want to own a business that does not fit with the rest of their portfolio or is too small for their fund. Spin off companies may take time to establish themselves in the market, so investors should have a long-term investment horizon and be prepared for potential volatility in the short term.
  • Diversify your portfolio: As with any investment, it's important to diversify your portfolio and not put all your eggs in one basket by investing solely in spin off companies.

In conclusion, upcoming spinoffs represent a potential investment opportunity for investors looking to diversify their portfolios and capitalize on focused business strategies. As companies look to unlock value and improve financial performance, spin off companies have become an increasingly popular strategy for separating out specific business segments. Examples of spin off companies include the stock spin off of Ferrari from Fiat Chrysler, PayPal from eBay, Chipotle Mexical Grill from McDonald’s and the corporate spinoff of Alcon from Novartis.

Investors should evaluate the impact on both the parent company and the SpinCo before making any investment decisions. While SpinCos can provide several benefits, including diversification and potential upside, there are also risks associated with investing in these entities, such as limited information and market uncertainty.

At InsideArbitrage we not only track upcoming spinoffs but also completed spinoffs and the performance of both the parent and SpinCo post spin. We track news related to spinoffs and any open market purchases by the insiders of spinoffs.