Top Upcoming Spinoffs to Watch in 2024 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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 Spinoff NameAnnounced DatePotential Spinoff DateParent NameParent SymbolType
Consumer Business03/22/2024N/AMasimoMASISpinoff
Masimo, spinoff details:

 

Masimo (MASI), a leader in noninvasive monitoring technologies and audio products, announced that its Board of Directors has authorized management to evaluate a proposed separation of its consumer business. 
Masimo expects that the separation will include its consumer audio and consumer health products, including the Stork baby monitor and the Freedom smart watch and band. Masimo will retain its professional healthcare and telehealth products.
Masimo Investor Relations

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

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

Masimo Investor Relations

Update(s):

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

Ice Cream Business03/19/2024Q4 2025UnileverULSpinoff
Unilever, spinoff details:

 

Unilever announced steps to accelerate its Growth Action Plan (GAP) through the separation of Ice Cream and the launch of a major productivity programme.
Following separation, Unilever will become a simpler, more focused company, operating four Business Groups across Beauty & Wellbeing, Personal Care, Home Care and Nutrition.  Full separation expected by the end of 2025.

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

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

Unilever Investor Relations

 

Land Holdings03/14/2024N/ALennar CorporationLENSpinoff
Lennar Corporation, spinoff details:

 

Lennar (LEN) one of the biggest US homebuilders, says it is considering a $4 billion spinoff of land it holds.
The proposal would be a way to have a consistent source of funding as the company moves to a “land light” construction model, Executive Chairman Stuart Miller said on a call with analysts. It also would help Lennar shift from relying on private equity to fund lot production.
The transaction would represent more than 85% of Lennar’s current land pipeline, which totals about $4.7 billion, according to the builder’s quarterly earnings statement. By having a separate company own the land, Lennar could purchase lots as they’re needed.
“Such a transaction would distribute capital to shareholders, it would reduce inventory on Lennar’s books, and it would provide permanent, dependable capital for future land options,” Miller said.

Lennar (LEN) one of the biggest US homebuilders, says it is considering a $4 billion spinoff of land it holds.

The proposal would be a way to have a consistent source of funding as the company moves to a “land light” construction model, Executive Chairman Stuart Miller said on a call with analysts. It also would help Lennar shift from relying on private equity to fund lot production.

The transaction would represent more than 85% of Lennar’s current land pipeline, which totals about $4.7 billion, according to the builder’s quarterly earnings statement. By having a separate company own the land, Lennar could purchase lots as they’re needed.

“Such a transaction would distribute capital to shareholders, it would reduce inventory on Lennar’s books, and it would provide permanent, dependable capital for future land options,” Miller said.

Lennar Corp Investor Relations

Global Gaming and PlayDigital businesses02/29/202403/01/2025International Game Technology PLCIGTReverse Morris Trust
International Game Technology PLC, spinoff details:

 

Overview:
International Game Technology (IGT) and Everi Holdings (EVRI) have entered definitive agreements to restructure their businesses, separating IGT's Global Gaming and PlayDigital segments in a taxable spin-off to IGT shareholders. These segments will then be combined with Everi to form a comprehensive global gaming and fintech enterprise.
Ownership Structure:
Upon closing, IGT shareholders are anticipated to hold approximately 54% of the combined company, while Everi stockholders will hold about 46% of the shares. This arrangement values the merged entities at around $6.2 billion in enterprise value.
Shareholder Benefits:
IGT shareholders will receive approximately 103.4 million Everi shares, granting them the majority ownership stake in the new entity. Everi will undergo a name change to International Game Technology, Inc. (IGT) and trade on the New York Stock Exchange under the ticker symbol IGT.
Financial Implications:
The transaction assigns a value of $4 billion to IGT's Global Gaming and PlayDigital businesses and $2 billion to Everi. Anticipated cost savings amount to $85 million, with a forecasted revenue of $2.7 billion for the year 2024.
Closing Details:
The deal is scheduled to close in late 2024 or early 2025, subject to regulatory approval.

Overview:
International Game Technology (IGT) and Everi Holdings (EVRI) have entered definitive agreements to restructure their businesses, separating IGT's Global Gaming and PlayDigital segments in a taxable spin-off to IGT shareholders. These segments will then be combined with Everi to form a comprehensive global gaming and fintech enterprise.

Ownership Structure:
Upon closing, IGT shareholders are anticipated to hold approximately 54% of the combined company, while Everi stockholders will hold about 46% of the shares. This arrangement values the merged entities at around $6.2 billion in enterprise value.

Shareholder Benefits:
IGT shareholders will receive approximately 103.4 million Everi shares, granting them the majority ownership stake in the new entity. Everi will undergo a name change to International Game Technology, Inc. (IGT) and trade on the New York Stock Exchange under the ticker symbol IGT.

Financial Implications:
The transaction assigns a value of $4 billion to IGT's Global Gaming and PlayDigital businesses and $2 billion to Everi. Anticipated cost savings amount to $85 million, with a forecasted revenue of $2.7 billion for the year 2024.

Closing Details:
The deal is scheduled to close in late 2024 or early 2025, subject to regulatory approval.

Investor Presentation

International Game Technology Investor Relations

Sunrise Realty Trust02/22/2024Mid 2024AFC Gamma, Inc.AFCGSpinoff
AFC Gamma, Inc. , spinoff details:

 

AFC Gamma (AFCG) announced that its Board of Directors has approved a plan to spin-off its commercial real estate portfolio into an independent, publicly traded company that intends to elect REIT status, Sunrise Realty Trust, Inc. (SUNS). 
 
The spin-off will result in two pure-play debt capital providers – one focused solely on the cannabis industry and a second on CRE in the southern United States. The separation is expected to be completed in mid-2024.
Post separation, based on current portfolio information, it is expected that the two companies will be comprised of the following, with additional potential investments prior to separation:
AFC Gamma:                                      SUNS:
• Portfolio: 12 funded cannabis loans • Portfolio: 2 funded CRE loans
• YTM: 21%                      • YTM: 16%
• Assets: ~$330 million           • Assets: ~$115 million

AFC Gamma (AFCG) announced that its Board of Directors has approved a plan to spin-off its commercial real estate portfolio into an independent, publicly traded company that intends to elect REIT status, Sunrise Realty Trust, Inc. (SUNS).  

The spin-off will result in two pure-play debt capital providers – one focused solely on the cannabis industry and a second on CRE in the southern United States.

Post separation, based on current portfolio information, it is expected that the two companies will be comprised of the following, with additional potential investments prior to separation:

AFC Gamma:                                         

• Portfolio: 12 funded cannabis loans

• YTM: 21%                     

• Assets: ~$330 million          

SUNS:

• Portfolio: 2 funded CRE loans

• YTM: 16%

• Assets: ~$115 million

Upon completion of the transaction, SUNS’ common stock is expected to be listed on the NASDAQ under the symbol “SUNS.”

In addition, the company anticipates that AFC Gamma shareholders as of the record date for the distribution will receive a special cash dividend of $0.15 cents per common share.

The separation is expected to be completed in mid-2024.

Press Release / PDF 

Investor Presentation Feb 22, 2024

AFC Gamma Investor Relations

Sunrise Telecom02/16/2024H2 2024Liberty Global Ltd.LBTYASpinoff
Liberty Global Ltd., spinoff details:

Liberty Global (LBTYA, LBTYB and LBTYK) announces its intention to spin-off mobile network operator Sunrise and list it as a separate entity on the SIX Swiss Exchange with two classes of shares. Liberty Global said it will invest up to CHF1.5 billion ($1.7 billion) for debt reduction in Sunrise.

The listing of Sunrise on the SIX Swiss Exchange is planned for second half of 2024. The proposed spin-off is expected to be tax-free for Liberty Global U.S. shareholders.

Press Release PDF

Investor Presentation

Liberty Global Investor Relations

Majority of its Health, Hygiene and Specialties segment02/07/2024H2 2024Berry Global GroupBERYReverse Morris Trust
Berry Global Group, spinoff details:

Berry Global Group, Inc. (BERY) and Glatfelter Corporation (GLT) announced they have entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter to create a leading publicly-traded company in the specialty materials industry.

Berry Global Group Investor Relations

Glatfelter Corporation Investor Relations

Inhibrx Biosciences01/23/2024Q2 2024Inhibrx, Inc.INBXSpinoff
Inhibrx, Inc. , spinoff details:

 

Inhibrx (INBX) and Sanofi (SNY) announced that the companies have entered into a definitive agreement under which Aventis (a subsidiary of Sanofi) will acquire all the assets and liabilities associated with INBRX-101, an optimized, recombinant alpha-1 antitrypsin (“AAT”) augmentation therapy currently in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency (“AATD”). 
  
Immediately prior to the closing of the merger (Second quarter of 2024), all non-101 assets and liabilities, including INBRX-105, INBRX-106, INBRX-109, Inhibrx’s non-101 discovery pipeline and its corporate infrastructure, will be spun out from the Company into a new publicly traded company, Inhibrx Biosciences, Inc. 
  
Sanofi is only interested in one line of treatment from Inhibrx’s pipeline and will be spinning off the rest of the pipeline into a separate company (SpinCo) that will be funded with $200 million in cash. 
Upon completion, shareholders of Inhibrx will receive $30 per share in cash, one contingent value right (CVR) worth up to $5 per share if certain milestones are met and one share of SpinCo for every four shares of Inhibrx.

Inhibrx (INBX) and Sanofi (SNY) announced that the companies have entered into a definitive agreement under which Aventis (a subsidiary of Sanofi) will acquire all the assets and liabilities associated with INBRX-101, an optimized, recombinant alpha-1 antitrypsin (“AAT”) augmentation therapy currently in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency (“AATD”).  

Immediately prior to the closing of the merger (Second quarter of 2024), all non-101 assets and liabilities, including INBRX-105, INBRX-106, INBRX-109, Inhibrx’s non-101 discovery pipeline and its corporate infrastructure, will be spun out from the Company into a new publicly traded company, Inhibrx Biosciences, Inc.   

Sanofi is only interested in one line of treatment from Inhibrx’s pipeline and will be spinning off the rest of the pipeline into a separate company (SpinCo) that will be funded with $200 million in cash. 

Upon completion, shareholders of Inhibrx will receive $30 per share in cash, one contingent value right (CVR) worth up to $5 per share if certain milestones are met and one share of SpinCo for every four shares of Inhibrx.

Inhibrx Investor Relations

Sanofi Investor Relations

Concentra01/03/2024Q4 2024Select Medical Holdings CorporationSEMSpinoff
Select Medical Holdings Corporation, spinoff details:

 

Select Medical Holdings Corporation (SEM) announced that its board of directors has approved a plan to pursue the separation of Select Medical's wholly-owned occupational health services business, Concentra Group Holdings Parent. 
The potential separation is intended to be tax-free to Select Medical and its stockholders and be completed in late 2024.

Select Medical Holdings Corporation (SEM) announced that its board of directors has approved a plan to pursue the separation of Select Medical's wholly-owned occupational health services business, Concentra Group Holdings Parent. 

The potential separation is intended to be tax-free to Select Medical and its stockholders and be completed in late 2024.

Select Medical Holdings Investor Relations

Concentra Investor Relations

Update(s):

February 27, 2024: Select Medical Holdings Corporation (SEM) announced that it has received a favorable private letter ruling from the Internal Revenue Service (IRS) with respect to the tax-free status of its previously announced plan to pursue a separation of its wholly-owned occupational health services business, Concentra Group Holdings Parent.

Critical Care12/07/2023Q4 2024Edwards Lifesciences CorporationEWSpinoff
Edwards Lifesciences Corporation, spinoff details:

 

Edwards Lifesciences Corporation (EW) intends to complete a tax-free spin-off of Critical Care at the end of 2024. The company is planning a mid-year SEC Form 10 submission.
Edwards Lifesciences Corporation Investor Relations

Edwards Lifesciences Corporation (EW) intends to complete a tax-free spin-off of Critical Care at the end of 2024. The company is planning a mid-year SEC Form 10 submission.

Investor Presentation

Edwards Lifesciences Corporation Investor Relations

MDU Construction Services Group, Inc.11/02/20232024MDU ResourcesMDUSpinoff
MDU Resources, spinoff details:

 

MDU Resources Group, Inc. (MDU) announced that its board of directors has approved a plan to spin off the company's wholly owned construction services business, MDU Construction Services Group, Inc., to the shareholders of MDU Resources, resulting in two independent, publicly traded companies. 
The spinoff is expected to be effected as a tax-free spinoff to MDU Resources and its shareholders and be complete in late 2024.

MDU Resources Group, Inc. (MDU) announced that its board of directors has approved a plan to spin off the company's wholly owned construction services business, MDU Construction Services Group, Inc., to the shareholders of MDU Resources, resulting in two independent, publicly traded companies. 

The spinoff is expected to be effected as a tax-free spinoff to MDU Resources and its shareholders and be complete in late 2024.

November 2, 2023: Investor Presentation

March 13, 2024: MDU Resources Group (MDU) announced that its construction services business, MDU Construction Services Group has rebranded to Everus Construction Group, Inc. in preparation for the planned tax-free spinoff of the business, expected to be complete late this year.

More information about Everus can be found at here.

MDU Resources Group, Inc. Investor Relations

Curbline Properties (Convenience assets)10/30/2023H2 2024SITE Centers Corp.SITCSpinoff
SITE Centers Corp., spinoff details:

 

SITE Centers Corp. (SITC), an owner of open-air shopping centers in suburban, high household income communities,  announced that the company’s Board of Directors has unanimously approved a plan to spin-off the company’s Convenience assets into a separate publicly-traded REIT to be named Curbline Properties Corp.
CURB expects to confidentially submit its initial draft Form 10 registration statement with the U.S. Securities and Exchange Commission in 2024, and the spin-off is expected to be completed in the second half of 2024. CURB intends to elect to be treated as a REIT for U.S. federal income tax purposes and be structured as an UPREIT which is expected to be a competitive advantage when acquiring assets from private Convenience sellers.

SITE Centers Corp. (SITC), an owner of open-air shopping centers in suburban, high household income communities,  announced that the company’s Board of Directors has unanimously approved a plan to spin-off the company’s Convenience assets into a separate publicly-traded REIT to be named Curbline Properties Corp.

CURB expects to confidentially submit its initial draft Form 10 registration statement with the U.S. Securities and Exchange Commission in 2024, and the spin-off is expected to be completed in the second half of 2024.

SITE Centers Corp. Investor Relations

 

Consumer Health Business10/27/2023Q4 2024SanofiSNYSpinoff
Sanofi , spinoff details:

 

Sanofi said it plans to separate its consumer health division, probably through a spinoff, as the French drugmaker deepens its focus on cutting-edge medicines and vaccines.
Sanofi is reviewing options for the potential split, but said the most likely course would be a “capital markets transaction” to form a separately listed company based in France. The move could occur as soon as the fourth quarter of 2024, it said in a statement

Sanofi said it plans to separate its consumer health division, probably through a spinoff. Sanofi is reviewing options for the potential split, but said the most likely course would be a “capital markets transaction” to form a separately listed company based in France. The move could occur as soon as the fourth quarter of 2024, it said in a statement.

Sanofi Investor Relations

Update(s):

November 15, 2023: According to Bloomberg, Sanofi is working with an adviser to start preparations for a planned separation of its consumer health division. 

 Sanofi is in the early stages of speaking with Rothschild & Co. about a separate listing of the business, which could be valued at more than $20 billion in any deal.

February 20, 2024: According to Bloomberg, largest buyout firms, including Advent International and Blackstone Inc., are circling the consumer health division of  Sanofi ahead of a potential separation of the business, The business is also drawing early interest from Bain Capital, CVC Capital Partners, EQT AB and KKR & Co..

Caret business unit’s portfolio10/27/2023N/AVivoPower InternationalVVPRSpinoff
VivoPower International, spinoff details:

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

 

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

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

VivoPower International PLC Investor Relations

 

Thoughtful Media Group Inc10/10/20232024Society Pass IncorporatedSOPASpinoff
Society Pass Incorporated, spinoff details:

 

Society Pass Inc. (SOPA) Southeast Asia’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, announces that its Board of Directors, together with its financial and legal advisors, have evaluated a comprehensive range of strategic restructuring options to unlock shareholder value. 
As a result of these discussions, SoPa will pursue a spinout and initial public offering on Nasdaq in 2024 for its digital advertising ecosystem, Thoughtful Media Group Inc, and for its online travel platform, NusaTrip Inc.

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

 

Society Pass Investor Realtions

Thoughtful Media Group 

NusaTrip Inc.10/10/20232024Society Pass IncorporatedSOPASpinoff
Society Pass Incorporated, spinoff details:

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

 

Society Pass Investor Relations

NusaTrip Inc.

Seaport Entertainment10/05/2023Q4 2024Howard Hughes Holdings Inc.HHHSpinoff
Howard Hughes Holdings Inc., spinoff details:

 

Howard Hughes Holdings Inc. is establishing Seaport Entertainment with the intention of completing its spinoff as a publicly traded company by year-end 2024.
The planned separation of Seaport Entertainment from Howard Hughes will refine the identity of HHH as a pure-play real estate company focused solely on its portfolio of acclaimed master planned communities.

Howard Hughes Holdings Inc. is establishing Seaport Entertainment with the intention of completing its spinoff as a publicly traded company by year-end 2024.

The planned separation of Seaport Entertainment from Howard Hughes will refine the identity of HHH as a pure-play real estate company focused solely on its portfolio of acclaimed master planned communities.

Howard Hughes Investor Relations

 

IoT and Cybersecurity businesses10/04/2023Q2 2024BlackberryBBCarve Out
Blackberry, spinoff details:

On October 4, 2023 Blackberry (BB) announced that it will separate its Internet of Things (IoT) business by the first half of next fiscal year. 

Update(s):

December 11, 2023: BlackBerry Limited (BB) announced that it will separate the IoT and Cybersecurity businesses, and that they will operate as fully standalone divisions. BlackBerry will no longer pursue a subsidiary IPO of the IoT business.

R&D Division09/27/2023N/ACosmos Health Inc.COSMSpinoff
Cosmos Health Inc., spinoff details:

Cosmos Health (COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced its intention to spin off its research and development (R&D) division into a publicly listed standalone biotech company.

Cosmos Health Inc. Investor Relations

New SiriusXM09/26/2023Q3 2024Liberty MediaLSXMASplitoff
Liberty Media, spinoff details:

Liberty Media (LSXMA) has initiated discussions with Sirius XM (SIRI) regarding a potential combination involving the Liberty SiriusXM tracking stock group (LSXMK) also called LSXM and SIRI. , aiming to establish a new unified public company (New SiriusXM).

LSXMA plans to execute a separation of LSXM through a redemptive split-off. This process involves creating a new unit within LSXMA, which will assume ownership of all the assets and liabilities associated with LSXM.

During the split-off, LSXM stockholders will be entitled to receive shares of a specific stock series from the split company. This allocation will be determined by exchanging each underlying SIRI stock held by the split company for 1.05 shares of common stock in New SiriusXM.

Update(s):

December 12, 2023:

Liberty Media  (LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) and Sirius XM Holdings Inc. (SIRI) announced that they have entered into definitive agreements whereby Liberty Media's Liberty SiriusXM tracking stock group (LSXMA, LSXMB and LSXMK) (collectively "LSXM"), will be combined with SiriusXM to create a new public company ("New SiriusXM"), which will continue to operate under the SiriusXM name and brand. 
 
New SiriusXM will have a single outstanding series of common stock and is expected to continue to be traded on the Nasdaq Global Select Market under the ticker symbol "SIRI".
 
Under the terms of the transaction, Liberty will separate LSXM by means of a redemptive split-off of a new subsidiary of Liberty ("SplitCo"), which will hold its shares of SiriusXM and approximately $1.7 billion of estimated attributed net liabilities. 
 
In the split-off, holders of each series of LSXM common stock will receive a number of shares of SplitCo stock equal to the Exchange Ratio, such that LSXM stockholders receive 1 share of New SiriusXM for each share of SiriusXM previously held at LSXM, adjusted for LSXM net liabilities. 
 
A wholly owned subsidiary of SplitCo will then merge with SiriusXM, and existing SiriusXM stockholders (other than Liberty Media) will receive 1:1 shares of SplitCo, which will become New SiriusXM. The transaction is intended to be tax-free to LSXM stockholders (except with respect to any cash received in lieu of fractional shares) and SiriusXM stockholders.

Liberty Media  (LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) and Sirius XM Holdings Inc. (SIRI) announced that they have entered into definitive agreements whereby Liberty Media's Liberty SiriusXM tracking stock group (LSXMA, LSXMB and LSXMK) (collectively "LSXM"), will be combined with SiriusXM to create a new public company ("New SiriusXM"), which will continue to operate under the SiriusXM name and brand.  New SiriusXM will have a single outstanding series of common stock and is expected to continue to be traded on the Nasdaq Global Select Market under the ticker symbol "SIRI". 

Under the terms of the transaction, Liberty will separate LSXM by means of a redemptive split-off of a new subsidiary of Liberty ("SplitCo"), which will hold its shares of SiriusXM and approximately $1.7 billion of estimated attributed net liabilities.  

In the split-off, holders of each series of LSXM common stock will receive a number of shares of SplitCo stock equal to the Exchange Ratio, such that LSXM stockholders receive 1 share of New SiriusXM for each share of SiriusXM previously held at LSXM, adjusted for LSXM net liabilities. 

A wholly owned subsidiary of SplitCo will then merge with SiriusXM, and existing SiriusXM stockholders (other than Liberty Media) will receive 1:1 shares of SplitCo, which will become New SiriusXM. The transaction is intended to be tax-free to LSXM stockholders (except with respect to any cash received in lieu of fractional shares) and SiriusXM stockholders.

The transaction is expected to be completed early in the third quarter of 2024

 

Liberty Media Investor Relations

Liquids Pipelines Company07/27/2023H2 2024TC Energy CorporationTRPSpinoff
TC Energy Corporation, spinoff details:

 

TC Energy Corporation (TRP) announced it approved plans for TC Energy to separate into two independent, investment-grade, publicly listed companies through the spinoff of TC Energy’s Liquids Pipelines business. 
The decision comes as a result of a two-year strategic review and is anticipated to be completed on a tax-free basis in the second half of 2024.

TC Energy Corporation (TRP) announced it approved plans for TC Energy to separate into two independent, investment-grade, publicly listed companies through the spinoff of TC Energy’s Liquids Pipelines business. 


The decision comes as a result of a two-year strategic review and is anticipated to be completed on a tax-free basis in the second half of 2024.

TC Energy Corporation Investor Relations

Liquids Pipelines Spinoff Details

Investor Presentation

Critical Mission Solutions05/09/2023Q2 2024Jacobs Solutions Inc.JReverse Morris Trust
Jacobs Solutions Inc. , spinoff details:

Jacobs Solutions Inc. (J) announced that its Board of Directors has unanimously approved a plan to separate its Critical Mission Solutions (CMS) business from Jacobs, creating two independent companies.

Jacobs is targeting completing the separation in the second half of fiscal year 2024 through a distribution that is intended to be tax-free 

Update(s):

August 8, 2023: During fiscal third quarter 2023 earnings company anounced there is a significant progress with the separation and also that following the announcement there has been positive interest from multiple outside parties. Company readffirmed that the Spinoff is expected to be completed in fiscal 2024.

November 20, 2023: Jacobs to spin-off and merge its critical mission solutions and cyber & intelligence government services businesses with Amentum, creating an independent, publicly traded company.

Fiscal 2023 Third Quarter Results

 

Jacobs Solutions Investor Relations

Critical Mission Soultions

Press Release

May/June 2023: Investor Presentation

September 2023: Investor Presentation

Pubco04/12/2023DelayedFSD PharmaHUGESpinoff
FSD Pharma, spinoff details:

 

FSD Pharma (HUGE) a biopharmaceutical company announces that it intends to complete a spin-out transaction whereby the shares of its yet-to-be-formed wholly owned subsidiary (“Pubco”) will be separated into an independent public company. 
The Spin-out Transaction, which is expected to be completed in July 2023.

FSD Pharma (HUGE) a biopharmaceutical company announces that it intends to complete a spin-out transaction whereby the shares of its yet-to-be-formed wholly owned subsidiary (“Pubco”) will be separated into an independent public company.

The Spin-out Transaction, which is expected to be completed in July 2023.

Update(s):

May 13, 2023: FSD Pharman announced Due to ongoing negotiations with one of the proposed assets to be included in the Spin-Out Transaction the necessary documentation for shareholder approval will not be ready in time for mailing deadline for the June 29, 2023 shareholders meeting  and the Company will schedule a separate special meeting to approve the Spin-Out Transaction in the future.

June 30, 2023: Special Meeting of Shareholders

FSD Pharma Investor Relations

July 2023: Investor Presentation

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.

May 02, 2023: First Quarter 2023 Results

August 01, 2023: Second Quarter 2023 Results

Uber Technologies, Inc. Investor Relations

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.

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

Update(s):

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

Press Release

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

Q1 Earnings Presentation

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

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

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

FIS Presentation

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

Augsut 2, 2023: Second Quarter 2023

Q2 Earnings Presentation

Q2 Earnings Release

On July 6, 2023, FIS® announced an acceleration of its previously announced separation plan. FIS signed a definitive agreement to sell a 55% stake in its Worldpay Merchant Solutions business to private equity funds managed by GTCR in a transaction valuing Worldpay at up to $18.5 billion, including $1.0 billion of consideration contingent on the returns realized by GTCR exceeding certain thresholds. Based on the valuation, including
estimated selling price adjustments and fair value of contingent consideration, the Company incurred a non-cash goodwill impairment charge of $6.8 billion related to the Merchant Solutions reporting unit due to its estimated fair value being less than its carrying value.
The Worldpay transaction is expected to close by Q1 2024, subject to regulatory approvals and other customary closing conditions. Following the closing of this transaction, FIS' ownership interest in Worldpay will be reported as income from minority interest.

 

FIS Q2 2023 Updated Investor Q&A regarding spinoff

 

Fidelity National Information Services Investor Relations

About Worldpay 

Flash business01/21/2023H2 2024Western DigitalWDCSpinoff
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

Previously on May 2022, Elliott Investment Management L.P. which manages funds that have an approximately $1 billion investment in Western Digital Corporation (WDC) sent a letter to the Board of Directors of Western Digital calling the Board to conduct a full strategic review of the value that could be created by separating its two vastly different businesses, hard disk drives and NAND flash memory.

By executing on a separation, Elliott believes Western Digital's stock price could reach $100+ per share by the end of 2023, representing uniquely attractive upside of approximately 100%.

Update(s):

May 15, 2023: Reuters reported, Kioxia Holdings Corp and Western Digital Corp are speeding up merger talks and nailing down a deal structure.

Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics.

The planned merger is also likely to draw anti-trust scrutiny in several countries, including the United States and China.

The proposed merger is expected to consist of a new entity which is 43% owned by Kioxia and 37% owned by Western Digital.

Reuters reported, Kioxia Holdings Corp and Western Digital Corp are speeding up merger talks and nailing down a deal structure.
Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics. The planned merger is also likely to draw anti-trust scrutiny in several countries, including the United States and China.Reuters reported, Kioxia Holdings Corp and Western Digital Corp are speeding up merger talks and nailing down a deal structure.Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics. The planned merger is also likely to draw anti-trust scrutiny in several countries, including the United States and China.

July 14, 2023: Western Digital Corp. and Kioxia Holdings Corp. are working towards finalizing a merger agreement by August. The proposed deal involves a tax-free spinoff of Western Digital's flash business, which would combine with Kioxia. After the merger, Western Digital shareholders would hold slightly over 50% ownership in the merged company.

Earnings

May 8, 2023: Western Digital Third Quarter Fiscal 2023 - Presentation

July 31, 2023: Fiscal Fourth Quarter and year 2023 Financial Results Presentation

October 13, 2023: Japanese chipmaker Kioxia Holdings and its U.S. peer Western Digital are expected to agree on a merger as early as this month

October 26, 2023: According to Reuters, Merger talks between Western Digital (WDC) and Japan's Kioxia Holdings have stalled, two sources said, as opposition from Kioxia investor SK Hynix has complicated the on-again, off-again deal to create a memory chip giant.

South Korea's SK Hynix (000660.KS), itself a major memory chip maker and rival to both companies said it did not back the deal, citing the potential impact on the value of its investment in Kioxia.

October 30, 2023: Western Digital Corp. announced its Board of Directors has unanimously approved a plan to separate its HDD and Flash businesses.

The separation is intended to be structured in a tax-free manner and is targeted for the second half of calendar year 2024.

Investor Presentation

Western Digital Investor Relations

Vantive01/06/202307/31/2024Baxter 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

Baxter International Investor Relations

Update:

May 5, 2023: Baxter International Inc. (BAX), a global medtech leader, announced it has selected Chris Toth to be chief executive officer (CEO) of the company’s planned spinoff of its Renal Care and Acute Therapies businesses. 

July 25, 2023:

Baxter International Inc. (BAX), announced that Vantive will be the name of the company’s proposed spinoff of its Renal Care and Acute Therapies businesses. 
Vantive is expected to launch as an independent, publicly traded company by July 2024 or earlier

Baxter International Inc. (BAX), announced that Vantive will be the name of the company’s proposed spinoff of its Renal Care and Acute Therapies businesses. 
Vantive is expected to launch as an independent, publicly traded company by July 2024 or earlier.

March 4, 2024: Baxter International Inc. (BAX) provided an update on the planned separation of its Kidney Care business on March 4, 2024, stating that discussions with private equity investors are underway to explore a potential sale of the asset instead of the initially proposed spinoff. Baxter remains committed to maximizing shareholder value and aims to complete the separation of the Kidney Care business in the second half of 2024, although no final decision on the separation structure has been made yet.

SRM12/19/2022DelayedJupiter 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.

June 28, 2023: Jupiter Wellness, Inc. (JUPW)announced that the record date for the spin-off and distribution of shares of common stock, par value $0.0001 per share, of SRM Entertainment currently a majority-owned subsidiary of the Company, has been set for July 7, 2023.

Update(s):

July 11, 2023: Jupiter Wellness, Inc. (JUPW) announced that the payment date for the distribution of shares of common stock, par value $0.0001 per share of SRM Entertainment,to effect the spin-off of the SRM business has been delayed.  

The previously announced distribution to be paid on or about July 12, 2023, and the previously announced trading date of SRM Common Stock on the Nasdaq Capital Market of on or about July 13, 2023, has been delayed until SRM’s Registration Statement on Form S-1 as amended, relating to shares of SRM Common Stock has been declared effective by the U.S. Securities and Exchange Commission  and the listing of the SRM Common Stock on Nasdaq has been approved by Nasdaq.  

The previously announced record date of July 7, 2023, will remain the same.

Centuri Group, Inc.12/15/2022Q1 2024Southwest 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.

Southwest Gas Holdings Investor Relations

Update(s):

May 9, 2023: Southwest Gas submitted its IRS PLR request during the first quarter of 2023 and a notice of intent was filed with the ACC in April. An SEC Form 10 submission is expected late in the second quarter or early in the third quarter of 2023. 

June 21, 2023: Southwest Gas (SWX) announced that it has received approval from the Arizona Corporation Commission to divest its financial interest in and separate from Centuri. The company anticipates completion of the spin-off of Centuri during the fourth quarter of 2023 or first quarter of 2024.

September 22, 2023: Southwest Gas Holdings (SWX) announces that Centuri, its utility infrastructure services business has confidentially submitted draft registration statement for Centuri's proposed initial public offering of newly issued Centuri common stock.

April 8, 2024: Southwest Gas (SWX) said it launched a roadshow for the IPO of its Centuri Holdings infrastructure services unit, seeking a valuation of as much as $1.8B.

Southwest Gas (NYSE:SWX) said Monday it launched a roadshow for the IPO of its Centuri Holdings infrastructure services unit, seeking a valuation of as much as $1.8B.
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

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.

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

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.

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. 

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”. 

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. 

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

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.

Starz05/26/202203/31/2024Lions 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.

March 1, 2023: The Company announced that it expects to file an initial Form 10 with the SEC by the end of March and has targeted to complete the spin-off by the end of September 2023.

August 9, 2023: Lionsgate CEO Jon Feltheimer said "With the impact of the eOne acquisition on regulatory approvals, uncertainties surrounding the strike and our efforts to create the most efficient capital structure within a disruptive marketplace, we anticipate that the separation will now take place in the first quarter of calendar 2024"

With the impact of the eOne acquisition on regulatory approvals, uncertainties surrounding the strike and our efforts to create the most efficient capital structure within a disruptive marketplace, we anticipate that the separation will now take place in the first quarter of calendar 2024,
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.  

 

Revelyst, Inc (Outdoor Products)05/05/2022Q4 2023Vista 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

August 10, 2023: Post-spin, Vista Outdoor will be rebranded as The Kinetic Group, The Kinetic Group will trade on the New York Stock Exchange under the stock ticker “HUNT".

September 5, 2023: Vista Outdoor Inc. (VSTO) publicly filed its Form 10 registration statement with the Securities and Exchange Commission (SEC). The company is on track to execute the plan in calendar 2023.

The Outdoor Products company will be a collective of category-defining brands that design and manufacture performance gear and precision technologies. The portfolio of brands, including CamelBak, Camp Chef, Bushnell, Bushnell Golf, Foresight Sports, Fox Racing, Bell, Giro and Simms Fishing. Vista Outdoor will soon announce the name and branding of the new Outdoremaor Products company.

October 5, 2023: Outdoor Products will be named Revelyst, Inc., and the company will trade on the New York Stock Exchange under the ticker symbol “GEAR” once the separation is complete.

October 16, 2023: Vista Outdoor Inc. (VSTO) announced a definitive agreement to sell its Sporting Products business to Czechoslovak Group a.s. (“CSG”) for an enterprise value of $1.91 billion in an all-cash transaction subject to customary closing conditions. This transaction represents the next step in Vista Outdoor’s plan to split the company into separate entities, which was previously announced on May 5, 2022.

November 2, 2023: Q2 FY24 Earnings Presentation

Vista Outdoor Inc. Investor Relations

March 22, 2024: Vista Outdoor announced that the SEC has declared effective the registration statement on Form S-4 filed by its subsidiary Revelyst in connection with the proposed acquisition by Czechoslovak Group of Vista Outdoor’s The Kinetic Group business.

April 8, 2024: The Czechoslovak Group reaffirms its commitment to the proposed all-cash acquisition of Vista Outdoor (VSTO) Sporting Products business – recently renamed The Kinetic Group – for a total consideration of $1.91 billion, with fully committed financing from leading U.S. bank JP Morgan Chase. CSG also highlighted the benefits of its planned Acquisition.

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.

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

GE Aerospace11/09/2021Q2 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).

July 18, 2022: GE Unveils Brand Names for Three Planned Future Public Companies

Healthcare business to be named GE HealthCare
GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, to come together as GE Vernova
Aviation business to be named GE Aerospace
  • Healthcare business to be named GE HealthCare
  • GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, to come together as GE Vernova
  • Aviation business to be named GE Aerospace

May 18, 2023: GE (GE) announced a Chief Financial Officer transition

Rahul Ghai will become Senior Vice President and Chief Financial Officer of GE effective September 1, 2023, succeeding Carolina Dybeck Happe. 

Mr. Ghai will assume this role in addition to his current responsibilities as Chief Financial Officer of GE Aerospace, which he has held since August 2022. 

October 24, 2023: Third quarter results

GE Aerospace

Delivered double-digit growth in orders, revenue, and operating profit driven by commercial momentum and strength in services. Orders grew 34% and revenue was up 25%, led by Commercial Engines and Services with Defense revenue up 8%, led by services and Edison Works.

October 24, 2023: GE announced that it plans to spin off GE Vernova and launch GE Aerospace in the beginning of the second quarter of 2024.

Following completion of the planned spin-off, shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol “GEV,” and GE Aerospace will continue GE’s listing on the New York Stock Exchange under the ticker symbol “GE.”

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.

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.

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.

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
Consumer Business03/22/2024MASI
Masimo, spinoff details:

 

Masimo (MASI), a leader in noninvasive monitoring technologies and audio products, announced that its Board of Directors has authorized management to evaluate a proposed separation of its consumer business. 
Masimo expects that the separation will include its consumer audio and consumer health products, including the Stork baby monitor and the Freedom smart watch and band. Masimo will retain its professional healthcare and telehealth products.
Masimo Investor Relations

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

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

Masimo Investor Relations

Update(s):

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

Ice Cream Business03/19/2024UL
Unilever, spinoff details:

 

Unilever announced steps to accelerate its Growth Action Plan (GAP) through the separation of Ice Cream and the launch of a major productivity programme.
Following separation, Unilever will become a simpler, more focused company, operating four Business Groups across Beauty & Wellbeing, Personal Care, Home Care and Nutrition.  Full separation expected by the end of 2025.

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

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

Unilever Investor Relations

 

Land Holdings03/14/2024LEN
Lennar Corporation, spinoff details:

 

Lennar (LEN) one of the biggest US homebuilders, says it is considering a $4 billion spinoff of land it holds.
The proposal would be a way to have a consistent source of funding as the company moves to a “land light” construction model, Executive Chairman Stuart Miller said on a call with analysts. It also would help Lennar shift from relying on private equity to fund lot production.
The transaction would represent more than 85% of Lennar’s current land pipeline, which totals about $4.7 billion, according to the builder’s quarterly earnings statement. By having a separate company own the land, Lennar could purchase lots as they’re needed.
“Such a transaction would distribute capital to shareholders, it would reduce inventory on Lennar’s books, and it would provide permanent, dependable capital for future land options,” Miller said.

Lennar (LEN) one of the biggest US homebuilders, says it is considering a $4 billion spinoff of land it holds.

The proposal would be a way to have a consistent source of funding as the company moves to a “land light” construction model, Executive Chairman Stuart Miller said on a call with analysts. It also would help Lennar shift from relying on private equity to fund lot production.

The transaction would represent more than 85% of Lennar’s current land pipeline, which totals about $4.7 billion, according to the builder’s quarterly earnings statement. By having a separate company own the land, Lennar could purchase lots as they’re needed.

“Such a transaction would distribute capital to shareholders, it would reduce inventory on Lennar’s books, and it would provide permanent, dependable capital for future land options,” Miller said.

Lennar Corp Investor Relations

Global Gaming and PlayDigital businesses02/29/2024IGT
International Game Technology PLC, spinoff details:

 

Overview:
International Game Technology (IGT) and Everi Holdings (EVRI) have entered definitive agreements to restructure their businesses, separating IGT's Global Gaming and PlayDigital segments in a taxable spin-off to IGT shareholders. These segments will then be combined with Everi to form a comprehensive global gaming and fintech enterprise.
Ownership Structure:
Upon closing, IGT shareholders are anticipated to hold approximately 54% of the combined company, while Everi stockholders will hold about 46% of the shares. This arrangement values the merged entities at around $6.2 billion in enterprise value.
Shareholder Benefits:
IGT shareholders will receive approximately 103.4 million Everi shares, granting them the majority ownership stake in the new entity. Everi will undergo a name change to International Game Technology, Inc. (IGT) and trade on the New York Stock Exchange under the ticker symbol IGT.
Financial Implications:
The transaction assigns a value of $4 billion to IGT's Global Gaming and PlayDigital businesses and $2 billion to Everi. Anticipated cost savings amount to $85 million, with a forecasted revenue of $2.7 billion for the year 2024.
Closing Details:
The deal is scheduled to close in late 2024 or early 2025, subject to regulatory approval.

Overview:
International Game Technology (IGT) and Everi Holdings (EVRI) have entered definitive agreements to restructure their businesses, separating IGT's Global Gaming and PlayDigital segments in a taxable spin-off to IGT shareholders. These segments will then be combined with Everi to form a comprehensive global gaming and fintech enterprise.

Ownership Structure:
Upon closing, IGT shareholders are anticipated to hold approximately 54% of the combined company, while Everi stockholders will hold about 46% of the shares. This arrangement values the merged entities at around $6.2 billion in enterprise value.

Shareholder Benefits:
IGT shareholders will receive approximately 103.4 million Everi shares, granting them the majority ownership stake in the new entity. Everi will undergo a name change to International Game Technology, Inc. (IGT) and trade on the New York Stock Exchange under the ticker symbol IGT.

Financial Implications:
The transaction assigns a value of $4 billion to IGT's Global Gaming and PlayDigital businesses and $2 billion to Everi. Anticipated cost savings amount to $85 million, with a forecasted revenue of $2.7 billion for the year 2024.

Closing Details:
The deal is scheduled to close in late 2024 or early 2025, subject to regulatory approval.

Investor Presentation

International Game Technology Investor Relations

Sunrise Realty Trust02/22/2024AFCG
AFC Gamma, Inc. , spinoff details:

 

AFC Gamma (AFCG) announced that its Board of Directors has approved a plan to spin-off its commercial real estate portfolio into an independent, publicly traded company that intends to elect REIT status, Sunrise Realty Trust, Inc. (SUNS). 
 
The spin-off will result in two pure-play debt capital providers – one focused solely on the cannabis industry and a second on CRE in the southern United States. The separation is expected to be completed in mid-2024.
Post separation, based on current portfolio information, it is expected that the two companies will be comprised of the following, with additional potential investments prior to separation:
AFC Gamma:                                      SUNS:
• Portfolio: 12 funded cannabis loans • Portfolio: 2 funded CRE loans
• YTM: 21%                      • YTM: 16%
• Assets: ~$330 million           • Assets: ~$115 million

AFC Gamma (AFCG) announced that its Board of Directors has approved a plan to spin-off its commercial real estate portfolio into an independent, publicly traded company that intends to elect REIT status, Sunrise Realty Trust, Inc. (SUNS).  

The spin-off will result in two pure-play debt capital providers – one focused solely on the cannabis industry and a second on CRE in the southern United States.

Post separation, based on current portfolio information, it is expected that the two companies will be comprised of the following, with additional potential investments prior to separation:

AFC Gamma:                                         

• Portfolio: 12 funded cannabis loans

• YTM: 21%                     

• Assets: ~$330 million          

SUNS:

• Portfolio: 2 funded CRE loans

• YTM: 16%

• Assets: ~$115 million

Upon completion of the transaction, SUNS’ common stock is expected to be listed on the NASDAQ under the symbol “SUNS.”

In addition, the company anticipates that AFC Gamma shareholders as of the record date for the distribution will receive a special cash dividend of $0.15 cents per common share.

The separation is expected to be completed in mid-2024.

Press Release / PDF 

Investor Presentation Feb 22, 2024

AFC Gamma Investor Relations

Sunrise Telecom02/16/2024LBTYA
Liberty Global Ltd., spinoff details:

Liberty Global (LBTYA, LBTYB and LBTYK) announces its intention to spin-off mobile network operator Sunrise and list it as a separate entity on the SIX Swiss Exchange with two classes of shares. Liberty Global said it will invest up to CHF1.5 billion ($1.7 billion) for debt reduction in Sunrise.

The listing of Sunrise on the SIX Swiss Exchange is planned for second half of 2024. The proposed spin-off is expected to be tax-free for Liberty Global U.S. shareholders.

Press Release PDF

Investor Presentation

Liberty Global Investor Relations

Majority of its Health, Hygiene and Specialties segment02/07/2024BERY
Berry Global Group, spinoff details:

Berry Global Group, Inc. (BERY) and Glatfelter Corporation (GLT) announced they have entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter to create a leading publicly-traded company in the specialty materials industry.

Berry Global Group Investor Relations

Glatfelter Corporation Investor Relations

Inhibrx Biosciences01/23/2024INBX
Inhibrx, Inc. , spinoff details:

 

Inhibrx (INBX) and Sanofi (SNY) announced that the companies have entered into a definitive agreement under which Aventis (a subsidiary of Sanofi) will acquire all the assets and liabilities associated with INBRX-101, an optimized, recombinant alpha-1 antitrypsin (“AAT”) augmentation therapy currently in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency (“AATD”). 
  
Immediately prior to the closing of the merger (Second quarter of 2024), all non-101 assets and liabilities, including INBRX-105, INBRX-106, INBRX-109, Inhibrx’s non-101 discovery pipeline and its corporate infrastructure, will be spun out from the Company into a new publicly traded company, Inhibrx Biosciences, Inc. 
  
Sanofi is only interested in one line of treatment from Inhibrx’s pipeline and will be spinning off the rest of the pipeline into a separate company (SpinCo) that will be funded with $200 million in cash. 
Upon completion, shareholders of Inhibrx will receive $30 per share in cash, one contingent value right (CVR) worth up to $5 per share if certain milestones are met and one share of SpinCo for every four shares of Inhibrx.

Inhibrx (INBX) and Sanofi (SNY) announced that the companies have entered into a definitive agreement under which Aventis (a subsidiary of Sanofi) will acquire all the assets and liabilities associated with INBRX-101, an optimized, recombinant alpha-1 antitrypsin (“AAT”) augmentation therapy currently in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency (“AATD”).  

Immediately prior to the closing of the merger (Second quarter of 2024), all non-101 assets and liabilities, including INBRX-105, INBRX-106, INBRX-109, Inhibrx’s non-101 discovery pipeline and its corporate infrastructure, will be spun out from the Company into a new publicly traded company, Inhibrx Biosciences, Inc.   

Sanofi is only interested in one line of treatment from Inhibrx’s pipeline and will be spinning off the rest of the pipeline into a separate company (SpinCo) that will be funded with $200 million in cash. 

Upon completion, shareholders of Inhibrx will receive $30 per share in cash, one contingent value right (CVR) worth up to $5 per share if certain milestones are met and one share of SpinCo for every four shares of Inhibrx.

Inhibrx Investor Relations

Sanofi Investor Relations

Concentra01/03/2024SEM
Select Medical Holdings Corporation, spinoff details:

 

Select Medical Holdings Corporation (SEM) announced that its board of directors has approved a plan to pursue the separation of Select Medical's wholly-owned occupational health services business, Concentra Group Holdings Parent. 
The potential separation is intended to be tax-free to Select Medical and its stockholders and be completed in late 2024.

Select Medical Holdings Corporation (SEM) announced that its board of directors has approved a plan to pursue the separation of Select Medical's wholly-owned occupational health services business, Concentra Group Holdings Parent. 

The potential separation is intended to be tax-free to Select Medical and its stockholders and be completed in late 2024.

Select Medical Holdings Investor Relations

Concentra Investor Relations

Update(s):

February 27, 2024: Select Medical Holdings Corporation (SEM) announced that it has received a favorable private letter ruling from the Internal Revenue Service (IRS) with respect to the tax-free status of its previously announced plan to pursue a separation of its wholly-owned occupational health services business, Concentra Group Holdings Parent.

Critical Care12/07/2023EW
Edwards Lifesciences Corporation, spinoff details:

 

Edwards Lifesciences Corporation (EW) intends to complete a tax-free spin-off of Critical Care at the end of 2024. The company is planning a mid-year SEC Form 10 submission.
Edwards Lifesciences Corporation Investor Relations

Edwards Lifesciences Corporation (EW) intends to complete a tax-free spin-off of Critical Care at the end of 2024. The company is planning a mid-year SEC Form 10 submission.

Investor Presentation

Edwards Lifesciences Corporation Investor Relations

MDU Construction Services Group, Inc.11/02/2023MDU
MDU Resources, spinoff details:

 

MDU Resources Group, Inc. (MDU) announced that its board of directors has approved a plan to spin off the company's wholly owned construction services business, MDU Construction Services Group, Inc., to the shareholders of MDU Resources, resulting in two independent, publicly traded companies. 
The spinoff is expected to be effected as a tax-free spinoff to MDU Resources and its shareholders and be complete in late 2024.

MDU Resources Group, Inc. (MDU) announced that its board of directors has approved a plan to spin off the company's wholly owned construction services business, MDU Construction Services Group, Inc., to the shareholders of MDU Resources, resulting in two independent, publicly traded companies. 

The spinoff is expected to be effected as a tax-free spinoff to MDU Resources and its shareholders and be complete in late 2024.

November 2, 2023: Investor Presentation

March 13, 2024: MDU Resources Group (MDU) announced that its construction services business, MDU Construction Services Group has rebranded to Everus Construction Group, Inc. in preparation for the planned tax-free spinoff of the business, expected to be complete late this year.

More information about Everus can be found at here.

MDU Resources Group, Inc. Investor Relations

Curbline Properties (Convenience assets)10/30/2023SITC
SITE Centers Corp., spinoff details:

 

SITE Centers Corp. (SITC), an owner of open-air shopping centers in suburban, high household income communities,  announced that the company’s Board of Directors has unanimously approved a plan to spin-off the company’s Convenience assets into a separate publicly-traded REIT to be named Curbline Properties Corp.
CURB expects to confidentially submit its initial draft Form 10 registration statement with the U.S. Securities and Exchange Commission in 2024, and the spin-off is expected to be completed in the second half of 2024. CURB intends to elect to be treated as a REIT for U.S. federal income tax purposes and be structured as an UPREIT which is expected to be a competitive advantage when acquiring assets from private Convenience sellers.

SITE Centers Corp. (SITC), an owner of open-air shopping centers in suburban, high household income communities,  announced that the company’s Board of Directors has unanimously approved a plan to spin-off the company’s Convenience assets into a separate publicly-traded REIT to be named Curbline Properties Corp.

CURB expects to confidentially submit its initial draft Form 10 registration statement with the U.S. Securities and Exchange Commission in 2024, and the spin-off is expected to be completed in the second half of 2024.

SITE Centers Corp. Investor Relations

 

Consumer Health Business10/27/2023SNY
Sanofi , spinoff details:

 

Sanofi said it plans to separate its consumer health division, probably through a spinoff, as the French drugmaker deepens its focus on cutting-edge medicines and vaccines.
Sanofi is reviewing options for the potential split, but said the most likely course would be a “capital markets transaction” to form a separately listed company based in France. The move could occur as soon as the fourth quarter of 2024, it said in a statement

Sanofi said it plans to separate its consumer health division, probably through a spinoff. Sanofi is reviewing options for the potential split, but said the most likely course would be a “capital markets transaction” to form a separately listed company based in France. The move could occur as soon as the fourth quarter of 2024, it said in a statement.

Sanofi Investor Relations

Update(s):

November 15, 2023: According to Bloomberg, Sanofi is working with an adviser to start preparations for a planned separation of its consumer health division. 

 Sanofi is in the early stages of speaking with Rothschild & Co. about a separate listing of the business, which could be valued at more than $20 billion in any deal.

February 20, 2024: According to Bloomberg, largest buyout firms, including Advent International and Blackstone Inc., are circling the consumer health division of  Sanofi ahead of a potential separation of the business, The business is also drawing early interest from Bain Capital, CVC Capital Partners, EQT AB and KKR & Co..

Caret business unit’s portfolio10/27/2023VVPR
VivoPower International, spinoff details:

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

 

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

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

VivoPower International PLC Investor Relations

 

Thoughtful Media Group Inc10/10/2023SOPA
Society Pass Incorporated, spinoff details:

 

Society Pass Inc. (SOPA) Southeast Asia’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, announces that its Board of Directors, together with its financial and legal advisors, have evaluated a comprehensive range of strategic restructuring options to unlock shareholder value. 
As a result of these discussions, SoPa will pursue a spinout and initial public offering on Nasdaq in 2024 for its digital advertising ecosystem, Thoughtful Media Group Inc, and for its online travel platform, NusaTrip Inc.

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

 

Society Pass Investor Realtions

Thoughtful Media Group 

NusaTrip Inc.10/10/2023SOPA
Society Pass Incorporated, spinoff details:

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

 

Society Pass Investor Relations

NusaTrip Inc.

Seaport Entertainment10/05/2023HHH
Howard Hughes Holdings Inc., spinoff details:

 

Howard Hughes Holdings Inc. is establishing Seaport Entertainment with the intention of completing its spinoff as a publicly traded company by year-end 2024.
The planned separation of Seaport Entertainment from Howard Hughes will refine the identity of HHH as a pure-play real estate company focused solely on its portfolio of acclaimed master planned communities.

Howard Hughes Holdings Inc. is establishing Seaport Entertainment with the intention of completing its spinoff as a publicly traded company by year-end 2024.

The planned separation of Seaport Entertainment from Howard Hughes will refine the identity of HHH as a pure-play real estate company focused solely on its portfolio of acclaimed master planned communities.

Howard Hughes Investor Relations

 

IoT and Cybersecurity businesses10/04/2023BB
Blackberry, spinoff details:

On October 4, 2023 Blackberry (BB) announced that it will separate its Internet of Things (IoT) business by the first half of next fiscal year. 

Update(s):

December 11, 2023: BlackBerry Limited (BB) announced that it will separate the IoT and Cybersecurity businesses, and that they will operate as fully standalone divisions. BlackBerry will no longer pursue a subsidiary IPO of the IoT business.

R&D Division09/27/2023COSM
Cosmos Health Inc., spinoff details:

Cosmos Health (COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced its intention to spin off its research and development (R&D) division into a publicly listed standalone biotech company.

Cosmos Health Inc. Investor Relations

New SiriusXM09/26/2023LSXMA
Liberty Media, spinoff details:

Liberty Media (LSXMA) has initiated discussions with Sirius XM (SIRI) regarding a potential combination involving the Liberty SiriusXM tracking stock group (LSXMK) also called LSXM and SIRI. , aiming to establish a new unified public company (New SiriusXM).

LSXMA plans to execute a separation of LSXM through a redemptive split-off. This process involves creating a new unit within LSXMA, which will assume ownership of all the assets and liabilities associated with LSXM.

During the split-off, LSXM stockholders will be entitled to receive shares of a specific stock series from the split company. This allocation will be determined by exchanging each underlying SIRI stock held by the split company for 1.05 shares of common stock in New SiriusXM.

Update(s):

December 12, 2023:

Liberty Media  (LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) and Sirius XM Holdings Inc. (SIRI) announced that they have entered into definitive agreements whereby Liberty Media's Liberty SiriusXM tracking stock group (LSXMA, LSXMB and LSXMK) (collectively "LSXM"), will be combined with SiriusXM to create a new public company ("New SiriusXM"), which will continue to operate under the SiriusXM name and brand. 
 
New SiriusXM will have a single outstanding series of common stock and is expected to continue to be traded on the Nasdaq Global Select Market under the ticker symbol "SIRI".
 
Under the terms of the transaction, Liberty will separate LSXM by means of a redemptive split-off of a new subsidiary of Liberty ("SplitCo"), which will hold its shares of SiriusXM and approximately $1.7 billion of estimated attributed net liabilities. 
 
In the split-off, holders of each series of LSXM common stock will receive a number of shares of SplitCo stock equal to the Exchange Ratio, such that LSXM stockholders receive 1 share of New SiriusXM for each share of SiriusXM previously held at LSXM, adjusted for LSXM net liabilities. 
 
A wholly owned subsidiary of SplitCo will then merge with SiriusXM, and existing SiriusXM stockholders (other than Liberty Media) will receive 1:1 shares of SplitCo, which will become New SiriusXM. The transaction is intended to be tax-free to LSXM stockholders (except with respect to any cash received in lieu of fractional shares) and SiriusXM stockholders.

Liberty Media  (LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) and Sirius XM Holdings Inc. (SIRI) announced that they have entered into definitive agreements whereby Liberty Media's Liberty SiriusXM tracking stock group (LSXMA, LSXMB and LSXMK) (collectively "LSXM"), will be combined with SiriusXM to create a new public company ("New SiriusXM"), which will continue to operate under the SiriusXM name and brand.  New SiriusXM will have a single outstanding series of common stock and is expected to continue to be traded on the Nasdaq Global Select Market under the ticker symbol "SIRI". 

Under the terms of the transaction, Liberty will separate LSXM by means of a redemptive split-off of a new subsidiary of Liberty ("SplitCo"), which will hold its shares of SiriusXM and approximately $1.7 billion of estimated attributed net liabilities.  

In the split-off, holders of each series of LSXM common stock will receive a number of shares of SplitCo stock equal to the Exchange Ratio, such that LSXM stockholders receive 1 share of New SiriusXM for each share of SiriusXM previously held at LSXM, adjusted for LSXM net liabilities. 

A wholly owned subsidiary of SplitCo will then merge with SiriusXM, and existing SiriusXM stockholders (other than Liberty Media) will receive 1:1 shares of SplitCo, which will become New SiriusXM. The transaction is intended to be tax-free to LSXM stockholders (except with respect to any cash received in lieu of fractional shares) and SiriusXM stockholders.

The transaction is expected to be completed early in the third quarter of 2024

 

Liberty Media Investor Relations

Liquids Pipelines Company07/27/2023TRP
TC Energy Corporation, spinoff details:

 

TC Energy Corporation (TRP) announced it approved plans for TC Energy to separate into two independent, investment-grade, publicly listed companies through the spinoff of TC Energy’s Liquids Pipelines business. 
The decision comes as a result of a two-year strategic review and is anticipated to be completed on a tax-free basis in the second half of 2024.

TC Energy Corporation (TRP) announced it approved plans for TC Energy to separate into two independent, investment-grade, publicly listed companies through the spinoff of TC Energy’s Liquids Pipelines business. 


The decision comes as a result of a two-year strategic review and is anticipated to be completed on a tax-free basis in the second half of 2024.

TC Energy Corporation Investor Relations

Liquids Pipelines Spinoff Details

Investor Presentation

Critical Mission Solutions05/09/2023J
Jacobs Solutions Inc. , spinoff details:

Jacobs Solutions Inc. (J) announced that its Board of Directors has unanimously approved a plan to separate its Critical Mission Solutions (CMS) business from Jacobs, creating two independent companies.

Jacobs is targeting completing the separation in the second half of fiscal year 2024 through a distribution that is intended to be tax-free 

Update(s):

August 8, 2023: During fiscal third quarter 2023 earnings company anounced there is a significant progress with the separation and also that following the announcement there has been positive interest from multiple outside parties. Company readffirmed that the Spinoff is expected to be completed in fiscal 2024.

November 20, 2023: Jacobs to spin-off and merge its critical mission solutions and cyber & intelligence government services businesses with Amentum, creating an independent, publicly traded company.

Fiscal 2023 Third Quarter Results

 

Jacobs Solutions Investor Relations

Critical Mission Soultions

Press Release

May/June 2023: Investor Presentation

September 2023: Investor Presentation

Pubco04/12/2023HUGE
FSD Pharma, spinoff details:

 

FSD Pharma (HUGE) a biopharmaceutical company announces that it intends to complete a spin-out transaction whereby the shares of its yet-to-be-formed wholly owned subsidiary (“Pubco”) will be separated into an independent public company. 
The Spin-out Transaction, which is expected to be completed in July 2023.

FSD Pharma (HUGE) a biopharmaceutical company announces that it intends to complete a spin-out transaction whereby the shares of its yet-to-be-formed wholly owned subsidiary (“Pubco”) will be separated into an independent public company.

The Spin-out Transaction, which is expected to be completed in July 2023.

Update(s):

May 13, 2023: FSD Pharman announced Due to ongoing negotiations with one of the proposed assets to be included in the Spin-Out Transaction the necessary documentation for shareholder approval will not be ready in time for mailing deadline for the June 29, 2023 shareholders meeting  and the Company will schedule a separate special meeting to approve the Spin-Out Transaction in the future.

June 30, 2023: Special Meeting of Shareholders

FSD Pharma Investor Relations

July 2023: Investor Presentation

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.

May 02, 2023: First Quarter 2023 Results

August 01, 2023: Second Quarter 2023 Results

Uber Technologies, Inc. Investor Relations

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.

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

Update(s):

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

Press Release

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

Q1 Earnings Presentation

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

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

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

FIS Presentation

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

Augsut 2, 2023: Second Quarter 2023

Q2 Earnings Presentation

Q2 Earnings Release

On July 6, 2023, FIS® announced an acceleration of its previously announced separation plan. FIS signed a definitive agreement to sell a 55% stake in its Worldpay Merchant Solutions business to private equity funds managed by GTCR in a transaction valuing Worldpay at up to $18.5 billion, including $1.0 billion of consideration contingent on the returns realized by GTCR exceeding certain thresholds. Based on the valuation, including
estimated selling price adjustments and fair value of contingent consideration, the Company incurred a non-cash goodwill impairment charge of $6.8 billion related to the Merchant Solutions reporting unit due to its estimated fair value being less than its carrying value.
The Worldpay transaction is expected to close by Q1 2024, subject to regulatory approvals and other customary closing conditions. Following the closing of this transaction, FIS' ownership interest in Worldpay will be reported as income from minority interest.

 

FIS Q2 2023 Updated Investor Q&A regarding spinoff

 

Fidelity National Information Services Investor Relations

About Worldpay 

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

Previously on May 2022, Elliott Investment Management L.P. which manages funds that have an approximately $1 billion investment in Western Digital Corporation (WDC) sent a letter to the Board of Directors of Western Digital calling the Board to conduct a full strategic review of the value that could be created by separating its two vastly different businesses, hard disk drives and NAND flash memory.

By executing on a separation, Elliott believes Western Digital's stock price could reach $100+ per share by the end of 2023, representing uniquely attractive upside of approximately 100%.

Update(s):

May 15, 2023: Reuters reported, Kioxia Holdings Corp and Western Digital Corp are speeding up merger talks and nailing down a deal structure.

Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics.

The planned merger is also likely to draw anti-trust scrutiny in several countries, including the United States and China.

The proposed merger is expected to consist of a new entity which is 43% owned by Kioxia and 37% owned by Western Digital.

Reuters reported, Kioxia Holdings Corp and Western Digital Corp are speeding up merger talks and nailing down a deal structure.
Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics. The planned merger is also likely to draw anti-trust scrutiny in several countries, including the United States and China.Reuters reported, Kioxia Holdings Corp and Western Digital Corp are speeding up merger talks and nailing down a deal structure.Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics. The planned merger is also likely to draw anti-trust scrutiny in several countries, including the United States and China.

July 14, 2023: Western Digital Corp. and Kioxia Holdings Corp. are working towards finalizing a merger agreement by August. The proposed deal involves a tax-free spinoff of Western Digital's flash business, which would combine with Kioxia. After the merger, Western Digital shareholders would hold slightly over 50% ownership in the merged company.

Earnings

May 8, 2023: Western Digital Third Quarter Fiscal 2023 - Presentation

July 31, 2023: Fiscal Fourth Quarter and year 2023 Financial Results Presentation

October 13, 2023: Japanese chipmaker Kioxia Holdings and its U.S. peer Western Digital are expected to agree on a merger as early as this month

October 26, 2023: According to Reuters, Merger talks between Western Digital (WDC) and Japan's Kioxia Holdings have stalled, two sources said, as opposition from Kioxia investor SK Hynix has complicated the on-again, off-again deal to create a memory chip giant.

South Korea's SK Hynix (000660.KS), itself a major memory chip maker and rival to both companies said it did not back the deal, citing the potential impact on the value of its investment in Kioxia.

October 30, 2023: Western Digital Corp. announced its Board of Directors has unanimously approved a plan to separate its HDD and Flash businesses.

The separation is intended to be structured in a tax-free manner and is targeted for the second half of calendar year 2024.

Investor Presentation

Western Digital Investor Relations

Vantive01/06/2023BAX
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

Baxter International Investor Relations

Update:

May 5, 2023: Baxter International Inc. (BAX), a global medtech leader, announced it has selected Chris Toth to be chief executive officer (CEO) of the company’s planned spinoff of its Renal Care and Acute Therapies businesses. 

July 25, 2023:

Baxter International Inc. (BAX), announced that Vantive will be the name of the company’s proposed spinoff of its Renal Care and Acute Therapies businesses. 
Vantive is expected to launch as an independent, publicly traded company by July 2024 or earlier

Baxter International Inc. (BAX), announced that Vantive will be the name of the company’s proposed spinoff of its Renal Care and Acute Therapies businesses. 
Vantive is expected to launch as an independent, publicly traded company by July 2024 or earlier.

March 4, 2024: Baxter International Inc. (BAX) provided an update on the planned separation of its Kidney Care business on March 4, 2024, stating that discussions with private equity investors are underway to explore a potential sale of the asset instead of the initially proposed spinoff. Baxter remains committed to maximizing shareholder value and aims to complete the separation of the Kidney Care business in the second half of 2024, although no final decision on the separation structure has been made yet.

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.

June 28, 2023: Jupiter Wellness, Inc. (JUPW)announced that the record date for the spin-off and distribution of shares of common stock, par value $0.0001 per share, of SRM Entertainment currently a majority-owned subsidiary of the Company, has been set for July 7, 2023.

Update(s):

July 11, 2023: Jupiter Wellness, Inc. (JUPW) announced that the payment date for the distribution of shares of common stock, par value $0.0001 per share of SRM Entertainment,to effect the spin-off of the SRM business has been delayed.  

The previously announced distribution to be paid on or about July 12, 2023, and the previously announced trading date of SRM Common Stock on the Nasdaq Capital Market of on or about July 13, 2023, has been delayed until SRM’s Registration Statement on Form S-1 as amended, relating to shares of SRM Common Stock has been declared effective by the U.S. Securities and Exchange Commission  and the listing of the SRM Common Stock on Nasdaq has been approved by Nasdaq.  

The previously announced record date of July 7, 2023, will remain the same.

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.

Southwest Gas Holdings Investor Relations

Update(s):

May 9, 2023: Southwest Gas submitted its IRS PLR request during the first quarter of 2023 and a notice of intent was filed with the ACC in April. An SEC Form 10 submission is expected late in the second quarter or early in the third quarter of 2023. 

June 21, 2023: Southwest Gas (SWX) announced that it has received approval from the Arizona Corporation Commission to divest its financial interest in and separate from Centuri. The company anticipates completion of the spin-off of Centuri during the fourth quarter of 2023 or first quarter of 2024.

September 22, 2023: Southwest Gas Holdings (SWX) announces that Centuri, its utility infrastructure services business has confidentially submitted draft registration statement for Centuri's proposed initial public offering of newly issued Centuri common stock.

April 8, 2024: Southwest Gas (SWX) said it launched a roadshow for the IPO of its Centuri Holdings infrastructure services unit, seeking a valuation of as much as $1.8B.

Southwest Gas (NYSE:SWX) said Monday it launched a roadshow for the IPO of its Centuri Holdings infrastructure services unit, seeking a valuation of as much as $1.8B.
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

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.

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

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.

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. 

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”. 

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. 

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

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.

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.

March 1, 2023: The Company announced that it expects to file an initial Form 10 with the SEC by the end of March and has targeted to complete the spin-off by the end of September 2023.

August 9, 2023: Lionsgate CEO Jon Feltheimer said "With the impact of the eOne acquisition on regulatory approvals, uncertainties surrounding the strike and our efforts to create the most efficient capital structure within a disruptive marketplace, we anticipate that the separation will now take place in the first quarter of calendar 2024"

With the impact of the eOne acquisition on regulatory approvals, uncertainties surrounding the strike and our efforts to create the most efficient capital structure within a disruptive marketplace, we anticipate that the separation will now take place in the first quarter of calendar 2024,
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.  

 

Revelyst, Inc (Outdoor Products)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

August 10, 2023: Post-spin, Vista Outdoor will be rebranded as The Kinetic Group, The Kinetic Group will trade on the New York Stock Exchange under the stock ticker “HUNT".

September 5, 2023: Vista Outdoor Inc. (VSTO) publicly filed its Form 10 registration statement with the Securities and Exchange Commission (SEC). The company is on track to execute the plan in calendar 2023.

The Outdoor Products company will be a collective of category-defining brands that design and manufacture performance gear and precision technologies. The portfolio of brands, including CamelBak, Camp Chef, Bushnell, Bushnell Golf, Foresight Sports, Fox Racing, Bell, Giro and Simms Fishing. Vista Outdoor will soon announce the name and branding of the new Outdoremaor Products company.

October 5, 2023: Outdoor Products will be named Revelyst, Inc., and the company will trade on the New York Stock Exchange under the ticker symbol “GEAR” once the separation is complete.

October 16, 2023: Vista Outdoor Inc. (VSTO) announced a definitive agreement to sell its Sporting Products business to Czechoslovak Group a.s. (“CSG”) for an enterprise value of $1.91 billion in an all-cash transaction subject to customary closing conditions. This transaction represents the next step in Vista Outdoor’s plan to split the company into separate entities, which was previously announced on May 5, 2022.

November 2, 2023: Q2 FY24 Earnings Presentation

Vista Outdoor Inc. Investor Relations

March 22, 2024: Vista Outdoor announced that the SEC has declared effective the registration statement on Form S-4 filed by its subsidiary Revelyst in connection with the proposed acquisition by Czechoslovak Group of Vista Outdoor’s The Kinetic Group business.

April 8, 2024: The Czechoslovak Group reaffirms its commitment to the proposed all-cash acquisition of Vista Outdoor (VSTO) Sporting Products business – recently renamed The Kinetic Group – for a total consideration of $1.91 billion, with fully committed financing from leading U.S. bank JP Morgan Chase. CSG also highlighted the benefits of its planned Acquisition.

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.

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

GE Aerospace11/09/2021GE
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).

July 18, 2022: GE Unveils Brand Names for Three Planned Future Public Companies

Healthcare business to be named GE HealthCare
GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, to come together as GE Vernova
Aviation business to be named GE Aerospace
  • Healthcare business to be named GE HealthCare
  • GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, to come together as GE Vernova
  • Aviation business to be named GE Aerospace

May 18, 2023: GE (GE) announced a Chief Financial Officer transition

Rahul Ghai will become Senior Vice President and Chief Financial Officer of GE effective September 1, 2023, succeeding Carolina Dybeck Happe. 

Mr. Ghai will assume this role in addition to his current responsibilities as Chief Financial Officer of GE Aerospace, which he has held since August 2022. 

October 24, 2023: Third quarter results

GE Aerospace

Delivered double-digit growth in orders, revenue, and operating profit driven by commercial momentum and strength in services. Orders grew 34% and revenue was up 25%, led by Commercial Engines and Services with Defense revenue up 8%, led by services and Edison Works.

October 24, 2023: GE announced that it plans to spin off GE Vernova and launch GE Aerospace in the beginning of the second quarter of 2024.

Following completion of the planned spin-off, shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol “GEV,” and GE Aerospace will continue GE’s listing on the New York Stock Exchange under the ticker symbol “GE.”

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.

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.

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.

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.