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.
Note: Premium members can sort this table by Spinoff Name, Announced Date, Parent Name, Parent Symbol and Type.
Spinoff Name | Announced Date | Potential Spinoff Date | Parent Name | Parent Symbol | Type | |
---|---|---|---|---|---|---|
Freight logistics business | 03/08/2023 | N/A | Uber Technologies, Inc. | UBER | Spinoff | |
Uber Technologies, Inc., spinoff details: According to Bloomberg, Uber Technologies (UBER) is weighing up options to spin off its freight logistics business either in a sale or as a separate publicly traded company at a time when the company is doubling up efforts to grow its ride-hailing and food-delivery businesses. | ||||||
Elk Valley Resources Ltd. | 02/21/2023 | Q2 2023 | Teck Resources Limited | TECK | Spinoff | |
Teck Resources Limited, spinoff details:
Teck Resources Limited (TECK)announced the reorganization of its business to separate Teck into two independent, publicly-listed companies: Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“EVR”). Teck Metals – a premier, growth-oriented producer of energy transition metals Elk Valley Resources – a pure-play, high-margin steelmaking coal producer Under the Transition Capital Structure, Teck Metals will receive quarterly payments consisting of Royalty payments and preferred share redemption amounts that will in aggregate equal 90% of EVR free cash flow. Teck shareholders of record as of the applicable distribution record date will receive common shares of EVR in proportion to their Teck shareholdings at an exchange ratio of 0.1 common share of EVR for each Teck share (or approximately 51.9 million total EVR common shares) and approximately $0.39 cash per share for an aggregate of $200 million in cash. Shareholders will be able to elect to maximize the amount of cash or common shares of EVR they receive, subject to proration, through a Dutch auction election process. As part of the Separation, Teck will change its name to Teck Metals Corp. and continue to be listed on the Toronto and New York stock exchanges (“TSX” and “NYSE”). EVR has applied to have its common shares listed on the TSX. Teck Resources Limited (TECK)announced the reorganization of its business to separate Teck into two independent, publicly-listed companies: Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“EVR”).
Under the Transition Capital Structure, Teck Metals will receive quarterly payments consisting of Royalty payments and preferred share redemption amounts that will in aggregate equal 90% of EVR free cash flow. Teck shareholders of record as of the applicable distribution record date will receive common shares of EVR in proportion to their Teck shareholdings at an exchange ratio of 0.1 common share of EVR for each Teck share (or approximately 51.9 million total EVR common shares) and approximately $0.39 cash per share for an aggregate of $200 million in cash. Shareholders will be able to elect to maximize the amount of cash or common shares of EVR they receive, subject to proration, through a Dutch auction election process. As part of the Separation, Teck will change its name to Teck Metals Corp. and continue to be listed on the Toronto and New York stock exchanges (“TSX” and “NYSE”). EVR has applied to have its common shares listed on the TSX. Teck expects that the transaction will be completed in the second quarter of 2023.
| ||||||
Semiconductor Business | 02/13/2023 | Q2 2023 | WISeKey International Holding | WKEY | Spinoff | |
WISeKey International Holding, spinoff details: WISeKey International Holding (WKEY), a leading Swiss cybersecurity, AI and IoT company announced that, through a wholly-owned subsidiary, SEALSQ Corp, it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission to effect a partial spin-off of SEALSQ Corp. SEALSQ is in the process of applying to have its Ordinary Shares listed on the Nasdaq Global Market under the ticker symbol "LAES". | ||||||
Merchant Business | 02/11/2023 | Q1 2024 | Fidelity National Information Services | FIS | Spinoff | |
Fidelity National Information Services, spinoff details: According to Reuters, Banking and payments conglomerate Fidelity National Information Services (FIS) plans to pursue a tax-free spin-off of its merchant business, which processes payments for companies. The spin-off will take several months to be completed, and FIS will also entertain any acquisition offers for the unit during this period. Much of FIS's merchant business consists of Worldpay, which it bought for $43 billion in 2019. FIS expects the spin-off to be completed within the next 12 months.
February 13, 2023: FIS Announces Plans to Spin Off Merchant Business Press Release | ||||||
Flash business | 01/21/2023 | N/A | Western Digital | WDC | Reverse Morris Trust | |
Western Digital, spinoff details: Western Digital (WDC) would spin off its flash business and merge it with Kioxia, creating a publicly traded company in the US, the people said | ||||||
Renal Care and Acute Therapies | 01/06/2023 | Q2 2024 | Baxter International Inc. | BAX | Spinoff | |
Baxter International Inc., spinoff details: Baxter International Inc. (BAX), a leading global medtech company, announced a plan to spin off the company’s Renal Care and Acute Therapies global business units (GBUs) into an independent, publicly traded company. Baxter expects to complete the proposed spinoff in 12 to 18 months | ||||||
Safe and Green Development Corporation | 12/23/2022 | N/A | Safe & Green Holdings Corp. | SGBX | Spinoff | |
Safe & Green Holdings Corp., spinoff details: Safe & Green Holdings Corp. (SGBX) , announced that the company’s subsidiary, SGB Development Corp. has changed its name to Safe and Green Development Corporation, and that the company further intends to spin-off thirty percent of Safe and Green Development Corporation to the company’s stockholders, to form an independent, publicly traded company. | ||||||
SRM | 12/19/2022 | N/A | Jupiter Wellness | JUPW | Spinoff | |
Jupiter Wellness , spinoff details: Jupiter Wellness (JUPW), announced that SRM Entertainment (SRM) has filed a registration statement with the Securities and Exchange Commission to separate the company from Jupiter Wellness. Upon completion of the spin-off, SRM and Jupiter Wellness will be two independent and separate public companies and Jupiter Wellness is expected to remain the majority shareholder of SRM. | ||||||
Centuri Group, Inc. | 12/15/2022 | 03/31/2023 | Southwest Gas Holdings, Inc. | SWX | Spinoff | |
Southwest Gas Holdings, Inc., spinoff details: Southwest Gas Holdings (SWX) determined it will pursue a spin-off of its wholly owned subsidiary, Centuri Group, to form a new independent publicly traded utility infrastructure services company. | ||||||
Fuel Systems and Aftermarket segments | 12/06/2022 | N/A | BorgWarner Inc. | BWA | Spinoff | |
BorgWarner Inc., spinoff details: BorgWarner (BWA), announced its intention to execute a tax-free spin-off of its Fuel Systems and Aftermarket segments into a separate, publicly traded company (“NewCo”). Update(S): February 14, 2023: BorgWarner(BWA): announces Brady Ericson as CEO, Chris Gropp as CFO, and PHINIA Inc. as company name for Proposed Fuel Systems and Aftermarket Segment Spin-Off. | ||||||
Nitrogen Fertilizer Business | 11/21/2022 | N/A | CVR Energy, Inc. | CVI | Spinoff | |
CVR Energy, Inc., spinoff details: CVR Energy, Inc. (CVI) announced that its board of directors has authorized CVR Energy’s management to explore a potential spin-off of its interests in its nitrogen fertilizer business, which is owned by CVR Energy through the general and limited partner interests it holds in CVR Partners, LP (UAN), a publicly traded limited partnership. | ||||||
Atlanta Braves | 11/17/2022 | H1 2023 | Liberty Media Corporation | LSXMA | Spinoff | |
Liberty Media Corporation , spinoff details: Liberty Media Corporation (LSXMA) announced that its board of directors has authorized management to pursue a split-off of the Atlanta Braves and its associated real estate development project and the creation of a new Liberty Live Group tracking stock. | ||||||
NewCo | 11/03/2022 | Q4 2023 | Lithium Americas Corp. | LAC | Spinoff | |
Lithium Americas Corp. , spinoff details:
Lithium Americas Corp. (LAC) announces that, it intends to advance a reorganization that will result in the separation of its North American and Argentine business units into two independent public companies. The Separation will establish two separate companies that include: An Argentina focused lithium company owning Lithium Americas’ current interest in its Argentine lithium assets, including the near-production Caucharí-Olaroz lithium brine project in Jujuy, Argentina; and A North America focused lithium company (“Lithium Americas (NewCo)”) owning the Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass”) and the Company’s North American investments. Lithium Americas Corp. (LAC) announces that, it intends to advance a reorganization that will result in the separation of its North American and Argentine business units into two independent public companies. The Separation will establish two separate companies that include: An Argentina focused lithium company owning Lithium Americas’ current interest in its Argentine lithium assets, including the near-production Caucharí-Olaroz lithium brine project in Jujuy, Argentina; and A North America focused lithium company (“Lithium Americas (NewCo)”) owning the Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass”) and the Company’s North American investments. The execution plan currently provides for completion of the Separation by the end of 2023. | ||||||
Oncology Business | 11/02/2022 | H2 2023 | Alkermes plc | ALKS | Carve Out | |
Alkermes plc , spinoff details: Alkermes plc (ALKS) announced approval by its Board of Directors to explore separating its commercial-stage neuroscience business and development-stage oncology business. | ||||||
ReElement Technologies | 10/27/2022 | N/A | American Resources Corporation | AREC | Spinoff | |
American Resources Corporation, spinoff details: American Resources Corporation (AREC) announces plan to spin-off ReElement Technologies subsidiary into a standalone public company | ||||||
Live Entertainment and MSG Networks businesses | 10/26/2022 | 03/31/2023 | Madison Square Garden Entertainment Corp. | MSGE | Spinoff | |
Madison Square Garden Entertainment Corp. , spinoff details: Madison Square Garden Entertainment Corp. (MSGE) announced that it has confidentially submitted an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission for the proposed spin-off of its traditional live entertainment and MSG Networks businesses. Update(s): January 13, 2023: Madison Square Garden Entertainment Corp (MSGE.N) said on Friday it would move forward with a previously proposed spinoff of its live entertainment business, which houses the iconic New York arena. The tax-free spinoff, which is expected to be completed by the end of March, will give shareholders of MSG Entertainment a 67% economic interest in the new company. The new company, which will include other venues such as Radio City Music Hall, the Beacon Theatre and the Chicago Theatre, will take on the name Madison Square Garden Entertainment Corp, while the existing company will be renamed MSG Sphere Corp. Madison Square Garden Entertainment Corp (MSGE) said it would move forward with a previously proposed spinoff of its live entertainment business, which houses the iconic New York arena. The tax-free spinoff, which is expected to be completed by the end of March, will give shareholders of MSG Entertainment a 67% economic interest in the new company. The new company, which will include other venues such as Radio City Music Hall, the Beacon Theatre and the Chicago Theatre, will take on the name Madison Square Garden Entertainment Corp, while the existing company will be renamed MSG Sphere Corp. February 16, 2023: Madison Square Garden Entertainment (MSGE) (to be renamed MSG Sphere Corp. following the spin-off) has filed a publicly available Form 10 Registration Statement with the U.S. Securities and Exchange Commission for the new live entertainment company, which would take on the name Madison Square Garden Entertainment Corp. March 30, 2023: Madison Square Garden Entertainment Corp. (MSGE) announced that its board of directors has approved the spin-off of its traditional live entertainment business, which is expected to be completed on April 20th. | ||||||
NewCo | 10/24/2022 | Q4 2023 | Medtronic plc | MDT | Spinoff | |
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 businrss | 10/21/2022 | N/A | Vale S.A. | VALE | Spinoff | |
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 | ||||||
SpinCo | 10/14/2022 | Q1 2024 | Albertsons Cos. | ACI | Spinoff | |
Albertsons Cos. , spinoff details: Albertsons Cos. (ACI) is prepared to establish an Albertsons Cos. subsidiary (SpinCo). SpinCo would be spun-off to Albertsons Cos. shareholders immediately prior to merger closing and operate as a standalone public company. Kroger and Albertsons Cos. have agreed to work together to determine which stores would comprise SpinCo, as well as the pro forma capitalization of SpinCo. | ||||||
Steel Processing business | 09/29/2022 | Q1 2024 | Worthington Industries, Inc. | WOR | Spinoff | |
Worthington Industries, Inc., spinoff details: Worthington Industries, Inc. (WOR), a leading industrial manufacturing company, announced that its Board of Directors unanimously approved a plan to pursue a separation of the company’s Steel Processing business into a new public company. | ||||||
Canadian oil sands operations | 09/28/2022 | N/A | TotalEnergies SE | TTE | Spinoff | |
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 Corp | 09/26/2022 | Q4 2022 | Inpixon | INPX | Reverse Morris Trust | |
Inpixon, spinoff details: Inpixon (INPX), the Indoor Intelligence company, announced it has signed a definitive merger agreement with KINS Technology Group, a publicly traded special purpose acquisition company (KINZ), for KINS to acquire Inpixon's enterprise apps business. The transaction will be structured as a business combination with Inpixon's newly formed subsidiary, CXApp Holding Corp., that is anticipated to result in Inpixon stockholders receiving shares in KINS valued at approximately $69 million. | ||||||
ATM business | 09/15/2022 | Q4 2023 | NCR Corporation | NCR | Spinoff | |
NCR Corporation , spinoff details: NCR Corporation (NCR), a leading enterprise technology provider to banks, retailers and restaurants, announced its Board of Directors has unanimously approved a plan to separate NCR into two independent, publicly traded companies – one focused on digital commerce, - ATM business The separation is intended to be structured in a tax-free manner and is targeted for the end of 2023. | ||||||
Digital commerce business | 09/15/2022 | Q4 2023 | NCR Corporation | NCR | Spinoff | |
NCR Corporation, spinoff details: NCR Corporation (NCR), a leading enterprise technology provider to banks, retailers and restaurants, announced its Board of Directors has unanimously approved a plan to separate NCR into two independent, publicly traded companies – one focused on digital commerce, - ATM business The separation is intended to be structured in a tax-free manner and is targeted for the end of 2023. | ||||||
Veralto Corporation | 09/14/2022 | Q4 2023 | Danaher Corporation | DHR | Spinoff | |
Danaher Corporation, spinoff details: Danaher Corporation (DHR) announced its intention to separate its Environmental & Applied Solutions segment to create an independent, publicly traded company. The new company will be comprised of Danaher's Water Quality and Product Identification businesses and will be referred to as "EAS" until it is named at a later date. The transaction is intended to be tax-free to Danaher shareholders and expected to be completed in the fourth quarter of 2023. Update(s): February 8, 2023: Danaher Corporation (DHR) announced that Veralto Corporation will be the name of the separate public company Danaher intends to create in the fourth quarter of 2023. | ||||||
Sandoz | 08/25/2022 | Q4 2023 | Novartis AG | NVS | Spinoff | |
Novartis AG, spinoff details: Novartis (NVS) plans to spin off its underperforming generics unit Sandoz to sharpen its focus on its patented prescription medicines, the Swiss group said on Thursday, acknowledging it had not received any formal offers for the business to date. The transaction, which is anticipated to be generally tax-neutral for Novartis, is expected to be completed in the second half of next year, subject to market conditions August 25, 2022: Investor presentation | ||||||
Banner Midstream | 08/24/2022 | N/A | BitNile Metaverse, Inc. Previously Ecoark Holdings, Inc. | BNMV | Reverse 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”. March 21, 2023: Ecoark Holdings Changes its name to BitNile Metaverse (BNMV). The company’s ticker symbol will change from “ZEST” to “BNMV”. | ||||||
Action Outdoor Sports | 08/15/2022 | Q4 2023 | AMMO, Inc. | POWW | Splitoff | |
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 | ||||||
Outdoor Online | 08/15/2022 | Q4 2023 | AMMO, Inc. | POWW | Splitoff | |
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 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. | ||||||
SpinCo | 08/11/2022 | Q4 2022 or in Q1 2023 | iStar | STAR | Spinoff | |
iStar, spinoff details: iStar (STAR) will spin off to iStar shareholders a new publicly traded entity ("SpinCo") that will own all of its remaining non-ground lease assets and $400 million of its SAFE shares, enabling iStar shareholders to participate in the orderly monetization of these assets over time. SpinCo will be managed by New Safehold in exchange for a management fee. Update(s): March 17, 2023: iStar (STAR) announced that its Board of Directors has conditionally declared a pro rata distribution of 0.153 common shares of Star Holdings for each share of iStar common stock outstanding as of March 27, 2023, the record date for the distribution. iStar currently expects the distribution to be made before the open of trading on March 31, 2023. | ||||||
Knife River Corporation | 08/04/2022 | Q4 2023 | MDU Resources Group, Inc. | MDU | Spinoff | |
MDU Resources Group, Inc., spinoff details: MDU Resources Group, Inc. (MDU) announced that its board of directors has unanimously approved a plan to separate its wholly owned construction materials business, Knife River Corporation, from the company. The separation is expected to be effected as a tax-free spinoff to MDU Resources shareholders and to be completed in 2023. Update(s): March 10, 2023: MDU Resources Group (MDU: Knife River to be listed under ticker KNF on NYSE upon spinoff from MDU Resources. MDU Resources is on track to complete the spinoff of Knife River into an independent, publicly traded company in the second quarter of 2023. | ||||||
Fortrea | 07/28/2022 | N/A | Laboratory Corporation of America Holdings | LH | Spinoff | |
Laboratory Corporation of America Holdings, spinoff details: Laboratory Corp. of America Holdings (LH) plans to spin off its unit focused on clinical drug trials, according to people familiar with the matter, a move that will create a new stand-alone company in the fast-growing contract-research sector. Update(s): February 09, 2023: Labcorp (LH) announced that the new company to be formed by the planned spin-off of its Clinical Development business will be known as Fortrea. Upon completion of the spin-off from Labcorp, Fortrea will operate as an independent, publicly traded global CRO that offers comprehensive drug and medical device development services. | ||||||
Healthcare business | 07/26/2022 | Q4 2023 | 3M Company | MMM | Spinoff | |
3M Company , spinoff details: 3M Co (MMM) disclosed plans to spin off its healthcare business into a listed company, joining a raft of U.S. manufacturers looking to simplify their business and boost investor returns. | ||||||
PodcastOne | 07/15/2022 | Q4 2022 | LiveOne, Inc. | LVO | Spinoff | |
LiveOne, Inc., spinoff details: LiveOne (LVO), an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events, announced its intention to spin-out its wholly owned subsidiary, PodcastOne, as a separate public company to be listed on a national exchange. | ||||||
North America Cereal Co | 06/21/2022 | Q4 2023 | Kellogg Company | K | Spinoff | |
Kellogg Company, spinoff details: Kellogg Company (K) announced that its Board of Directors has approved a plan to separate its North American cereal and plant-based foods businesses, via tax-free spin-offs, resulting in three independent public companies, each better positioned to unlock their full standalone potential. - "Global Snacking Co." will be a leading company in global snacking, international cereal and noodles and North America frozen breakfast - "North America Cereal Co." will be a leading cereal company in the U.S., Canada, and Caribbean - "Plant Co." , will be a leading, pure-play plant-based foods company, anchored by the MorningStar Farms brand The proposed spin-offs are intended to result in tax-free distributions of North America Cereal Co. and Plant Co. shares to Kellogg Company shareowners. Shareowners would receive shares in the two spin-off entities on a pro-rata basis relative to their Kellogg holdings at the record date for each spin-off. Update(s): September 28, 2022: Kellogg Company (K) announced additional appointments to the future leadership team of North America Cereal Co Kellogg Company (K) appointed Norma Barnes-Euresti as Chief Legal Officer, Mike Christensen as Chief Human Resources Officer, Stacy Flathau as Chief Corporate Affairs Officer, Sarah Ludmer as Chief Wellbeing and ESG Officer and Bill Rex as Chief Information Officer March 15, 2023: Kellogg Co's (K) global snacking business will be called "Kellanova" following the spin-off of its North American cereal unit. | ||||||
Starz | 05/26/2022 | Q3 2022 | Lions Gate Entertainment Corp. | LGF-A | Spinoff | |
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. | ||||||
NewCo | 05/25/2022 | Q4 2022 | Citius Pharmaceuticals, Inc. | CTXR | Carve 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 Business | 05/12/2022 | Q4 2022 | Brookfield Asset Management | BAM | Spinoff | |
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. | 05/11/2022 | N/A | Enveric Biosciences, Inc. | ENVB | Spinoff | |
Enveric Biosciences, Inc., spinoff details:
Enveric Biosciences (ENVB), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, announced plans to transfer and spin-off its cannabinoid clinical development pipeline assets to a wholly-owned subsidiary, Acanna Therapeutics Inc., by way of dividend to Enveric shareholders. Enveric Biosciences (ENVB), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, announced plans to transfer and spin-off its cannabinoid clinical development pipeline assets to a wholly-owned subsidiary, Acanna Therapeutics Inc., by way of dividend to Enveric shareholders.
| ||||||
Aramark Uniform Services | 05/10/2022 | Q4 2023 | Aramark | ARMK | Spinoff | |
Aramark , spinoff details:
Aramark (ARMK) announced its plan to separate Aramark Uniform Services (AUS) into an independent, publicly traded company. The transaction is intended to be structured as a spin-off that is tax-free to Aramark and its stockholders. The Company currently expects the spin-off to occur by the end of fiscal 2023. Aramark (ARMK) announced its plan to separate Aramark Uniform Services (AUS) into an independent, publicly traded company. The transaction is intended to be structured as a spin-off that is tax-free to Aramark and its stockholders. The Company currently expects the spin-off to occur by the end of fiscal 2023.
| ||||||
Outdoor Products (to be renamed) | 05/05/2022 | 2023 | Vista Outdoor Inc. | VSTO | Splitoff | |
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. | ||||||
SkyHawk Security | 05/03/2022 | N/A | Radware | RDWR | Spinoff | |
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. | ||||||
Transportation Business | 04/07/2022 | N/A | Conduent Incorporated | CNDT | Spinoff | |
Conduent Incorporated, spinoff details: Conduent Incorporated (CNDT), a business process services and solutions company, announced it is pursuing a separation of its Transportation business through either a sale or a spin-off. Update(s): July 19, 2022: Conduent Incorporated (CNDT), a business process services and solutions company, plans to report its second-quarter 2022 financial results on Tuesday, Aug. 2, after market close. | ||||||
Crane NXT | 03/30/2022 | 04/03/2023 | Crane Co. | CR | Splitoff | |
Crane Co. , spinoff details:
Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that its Board of Directors has unanimously approved a plan to pursue a separation into two independent, publicly-traded companies. After the separation, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses. Payment and Merchandising Technologies Business to Become “Crane NXT”. Crane NXT's shares are expected to be listed on the NYSE under the ticker symbol “CXT”. Separation Expected to be Completed Within Approximately 12 Months. Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that its Board of Directors has unanimously approved a plan to pursue a separation into two independent, publicly-traded companies. After the separation, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses. Payment and Merchandising Technologies Business to Become “Crane NXT”. Crane NXT's shares are expected to be listed on the NYSE under the ticker symbol “CXT”. Separation Expected to be Completed Within Approximately 12 Months. Update(s): July 26, 2022: Search process for Crane NXT CEO is underway, including evaluation of internal and external candidates. December 15, 2022: Crane (CR) announced that it has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission and is on track to complete the previously announced separation on April 3, 2023. February 27, 2023: Crane Holdings, Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that Christina Cristiano has been appointed Senior Vice President, Chief Financial Officer of Crane NXT. Spinoff is expected to occur on April 3, 2023. March 20, 2023: Crane Holdings (CR), announced the signing of credit agreements that will provide an aggregate principal amount of $1.65 billion in new syndicated revolving credit and term loan facilities for Crane Company and Crane NXT. The new facilities are intended to support Crane’s previously announced plan to separate into two independent and simplified businesses, which we expect to complete on April 3, 2023. | ||||||
Home Appliances and Personal Care businesses | 02/04/2022 | N/A | Spectrum Brands Holdings, Inc. | SPB | Spinoff | |
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, Inc | 11/22/2021 | Q4 2022 | Ault Global Holdings, Inc. | DPW | Splitoff | |
Ault Global Holdings, Inc., spinoff details: Ault Global Holdings, Inc. (DPW) a diversified holding company, announced its plan to split into two public companies by pursuing a spin-off of Ault Alliance to its stockholders. Ault Alliance will continue its focus on the Company’s legacy businesses and more recently initiated operations, including lending and investing in the real estate and distressed asset spaces, among others, defense, and power solutions, including EV charging products. Ault Global Holdings, Inc. to change its name to BitNile Holdings, Inc. and stock symbol to NILE by the end of 2021 | ||||||
Kenvue -Consumer Health business | 11/12/2021 | Q2 2023 | Johnson & Johnson | JNJ | Spinoff | |
Johnson & Johnson, spinoff details: Johnson & Johnson (JNJ) announced its intent to separate the Company’s Consumer Health business, creating a new publicly traded company. Update(s): August 24, 2022: Johnson & Johnson (JNJ) announced the appointment of Larry Merlo as Non-executive Chair Designate for the future, listed New Consumer Health Company’s Board of Directors. Merlo previously served as President and CEO of CVS Health September 28, 2022: Johnson & Johnson (JNJ) announces Kenvue as the name for planned new consumer health company January 4, 2023: Johnson & Johnson's (JNJ) consumer health unit Kenvue filed to be listed as an independent company, bringing the healthcare conglomerate a step closer to completing the biggest shakeup. | ||||||
GE Aviation | 11/09/2021 | Q1 2024 | General Electric Company | GE | Spinoff | |
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. Update(s): November 15, 2021: GE Aviation is ready to look at acquisitions to top up its portfolio with technologies that could help it shape the future of flight, without waiting for a planned break-up of its parent General Electric Co (GE). | ||||||
Combined Renewable Energy and Power | 11/09/2021 | Q1 2024 | General Electric Company | GE | Spinoff | |
General Electric Company, spinoff details: GE (GE) announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy by | ||||||
Coal Business | 09/14/2021 | N/A | Teck Resources Ltd | TECK | Spinoff | |
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, | 08/26/2021 | Q4 2021 | BitNile Metaverse, Inc. Previosuly Ecoark Holdings, Inc. | BNMV | Spinoff | |
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 Square | 06/10/2021 | Q4 2021 | SK Telecom Co.,Ltd | SKM | Splitoff | |
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. 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. | ||||||
Quantinuum | 06/08/2021 | Q3 2021 | Honeywell International Inc. | HON | Reverse 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. | 05/10/2021 | Q4 2021 | Wynn Resorts, Limited | WYNN | Reverse 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 Business | 05/05/2021 | Q2 2022 | The ODP Corporation | ODP | Spinoff | |
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. 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 Networks | 04/08/2021 | Q2 2022 (delayed) | CommScope Holding Company, Inc. | COMM | Spinoff | |
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. 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 Finance | 03/17/2021 | Q3 or Q4 2022 | Lennar Corporation | LEN | Spinoff | |
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 Juice | 10/27/2020 | N/A | SPI Energy Co., Ltd. | SPI | Spinoff | |
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) | 10/26/2020 | N/A | American International Group | AIG | Carve 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. (AIG) announced 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. | 08/26/2020 | N/A | PDL BioPharma, Inc. | PDLI | Spinoff | |
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.” | ||||||
Curibaya | 07/29/2020 | Q4 2020 | Auryn Resources Inc. | AUG | Spinoff | |
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. | ||||||
Sombrero | 07/29/2020 | Q4 2020 | Auryn Resources Inc. | AUG | Spinoff | |
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 Cap | 07/17/2020 | N/A | HD Supply Holdings, Inc. | HDS | Carve 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, | 06/17/2020 | N/A | BBX Capital Corporation | BBX | Spinoff | |
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 Works | 02/20/2020 | N/A | L Brands, Inc. | LB | Carve 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. | ||||||
Hispanoamerica | 11/27/2019 | N/A | Telefonica, S.A. | TEF | Spinoff | |
Telefonica, S.A., spinoff details: November 27, 2019: Telefónica S.A. (TEF) to Spin Off Hispanoamerica Business as Part of Action Plan. | ||||||
Global Connect business | 11/07/2019 | Q4 2020 | Nielsen Holdings plc | NLSN | Spinoff | |
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 | ||||||
Speedway | 10/31/2019 | Q4 2020 | Marathon Petroleum Corporation | MPC | Carve 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 Maintenance | 09/24/2019 | Q4 2020 | HD Supply Holdings, Inc. | HDS | Splitoff | |
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 business | 07/24/2019 | Q2 2021 | Tenet Healthcare Corporation | THC | Spinoff | |
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. | 11/27/2018 | N/A | Ault Global Holdings, Inc. | DPW | Spinoff | |
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) business | 08/09/2018 | N/A | Perrigo Company plc | PRGO | Spinoff | |
Perrigo Company plc, spinoff details: August 9, 2018: Perrigo Company (PRGO) announced that its Board of Directors approved a plan to separate the Company's Prescription Pharmaceuticals (Rx) business following the Company's previously announced strategic portfolio review. | ||||||
Powertrain Technology Company | 04/10/2018 | Q4 2020 | Tenneco Inc. | TEN | Spinoff | |
Tenneco Inc., spinoff details: April 10, 2018: Tenneco (TEN) announced that it has signed a definitive agreement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises L.P. for a total consideration of $5.4 billion to be funded through cash, Tenneco equity and assumption of debt. Tenneco also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an aftermarket & ride performance company and a powertrain technology company. The acquisition is expected to close in the second half of 2018, subject to regulatory and shareholder approvals and other customary closing conditions, with the separation occurring in the second half of 2019. During the Q2 2020 conference call Brian Kesseler announced the separation has been delayed due to pandemic. | ||||||
DRiV Incorporated | 04/10/2018 | N/A | Tenneco Inc. | TEN | Spinoff | |
Tenneco Inc., spinoff details: April 10, 2018: Tenneco (TEN) announced that it has signed a definitive agreement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises L.P. for a total consideration of $5.4 billion to be funded through cash, Tenneco equity and assumption of debt. Tenneco also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an aftermarket & ride performance company and a powertrain technology company. The acquisition is expected to close in the second half of 2018, subject to regulatory and shareholder approvals and other customary closing conditions, with the separation occurring in the second half of 2019. Update(s): February 15, 2019: Tenneco (TEN) announced that DRiV Incorporated will be the name of the future publicly traded Aftermarket and Ride Performance company that will launch in the second half of this year, following Tenneco’s separation into two independent companies. January 7, 2020: Tenneco Inc. (TEN) announced current end-market conditions are affecting the Company's ability to complete a separation in the mid-year 2020 time range. January 27, 2020: Tenneco Inc. (TEN) reconfirmed that it has been reviewing strategic alternatives to maximize shareholder value. In consultation with its advisors, Tenneco is reviewing and considering, in addition to the current plan to spin off the Company's Aftermarket and Ride Performance business ("DRiV"), a full range of strategic options including the sale of DRiV and/or the Company's Powertrain Technology business. During the Second quarter 2020 conference call Brian Kesseler announced the separation has been delayed due to pandemic. | ||||||
DWS asset management business | 02/26/2018 | N/A | Deutsche Bank Aktiengesellschaft | DB | Carve 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 Name | Announced Date | Parent Symbol | ||||
---|---|---|---|---|---|---|
Freight logistics business | 03/08/2023 | UBER | ||||
Uber Technologies, Inc., spinoff details: According to Bloomberg, Uber Technologies (UBER) is weighing up options to spin off its freight logistics business either in a sale or as a separate publicly traded company at a time when the company is doubling up efforts to grow its ride-hailing and food-delivery businesses. | ||||||
Elk Valley Resources Ltd. | 02/21/2023 | TECK | ||||
Teck Resources Limited, spinoff details:
Teck Resources Limited (TECK)announced the reorganization of its business to separate Teck into two independent, publicly-listed companies: Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“EVR”). Teck Metals – a premier, growth-oriented producer of energy transition metals Elk Valley Resources – a pure-play, high-margin steelmaking coal producer Under the Transition Capital Structure, Teck Metals will receive quarterly payments consisting of Royalty payments and preferred share redemption amounts that will in aggregate equal 90% of EVR free cash flow. Teck shareholders of record as of the applicable distribution record date will receive common shares of EVR in proportion to their Teck shareholdings at an exchange ratio of 0.1 common share of EVR for each Teck share (or approximately 51.9 million total EVR common shares) and approximately $0.39 cash per share for an aggregate of $200 million in cash. Shareholders will be able to elect to maximize the amount of cash or common shares of EVR they receive, subject to proration, through a Dutch auction election process. As part of the Separation, Teck will change its name to Teck Metals Corp. and continue to be listed on the Toronto and New York stock exchanges (“TSX” and “NYSE”). EVR has applied to have its common shares listed on the TSX. Teck Resources Limited (TECK)announced the reorganization of its business to separate Teck into two independent, publicly-listed companies: Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“EVR”).
Under the Transition Capital Structure, Teck Metals will receive quarterly payments consisting of Royalty payments and preferred share redemption amounts that will in aggregate equal 90% of EVR free cash flow. Teck shareholders of record as of the applicable distribution record date will receive common shares of EVR in proportion to their Teck shareholdings at an exchange ratio of 0.1 common share of EVR for each Teck share (or approximately 51.9 million total EVR common shares) and approximately $0.39 cash per share for an aggregate of $200 million in cash. Shareholders will be able to elect to maximize the amount of cash or common shares of EVR they receive, subject to proration, through a Dutch auction election process. As part of the Separation, Teck will change its name to Teck Metals Corp. and continue to be listed on the Toronto and New York stock exchanges (“TSX” and “NYSE”). EVR has applied to have its common shares listed on the TSX. Teck expects that the transaction will be completed in the second quarter of 2023.
| ||||||
Semiconductor Business | 02/13/2023 | WKEY | ||||
WISeKey International Holding, spinoff details: WISeKey International Holding (WKEY), a leading Swiss cybersecurity, AI and IoT company announced that, through a wholly-owned subsidiary, SEALSQ Corp, it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission to effect a partial spin-off of SEALSQ Corp. SEALSQ is in the process of applying to have its Ordinary Shares listed on the Nasdaq Global Market under the ticker symbol "LAES". | ||||||
Merchant Business | 02/11/2023 | FIS | ||||
Fidelity National Information Services, spinoff details: According to Reuters, Banking and payments conglomerate Fidelity National Information Services (FIS) plans to pursue a tax-free spin-off of its merchant business, which processes payments for companies. The spin-off will take several months to be completed, and FIS will also entertain any acquisition offers for the unit during this period. Much of FIS's merchant business consists of Worldpay, which it bought for $43 billion in 2019. FIS expects the spin-off to be completed within the next 12 months.
February 13, 2023: FIS Announces Plans to Spin Off Merchant Business Press Release | ||||||
Flash business | 01/21/2023 | WDC | ||||
Western Digital, spinoff details: Western Digital (WDC) would spin off its flash business and merge it with Kioxia, creating a publicly traded company in the US, the people said | ||||||
Renal Care and Acute Therapies | 01/06/2023 | BAX | ||||
Baxter International Inc., spinoff details: Baxter International Inc. (BAX), a leading global medtech company, announced a plan to spin off the company’s Renal Care and Acute Therapies global business units (GBUs) into an independent, publicly traded company. Baxter expects to complete the proposed spinoff in 12 to 18 months | ||||||
Safe and Green Development Corporation | 12/23/2022 | SGBX | ||||
Safe & Green Holdings Corp., spinoff details: Safe & Green Holdings Corp. (SGBX) , announced that the company’s subsidiary, SGB Development Corp. has changed its name to Safe and Green Development Corporation, and that the company further intends to spin-off thirty percent of Safe and Green Development Corporation to the company’s stockholders, to form an independent, publicly traded company. | ||||||
SRM | 12/19/2022 | JUPW | ||||
Jupiter Wellness , spinoff details: Jupiter Wellness (JUPW), announced that SRM Entertainment (SRM) has filed a registration statement with the Securities and Exchange Commission to separate the company from Jupiter Wellness. Upon completion of the spin-off, SRM and Jupiter Wellness will be two independent and separate public companies and Jupiter Wellness is expected to remain the majority shareholder of SRM. | ||||||
Centuri Group, Inc. | 12/15/2022 | SWX | ||||
Southwest Gas Holdings, Inc., spinoff details: Southwest Gas Holdings (SWX) determined it will pursue a spin-off of its wholly owned subsidiary, Centuri Group, to form a new independent publicly traded utility infrastructure services company. | ||||||
Fuel Systems and Aftermarket segments | 12/06/2022 | BWA | ||||
BorgWarner Inc., spinoff details: BorgWarner (BWA), announced its intention to execute a tax-free spin-off of its Fuel Systems and Aftermarket segments into a separate, publicly traded company (“NewCo”). Update(S): February 14, 2023: BorgWarner(BWA): announces Brady Ericson as CEO, Chris Gropp as CFO, and PHINIA Inc. as company name for Proposed Fuel Systems and Aftermarket Segment Spin-Off. | ||||||
Nitrogen Fertilizer Business | 11/21/2022 | CVI | ||||
CVR Energy, Inc., spinoff details: CVR Energy, Inc. (CVI) announced that its board of directors has authorized CVR Energy’s management to explore a potential spin-off of its interests in its nitrogen fertilizer business, which is owned by CVR Energy through the general and limited partner interests it holds in CVR Partners, LP (UAN), a publicly traded limited partnership. | ||||||
Atlanta Braves | 11/17/2022 | LSXMA | ||||
Liberty Media Corporation , spinoff details: Liberty Media Corporation (LSXMA) announced that its board of directors has authorized management to pursue a split-off of the Atlanta Braves and its associated real estate development project and the creation of a new Liberty Live Group tracking stock. | ||||||
NewCo | 11/03/2022 | LAC | ||||
Lithium Americas Corp. , spinoff details:
Lithium Americas Corp. (LAC) announces that, it intends to advance a reorganization that will result in the separation of its North American and Argentine business units into two independent public companies. The Separation will establish two separate companies that include: An Argentina focused lithium company owning Lithium Americas’ current interest in its Argentine lithium assets, including the near-production Caucharí-Olaroz lithium brine project in Jujuy, Argentina; and A North America focused lithium company (“Lithium Americas (NewCo)”) owning the Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass”) and the Company’s North American investments. Lithium Americas Corp. (LAC) announces that, it intends to advance a reorganization that will result in the separation of its North American and Argentine business units into two independent public companies. The Separation will establish two separate companies that include: An Argentina focused lithium company owning Lithium Americas’ current interest in its Argentine lithium assets, including the near-production Caucharí-Olaroz lithium brine project in Jujuy, Argentina; and A North America focused lithium company (“Lithium Americas (NewCo)”) owning the Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass”) and the Company’s North American investments. The execution plan currently provides for completion of the Separation by the end of 2023. | ||||||
Oncology Business | 11/02/2022 | ALKS | ||||
Alkermes plc , spinoff details: Alkermes plc (ALKS) announced approval by its Board of Directors to explore separating its commercial-stage neuroscience business and development-stage oncology business. | ||||||
ReElement Technologies | 10/27/2022 | AREC | ||||
American Resources Corporation, spinoff details: American Resources Corporation (AREC) announces plan to spin-off ReElement Technologies subsidiary into a standalone public company | ||||||
Live Entertainment and MSG Networks businesses | 10/26/2022 | MSGE | ||||
Madison Square Garden Entertainment Corp. , spinoff details: Madison Square Garden Entertainment Corp. (MSGE) announced that it has confidentially submitted an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission for the proposed spin-off of its traditional live entertainment and MSG Networks businesses. Update(s): January 13, 2023: Madison Square Garden Entertainment Corp (MSGE.N) said on Friday it would move forward with a previously proposed spinoff of its live entertainment business, which houses the iconic New York arena. The tax-free spinoff, which is expected to be completed by the end of March, will give shareholders of MSG Entertainment a 67% economic interest in the new company. The new company, which will include other venues such as Radio City Music Hall, the Beacon Theatre and the Chicago Theatre, will take on the name Madison Square Garden Entertainment Corp, while the existing company will be renamed MSG Sphere Corp. Madison Square Garden Entertainment Corp (MSGE) said it would move forward with a previously proposed spinoff of its live entertainment business, which houses the iconic New York arena. The tax-free spinoff, which is expected to be completed by the end of March, will give shareholders of MSG Entertainment a 67% economic interest in the new company. The new company, which will include other venues such as Radio City Music Hall, the Beacon Theatre and the Chicago Theatre, will take on the name Madison Square Garden Entertainment Corp, while the existing company will be renamed MSG Sphere Corp. February 16, 2023: Madison Square Garden Entertainment (MSGE) (to be renamed MSG Sphere Corp. following the spin-off) has filed a publicly available Form 10 Registration Statement with the U.S. Securities and Exchange Commission for the new live entertainment company, which would take on the name Madison Square Garden Entertainment Corp. March 30, 2023: Madison Square Garden Entertainment Corp. (MSGE) announced that its board of directors has approved the spin-off of its traditional live entertainment business, which is expected to be completed on April 20th. | ||||||
NewCo | 10/24/2022 | MDT | ||||
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 businrss | 10/21/2022 | VALE | ||||
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 | ||||||
SpinCo | 10/14/2022 | ACI | ||||
Albertsons Cos. , spinoff details: Albertsons Cos. (ACI) is prepared to establish an Albertsons Cos. subsidiary (SpinCo). SpinCo would be spun-off to Albertsons Cos. shareholders immediately prior to merger closing and operate as a standalone public company. Kroger and Albertsons Cos. have agreed to work together to determine which stores would comprise SpinCo, as well as the pro forma capitalization of SpinCo. | ||||||
Steel Processing business | 09/29/2022 | WOR | ||||
Worthington Industries, Inc., spinoff details: Worthington Industries, Inc. (WOR), a leading industrial manufacturing company, announced that its Board of Directors unanimously approved a plan to pursue a separation of the company’s Steel Processing business into a new public company. | ||||||
Canadian oil sands operations | 09/28/2022 | TTE | ||||
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 Corp | 09/26/2022 | INPX | ||||
Inpixon, spinoff details: Inpixon (INPX), the Indoor Intelligence company, announced it has signed a definitive merger agreement with KINS Technology Group, a publicly traded special purpose acquisition company (KINZ), for KINS to acquire Inpixon's enterprise apps business. The transaction will be structured as a business combination with Inpixon's newly formed subsidiary, CXApp Holding Corp., that is anticipated to result in Inpixon stockholders receiving shares in KINS valued at approximately $69 million. | ||||||
ATM business | 09/15/2022 | NCR | ||||
NCR Corporation , spinoff details: NCR Corporation (NCR), a leading enterprise technology provider to banks, retailers and restaurants, announced its Board of Directors has unanimously approved a plan to separate NCR into two independent, publicly traded companies – one focused on digital commerce, - ATM business The separation is intended to be structured in a tax-free manner and is targeted for the end of 2023. | ||||||
Digital commerce business | 09/15/2022 | NCR | ||||
NCR Corporation, spinoff details: NCR Corporation (NCR), a leading enterprise technology provider to banks, retailers and restaurants, announced its Board of Directors has unanimously approved a plan to separate NCR into two independent, publicly traded companies – one focused on digital commerce, - ATM business The separation is intended to be structured in a tax-free manner and is targeted for the end of 2023. | ||||||
Veralto Corporation | 09/14/2022 | DHR | ||||
Danaher Corporation, spinoff details: Danaher Corporation (DHR) announced its intention to separate its Environmental & Applied Solutions segment to create an independent, publicly traded company. The new company will be comprised of Danaher's Water Quality and Product Identification businesses and will be referred to as "EAS" until it is named at a later date. The transaction is intended to be tax-free to Danaher shareholders and expected to be completed in the fourth quarter of 2023. Update(s): February 8, 2023: Danaher Corporation (DHR) announced that Veralto Corporation will be the name of the separate public company Danaher intends to create in the fourth quarter of 2023. | ||||||
Sandoz | 08/25/2022 | NVS | ||||
Novartis AG, spinoff details: Novartis (NVS) plans to spin off its underperforming generics unit Sandoz to sharpen its focus on its patented prescription medicines, the Swiss group said on Thursday, acknowledging it had not received any formal offers for the business to date. The transaction, which is anticipated to be generally tax-neutral for Novartis, is expected to be completed in the second half of next year, subject to market conditions August 25, 2022: Investor presentation | ||||||
Banner Midstream | 08/24/2022 | BNMV | ||||
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”. March 21, 2023: Ecoark Holdings Changes its name to BitNile Metaverse (BNMV). The company’s ticker symbol will change from “ZEST” to “BNMV”. | ||||||
Action Outdoor Sports | 08/15/2022 | POWW | ||||
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 | ||||||
Outdoor Online | 08/15/2022 | POWW | ||||
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 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. | ||||||
SpinCo | 08/11/2022 | STAR | ||||
iStar, spinoff details: iStar (STAR) will spin off to iStar shareholders a new publicly traded entity ("SpinCo") that will own all of its remaining non-ground lease assets and $400 million of its SAFE shares, enabling iStar shareholders to participate in the orderly monetization of these assets over time. SpinCo will be managed by New Safehold in exchange for a management fee. Update(s): March 17, 2023: iStar (STAR) announced that its Board of Directors has conditionally declared a pro rata distribution of 0.153 common shares of Star Holdings for each share of iStar common stock outstanding as of March 27, 2023, the record date for the distribution. iStar currently expects the distribution to be made before the open of trading on March 31, 2023. | ||||||
Knife River Corporation | 08/04/2022 | MDU | ||||
MDU Resources Group, Inc., spinoff details: MDU Resources Group, Inc. (MDU) announced that its board of directors has unanimously approved a plan to separate its wholly owned construction materials business, Knife River Corporation, from the company. The separation is expected to be effected as a tax-free spinoff to MDU Resources shareholders and to be completed in 2023. Update(s): March 10, 2023: MDU Resources Group (MDU: Knife River to be listed under ticker KNF on NYSE upon spinoff from MDU Resources. MDU Resources is on track to complete the spinoff of Knife River into an independent, publicly traded company in the second quarter of 2023. | ||||||
Fortrea | 07/28/2022 | LH | ||||
Laboratory Corporation of America Holdings, spinoff details: Laboratory Corp. of America Holdings (LH) plans to spin off its unit focused on clinical drug trials, according to people familiar with the matter, a move that will create a new stand-alone company in the fast-growing contract-research sector. Update(s): February 09, 2023: Labcorp (LH) announced that the new company to be formed by the planned spin-off of its Clinical Development business will be known as Fortrea. Upon completion of the spin-off from Labcorp, Fortrea will operate as an independent, publicly traded global CRO that offers comprehensive drug and medical device development services. | ||||||
Healthcare business | 07/26/2022 | MMM | ||||
3M Company , spinoff details: 3M Co (MMM) disclosed plans to spin off its healthcare business into a listed company, joining a raft of U.S. manufacturers looking to simplify their business and boost investor returns. | ||||||
PodcastOne | 07/15/2022 | LVO | ||||
LiveOne, Inc., spinoff details: LiveOne (LVO), an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events, announced its intention to spin-out its wholly owned subsidiary, PodcastOne, as a separate public company to be listed on a national exchange. | ||||||
North America Cereal Co | 06/21/2022 | K | ||||
Kellogg Company, spinoff details: Kellogg Company (K) announced that its Board of Directors has approved a plan to separate its North American cereal and plant-based foods businesses, via tax-free spin-offs, resulting in three independent public companies, each better positioned to unlock their full standalone potential. - "Global Snacking Co." will be a leading company in global snacking, international cereal and noodles and North America frozen breakfast - "North America Cereal Co." will be a leading cereal company in the U.S., Canada, and Caribbean - "Plant Co." , will be a leading, pure-play plant-based foods company, anchored by the MorningStar Farms brand The proposed spin-offs are intended to result in tax-free distributions of North America Cereal Co. and Plant Co. shares to Kellogg Company shareowners. Shareowners would receive shares in the two spin-off entities on a pro-rata basis relative to their Kellogg holdings at the record date for each spin-off. Update(s): September 28, 2022: Kellogg Company (K) announced additional appointments to the future leadership team of North America Cereal Co Kellogg Company (K) appointed Norma Barnes-Euresti as Chief Legal Officer, Mike Christensen as Chief Human Resources Officer, Stacy Flathau as Chief Corporate Affairs Officer, Sarah Ludmer as Chief Wellbeing and ESG Officer and Bill Rex as Chief Information Officer March 15, 2023: Kellogg Co's (K) global snacking business will be called "Kellanova" following the spin-off of its North American cereal unit. | ||||||
Starz | 05/26/2022 | LGF-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. | ||||||
NewCo | 05/25/2022 | CTXR | ||||
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 Business | 05/12/2022 | BAM | ||||
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. | 05/11/2022 | ENVB | ||||
Enveric Biosciences, Inc., spinoff details:
Enveric Biosciences (ENVB), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, announced plans to transfer and spin-off its cannabinoid clinical development pipeline assets to a wholly-owned subsidiary, Acanna Therapeutics Inc., by way of dividend to Enveric shareholders. Enveric Biosciences (ENVB), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, announced plans to transfer and spin-off its cannabinoid clinical development pipeline assets to a wholly-owned subsidiary, Acanna Therapeutics Inc., by way of dividend to Enveric shareholders.
| ||||||
Aramark Uniform Services | 05/10/2022 | ARMK | ||||
Aramark , spinoff details:
Aramark (ARMK) announced its plan to separate Aramark Uniform Services (AUS) into an independent, publicly traded company. The transaction is intended to be structured as a spin-off that is tax-free to Aramark and its stockholders. The Company currently expects the spin-off to occur by the end of fiscal 2023. Aramark (ARMK) announced its plan to separate Aramark Uniform Services (AUS) into an independent, publicly traded company. The transaction is intended to be structured as a spin-off that is tax-free to Aramark and its stockholders. The Company currently expects the spin-off to occur by the end of fiscal 2023.
| ||||||
Outdoor Products (to be renamed) | 05/05/2022 | VSTO | ||||
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. | ||||||
SkyHawk Security | 05/03/2022 | RDWR | ||||
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. | ||||||
Transportation Business | 04/07/2022 | CNDT | ||||
Conduent Incorporated, spinoff details: Conduent Incorporated (CNDT), a business process services and solutions company, announced it is pursuing a separation of its Transportation business through either a sale or a spin-off. Update(s): July 19, 2022: Conduent Incorporated (CNDT), a business process services and solutions company, plans to report its second-quarter 2022 financial results on Tuesday, Aug. 2, after market close. | ||||||
Crane NXT | 03/30/2022 | CR | ||||
Crane Co. , spinoff details:
Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that its Board of Directors has unanimously approved a plan to pursue a separation into two independent, publicly-traded companies. After the separation, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses. Payment and Merchandising Technologies Business to Become “Crane NXT”. Crane NXT's shares are expected to be listed on the NYSE under the ticker symbol “CXT”. Separation Expected to be Completed Within Approximately 12 Months. Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that its Board of Directors has unanimously approved a plan to pursue a separation into two independent, publicly-traded companies. After the separation, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses. Payment and Merchandising Technologies Business to Become “Crane NXT”. Crane NXT's shares are expected to be listed on the NYSE under the ticker symbol “CXT”. Separation Expected to be Completed Within Approximately 12 Months. Update(s): July 26, 2022: Search process for Crane NXT CEO is underway, including evaluation of internal and external candidates. December 15, 2022: Crane (CR) announced that it has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission and is on track to complete the previously announced separation on April 3, 2023. February 27, 2023: Crane Holdings, Co. (CR), a diversified manufacturer of highly engineered industrial products, announced that Christina Cristiano has been appointed Senior Vice President, Chief Financial Officer of Crane NXT. Spinoff is expected to occur on April 3, 2023. March 20, 2023: Crane Holdings (CR), announced the signing of credit agreements that will provide an aggregate principal amount of $1.65 billion in new syndicated revolving credit and term loan facilities for Crane Company and Crane NXT. The new facilities are intended to support Crane’s previously announced plan to separate into two independent and simplified businesses, which we expect to complete on April 3, 2023. | ||||||
Home Appliances and Personal Care businesses | 02/04/2022 | SPB | ||||
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, Inc | 11/22/2021 | DPW | ||||
Ault Global Holdings, Inc., spinoff details: Ault Global Holdings, Inc. (DPW) a diversified holding company, announced its plan to split into two public companies by pursuing a spin-off of Ault Alliance to its stockholders. Ault Alliance will continue its focus on the Company’s legacy businesses and more recently initiated operations, including lending and investing in the real estate and distressed asset spaces, among others, defense, and power solutions, including EV charging products. Ault Global Holdings, Inc. to change its name to BitNile Holdings, Inc. and stock symbol to NILE by the end of 2021 | ||||||
Kenvue -Consumer Health business | 11/12/2021 | JNJ | ||||
Johnson & Johnson, spinoff details: Johnson & Johnson (JNJ) announced its intent to separate the Company’s Consumer Health business, creating a new publicly traded company. Update(s): August 24, 2022: Johnson & Johnson (JNJ) announced the appointment of Larry Merlo as Non-executive Chair Designate for the future, listed New Consumer Health Company’s Board of Directors. Merlo previously served as President and CEO of CVS Health September 28, 2022: Johnson & Johnson (JNJ) announces Kenvue as the name for planned new consumer health company January 4, 2023: Johnson & Johnson's (JNJ) consumer health unit Kenvue filed to be listed as an independent company, bringing the healthcare conglomerate a step closer to completing the biggest shakeup. | ||||||
GE Aviation | 11/09/2021 | GE | ||||
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. Update(s): November 15, 2021: GE Aviation is ready to look at acquisitions to top up its portfolio with technologies that could help it shape the future of flight, without waiting for a planned break-up of its parent General Electric Co (GE). | ||||||
Combined Renewable Energy and Power | 11/09/2021 | GE | ||||
General Electric Company, spinoff details: GE (GE) announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy by | ||||||
Coal Business | 09/14/2021 | TECK | ||||
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, | 08/26/2021 | BNMV | ||||
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 Square | 06/10/2021 | SKM | ||||
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. 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. | ||||||
Quantinuum | 06/08/2021 | HON | ||||
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. | 05/10/2021 | WYNN | ||||
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 Business | 05/05/2021 | ODP | ||||
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. 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 Networks | 04/08/2021 | COMM | ||||
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. 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 Finance | 03/17/2021 | LEN | ||||
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 Juice | 10/27/2020 | SPI | ||||
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) | 10/26/2020 | AIG | ||||
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. (AIG) announced 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. | 08/26/2020 | PDLI | ||||
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.” | ||||||
Curibaya | 07/29/2020 | AUG | ||||
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. | ||||||
Sombrero | 07/29/2020 | AUG | ||||
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 Cap | 07/17/2020 | HDS | ||||
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, | 06/17/2020 | BBX | ||||
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 Works | 02/20/2020 | LB | ||||
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. | ||||||
Hispanoamerica | 11/27/2019 | TEF | ||||
Telefonica, S.A., spinoff details: November 27, 2019: Telefónica S.A. (TEF) to Spin Off Hispanoamerica Business as Part of Action Plan. | ||||||
Global Connect business | 11/07/2019 | NLSN | ||||
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 | ||||||
Speedway | 10/31/2019 | MPC | ||||
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 Maintenance | 09/24/2019 | HDS | ||||
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 business | 07/24/2019 | THC | ||||
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. | 11/27/2018 | DPW | ||||
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) business | 08/09/2018 | PRGO | ||||
Perrigo Company plc, spinoff details: August 9, 2018: Perrigo Company (PRGO) announced that its Board of Directors approved a plan to separate the Company's Prescription Pharmaceuticals (Rx) business following the Company's previously announced strategic portfolio review. | ||||||
Powertrain Technology Company | 04/10/2018 | TEN | ||||
Tenneco Inc., spinoff details: April 10, 2018: Tenneco (TEN) announced that it has signed a definitive agreement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises L.P. for a total consideration of $5.4 billion to be funded through cash, Tenneco equity and assumption of debt. Tenneco also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an aftermarket & ride performance company and a powertrain technology company. The acquisition is expected to close in the second half of 2018, subject to regulatory and shareholder approvals and other customary closing conditions, with the separation occurring in the second half of 2019. During the Q2 2020 conference call Brian Kesseler announced the separation has been delayed due to pandemic. | ||||||
DRiV Incorporated | 04/10/2018 | TEN | ||||
Tenneco Inc., spinoff details: April 10, 2018: Tenneco (TEN) announced that it has signed a definitive agreement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises L.P. for a total consideration of $5.4 billion to be funded through cash, Tenneco equity and assumption of debt. Tenneco also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an aftermarket & ride performance company and a powertrain technology company. The acquisition is expected to close in the second half of 2018, subject to regulatory and shareholder approvals and other customary closing conditions, with the separation occurring in the second half of 2019. Update(s): February 15, 2019: Tenneco (TEN) announced that DRiV Incorporated will be the name of the future publicly traded Aftermarket and Ride Performance company that will launch in the second half of this year, following Tenneco’s separation into two independent companies. January 7, 2020: Tenneco Inc. (TEN) announced current end-market conditions are affecting the Company's ability to complete a separation in the mid-year 2020 time range. January 27, 2020: Tenneco Inc. (TEN) reconfirmed that it has been reviewing strategic alternatives to maximize shareholder value. In consultation with its advisors, Tenneco is reviewing and considering, in addition to the current plan to spin off the Company's Aftermarket and Ride Performance business ("DRiV"), a full range of strategic options including the sale of DRiV and/or the Company's Powertrain Technology business. During the Second quarter 2020 conference call Brian Kesseler announced the separation has been delayed due to pandemic. | ||||||
DWS asset management business | 02/26/2018 | DB | ||||
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.