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| Spinoff Name | Spinoff Symbol | Announced Date | Spinoff Date | First Day Closing | Spinoff Last Price | Spinoff Performance | Spinoff Current Volume | Parent Name | Parent Symbol | Parent First Day Closing | Parent Last Price | Parent Performace | Parent Current Volume | Type | ||
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| detail | Qnity Electronics | Q | 05/22/2024 | 11/03/2025 | 97.00 | 78.98 | -18.58% | 2,656,646 | DuPont de Nemours, Inc. | DD | 34.69 | 38.7 | 11.56% | 5,838,257 | Spinoff | |
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DuPont de Nemours, Inc., spinoff details: DuPont (DD) announced plans to separate into three distinct, publicly traded companies. The Electronics and Water businesses will be spun off tax-free to shareholders, with New DuPont remaining as a diversified industrial company. DuPont expects to complete the separations within 18 to 24 months. The separation transactions will not require a shareholder vote. DuPont Investor Relations
Update(s): July 31, 2024: DuPont (DD) announced its financial results for the second quarter ended June 30, 2024 Net Sales of $3.2 billion increased 2%; organic sales flat versus year-ago period GAAP Income from continuing operations of $176 million; operating EBITDA of $798 million GAAP EPS from continuing operations of $0.40; adjusted EPS of $0.97 Cash provided by operating activities from continuing operations of $527 million; adjusted free cash flow of $425 million Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS
Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS January 15, 2025: DuPont announced plans to accelerate the separation of its Electronics business, targeting completion by November 1, 2025, to maximize shareholder value.
February 11, 2025: CFO Antonella Franzen provided an update on the separation process, confirming that the timeline remains on track. Separation costs are now expected to be slightly below the initial $700 million estimate, as the water business will remain with DuPont. Additionally, projected dissynergies have been revised down from $60 million to approximately $40 million. (Transcript) March 17, 2025: DuPont announced Jon Kemp as CEO of the future Electronics public company and President & CEO of Avantor Michael Stubblefield as Chairman post-spin-off. The company plans to hire an external CFO, with the spin-off on track for November 1, 2025.
April 16, 2025: DuPont (DD) announced that Karin De Bondt and Anne Noonan will join the board of directors of the planned independent Electronics company, which is expected to be spun off from DuPont by November 1, 2025. April 25, 2025: DuPont has filed an initial Form 10 with the SEC for the planned spin-off of its Electronics business, currently listed as Novus SpinCo1, Inc. ("ElectronicsCo"). The spin-off, aimed at creating a pure-play leader in semiconductor and electronics materials, is expected to be completed by November 1, 2025, pending customary approvals. Information Statement April 29, 2025: DuPont announced Qnity Electronics as the name of the planned independent Electronics public company that will be created through the intended spin-off of its Electronics business. DuPont also announced that Matthew Harbaugh will join the company effective May 1, 2025, and will be the Chief Financial Officer of Qnity. Additional senior leaders of the planned Electronics company include:
Additionally, DuPont announced that Michael Stubblefield has decided not to assume the role of chairperson of the future Electronics Board of Directors. This decision will allow Mr. Stubblefield to focus on fully supporting Avantor’s transition to a new CEO. A new board member for the future independent Electronics public company and the future chairperson will be named at a later date. May 14, 2025: DuPont unveils "Qnity" as the name of its planned electronics spin-off, positioned as a leading pure-play materials provider for the semiconductor and electronics industries. June 11, 2025: uPont appoints Mark A. Blinn (Chair) and Dr. Yi Hyon Paik to the future board of Qnity Electronics, the planned independent electronics spin-off. August 12, 2025: DuPont secured $4.1B in financing for the planned November spin-off of Qnity Electronics, led by current electronics chief Jon Kemp. The package includes a $2.35B leveraged loan (L+200, 99.75 OID), $1.0B secured bonds at 5.75%, and $750M unsecured bonds at 6.25%. Proceeds will fund a $4.1B cash distribution to DuPont. Separately, DuPont is weighing sales of its Nomex and Kevlar brands after scrapping plans to divest its water unit. September 18, 2025: DuPont projected 2025 net sales of about $6.87 billion, updating its outlook to exclude the upcoming November 1 spin-off of Qnity Electronics and the divestiture of its Aramids business, which will be reported as discontinued operations starting Q3. October 15, 2025: DuPont announced that its Board has approved the separation of its Electronics business, Qnity Electronics with the spinoff set to occur on November 1, 2025. Shareholders of record as of October 22, 2025, will receive one Qnity share for every two DuPont shares held, with cash paid in lieu of fractional shares. As part of the transaction, Qnity’s Board declared a $4.12 billion cash dividend (plus accrued interest) payable to DuPont. Qnity shares will trade on the NYSE “when-issued” under the symbol “Q WI” from October 27–31, and begin regular trading under “Q” on November 3, 2025. During that period, DuPont stock will trade both “regular-way” (DD) with Qnity distribution rights and “ex-distribution” (DD WI) without them. The separation remains subject to customary conditions expected to be met by the distribution date. November 3, 2025: DuPont (DD) has completed the spin-off of its electronics business into Qnity Electronics (Q), effective Nov 1, 2025. Qnity begins regular-way trading today on the NYSE. DuPont shareholders received 1 Qnity share for every 2 DD shares held as of Oct 22, with ~209M Qnity shares distributed. Resources May 22, 2024: Announcement May 23, 2024: Investor Update Call - Investor Presentation , Transcript, Press Release June 14, 2024: DuPont Overview Presentation July 31, 2024: DuPont 2Q 2024 Earnings - Presentation, Transcript, Earnings Release | ||||||||||||||||
| detail | Solstice Advanced Materials | SOLS | 10/08/2024 | 10/30/2025 | 48.74 | 41.43 | -15.00% | 3,321,514 | Honeywell International Inc. | HON | 200.11 | 191.45 | -4.33% | 5,980,080 | Spinoff | |
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Honeywell International Inc., spinoff details:
Honeywell (HON) announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026. Honeywell Investor Relations Honeywell announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026.
Update(s): February 6, 2025: Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders. Honeywell Automation
Honeywell Aerospace
Advanced Materials
Financial & Strategic Moves:
Separation Timings
March 25, 2025: Honeywell announced leadership appointments for its Advanced Materials business, which will be renamed Solstice Advanced Materials following its planned tax-free spin-off, expected by late 2025 or early 2026. The independent, publicly traded company will be headquartered in Morris Plains, New Jersey, and focus on sustainability-driven specialty chemicals and materials, generating nearly $4 billion in revenue last year. Key Leadership Appointments:
August 21, 2025: Honeywell announced the filing of its Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of Solstice Advanced Materials. Solstice will host an Investor Day on October 8, 2025. Honeywell announced the future Board of Directors for Solstice Advanced Materials, its specialty materials spin-off expected in Q4 2025. Dr. Rajeev Gautam, former Honeywell PMT CEO, will serve as Independent Chair, with David Sewell, Solstice’s CEO, also joining the 10-person board. Other directors include Peter Gibbons, Fiona Laird, Rose Lee, William Oplinger, Somasundaram “Soma” Somasundaram, Matthew Trerotola, Patrick Ward, and Brian Worrell, bringing extensive experience across industrial, technology, chemicals, and materials sectors. September 16, 2025: Honeywell announced that its spin-off unit Solstice Advanced Materials has launched a $1 billion private offering of senior notes due 2033, with final terms subject to market conditions. The Solstice spin-off is expected to close in Q4 2025. In connection with the separation, Solstice plans to arrange a senior secured term B loan, a revolving credit facility, and related letter-of-credit lines. Proceeds from the notes and term loan will fund a distribution to Honeywell and cover transaction costs, with any remainder used for general corporate purposes. Funds will remain in escrow until the spin-off closes; if conditions are not met by March 31, 2026, the notes will be redeemed at par plus accrued interest. October 1, 2025: Honeywell announced that its Board of Directors has set a record date of October 17, 2025 for the previously announced spin-off of Solstice Advanced Materials. Distribution expected to occur on October 30, 2025, with shareowners of record expected to receive one share of Solstice common stock for every four shares of Honeywell common stock owned. Solstice expected to begin trading on Nasdaq on October 30, 2025, under the ticker symbol "SOLS" October 16, 2025: Honeywell announced that its Board has approved the planned spin-off of Solstice Advanced Materials, set to be completed on October 30, 2025. Shareholders of record as of October 17, 2025, will receive one share of Solstice (SOLS) for every four Honeywell shares held. Solstice will begin “when-issued” trading on October 20 under the ticker SOLSV, and “regular-way” trading on October 30 under SOLS. During this period, Honeywell stock will trade in two markets: HON (with distribution rights) and HONIV (ex-distribution). October 30, 2025: Honeywell announced that it has completed the previously announced spin-off of its Advanced Materials business, now operating as Solstice Advanced Materials. Shares of Solstice common stock will begin trading "regular way" on the Nasdaq Stock Market under the ticker symbol "SOLS," effective at the market opening today. Honeywell will continue to trade "regular way" on the Nasdaq under the ticker symbol "HON." Shareholders received 1 SOLS share for every 4 HON shares (plus cash for fractions). Honeywell Investor Relations
Resources October 8, 2024: Announcement October 10, 2024: Honeywell Portfolio Update Presentation February 6, 2025: Portfolio Update: Separation of Automation and Aerospace October 8, 2025: Solstice Investor Day Presentation | ||||||||||||||||
| detail | Sony Financial Group Inc. | N/A | 05/14/2025 | 09/29/2025 | N/A | 0.00% | Sony Group Corp | SONY | 29.10 | 28.67 | -1.48% | 2,899,293 | Spinoff | |||
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Sony Group Corp, spinoff details:
Sony plans to spin off its financial services unit, SFGI, by distributing just over 80% of SFGI shares to shareholders (1:1 ratio). The spin-off is subject to SFGI’s listing on the Tokyo Stock Exchange Prime Market, with applications submitted in May 2025. Expected completion is October 2025, following Board approval in early September. Sony will retain just under 20% post-spin, with SFGI accounted for as an equity-method affiliate. Sony announced a partial spin off its financial services unit, Sony Financial Group Inc. SFGI, by distributing just over 80% of SFGI shares to shareholders (1:1 ratio). The spin-off is subject to SFGI’s listing on the Tokyo Stock Exchange Prime Market, with applications submitted in May 2025. Expected completion is October 2025, following Board approval in early September. Sony will retain just under 20% post-spin, with SFGI accounted for as an equity-method affiliate. (Press Release) (Investor Presentation) Update(s): May 27, 2025: Sony to make case for finance arm spin-off in latest corporate transformation. Sony will unveil its growth plan for Sony Financial Group on Thursday during its Investor Day, highlighting the latest step in its corporate transformation. The spin-off, slated for a direct listing on September 29, will be Japan’s first partial spin-off under a 2023 tax reform. August 8, 2025: Sony Group Corporation will partially spin off its wholly owned subsidiary, Sony Financial Group Inc., in October 2025. Following the Board’s approval on May 14, 2025, the Financial Services business has been reported as a discontinued operation from Q1 FY25. Post spin-off, Sony will use the equity method to account for its remaining stake in SFGI, with related profits or losses reflected in continuing operations’ operating income. September 3, 2025: Sony Group Corporation has approved the partial spin-off of Sony Financial Group Inc. (SFGI), effective October 1, 2025. The company has also received re-approval from Japan’s Minister of Economy, Trade and Industry for amendments to its Corporate Restructuring Plan. The spin-off remains subject to the Tokyo Stock Exchange’s approval of SFGI’s share listing. September 8, 2025: The Tokyo Stock Exchange said Monday that it has approved the listing of Sony Financial Group Inc. on its top-tier Prime section Sept. 29. September 17, 2025: Sony Group set the final distribution ratio at 0.206 for the October 1 spin-off of its wholly owned unit Sony Financial Group Inc., to be executed as a dividend in kind for Japanese tax purposes. September 28, 2025: Sony Financial Group Inc. jumped 37% above its reference price in its Tokyo market debut following its spin-off from Sony Group Corp. The stock opened at ¥205, well above the ¥150 reference price that valued the company at roughly ¥1 trillion ($6.7 billion), and climbed as high as ¥210 in early trading. The listing allows Sony Group to sharpen its focus on its entertainment and image sensor businesses. Sony Investor Relations
Resources May 14, 2025: Announcement / Investor Presentation | ||||||||||||||||
| detail | Aumovio | N/A | 08/05/2024 | 09/18/2025 | N/A | 0.00% | Continental AG. | CTTAY | 8.92 | 7.19 | -19.39% | Spinoff | ||||
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Continental AG., spinoff details:
On August 5, 2024, the Continental Executive Board, in response to the dynamic automotive market, decided to further evaluate a potential spinoff of its Automotive group. Announcement A decision is expected in the fourth quarter of 2024. If approved by the Executive and Supervisory Boards, the spinoff will be put to a shareholder vote on April 25, 2025, with plans to complete it by the end of 2025. Preparations are already underway, with the profitable Tires and ContiTech sectors remaining under Continental's umbrella, a structure included in the ongoing evaluation. Update(s): September 16, 2024: BMW AG took over two years to uncover the full scope of a braking system defect, which could cost the automaker nearly €1 billion ($1.1 billion) to resolve. Customer complaints about the faulty brakes began in June 2022, but only last month did BMW determine that up to 1.5 million cars could be affected by the defective part, supplied by Continental AG. October 7, 2024: Bloomberg reported, Continental AG is pushing forward with plans to spin off its struggling car parts division, despite recent recalls over faulty braking systems. The company has enlisted Goldman Sachs and JPMorgan Chase to assist with the spinoff, though details are still being finalized December 9, 2024: Continental plans to spin off its Automotive group by the end of 2025, pending Supervisory Board and shareholder approval, with preparations completed by Q3 2025. December 18, 2024: On December 18, 2024, Continental announced plans to spin off its Automotive group as an independent European company, subject to approvals in 2025. The Supervisory Board will review the plan in March, with a shareholder vote scheduled for April 25, 2025. The new company, set to list on the Frankfurt stock exchange by late 2025, will launch under a new brand by April 2025. Philipp von Hirschheydt, head of the group since May 2023, will lead the company. March 12, 2025: Continental AG’s Supervisory Board approved the Executive Board’s decision to proceed with the spin-off of the future Automotive Group and finalize related agreements. It confirmed that the Automotive Group will have €1.5 billion in cash funds before the spin-off is completed, with risks and opportunities clearly allocated between the two independent entities based on their business operations. Additionally, the Supervisory Board approved the proposed dividend policy for both future companies:
April 23, 2025: Continental announced that its Automotive division will be renamed Aumovio ahead of a planned spin-off in September. The rebranding was unveiled at Auto Shanghai 2025, with the Hanover-based company highlighting the division’s focus as a supplier of braking systems and electronics. September 18, 2025: AUMOVIO SE (formerly Continental’s Automotive group) debuted as an independent company on the Frankfurt Stock Exchange, opening at €35.00 for a market cap of €3.5 billion. The vehicle hardware and software provider posted a 2.7% adjusted EBIT margin in H1 2025 and aims for value-driven growth in key mobility markets. Continental AG Investor Relations
Resources: August 5, 2024: Announcement | ||||||||||||||||
| detail | Rubico Inc. | RUBI | 06/04/2025 | 08/04/2025 | 3.40 | 0.1656 | -95.13% | TOP Ships | TOPS | 6.07 | 5.99 | -1.32% | 15,745 | Spinoff | ||
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TOP Ships, spinoff details: TOP Ships plans to spin off two Suezmax tankers—M/T Eco Malibu and M/T Eco West Coast—into a new publicly traded company, Rubico Inc., which will list on the Nasdaq Capital Market. TOPS will distribute 100% of Rubico shares to its shareholders and warrant holders of record as of June 16, 2025, with the distribution expected around June 30, 2025. Rubico will raise $1.5M through a private placement at $20/share, set to close with the spin-off. There will be no shared executives or board members between the two companies post-spin. Update(s): June 26, 2025: TOP Ships announced that its spin-off, Rubico has received approval to list on the Nasdaq Capital Market and its Form 20-F registration has been declared effective by the SEC. The distribution of Rubico shares to TOP Ships shareholders is expected in July 2025, with trading set to begin the next business day under the ticker “RUBI.” An exact distribution date will be announced in a future release. July 31, 2025: TOP Ships announced that the expected distribution date for the common shares of Rubico is August 1, 2025. Rubico common shares are expected to commence trading on a standalone basis on the Nasdaq Capital Market on August 4, 2025, the first trading day after the date of distribution, under the ticker “RUBI”. August 4, 2025: Rubico announced that it has completed its spin-off from Tops Ships effective August 1, 2025. The company’s shares have commenced trading as August 4, 2025, on the Nasdaq Capital Market under the ticker symbol “RUBI”. TOP Ships Investor Relations | ||||||||||||||||
| detail | GCI | GLIBA | 11/13/2024 | 07/15/2025 | 30.92 | 33.97 | 9.86% | 46,339 | Liberty Broadband Corporation | LBRDA | 96.58 | 46.1 | -52.27% | 91,675 | Spinoff | |
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Liberty Broadband Corporation, spinoff details: Charter Communications (CHTR) announced an all-stock acquisition of Liberty Broadband (LBRDA). Before the acquisition closes, Liberty Broadband will spin off its subsidiary GCI, Alaska's largest communications provider, to Liberty Broadband stockholders. (Announcement) This GCI spin-off is expected to be taxable, with Charter covering any tax liability above $420 million. The deal is anticipated to close by June 30, 2027, pending the GCI spin-off and other customary conditions. Update(s): May 27, 2025: Liberty Broadband Corporation announced it will webcast an Investor Conference Call on Tuesday, June 3, 2025, to discuss the planned spin-off of its GCI business into a new company, GCI Liberty, Inc. The discussion will include commentary on the financial outlook for both GCI Liberty and Liberty Broadband, along with other forward-looking topics. The spin-off is expected to be completed in summer 2025. June 20, 2025: Liberty Broadband (LBRDA, LBRDK, LBRDP) announced key dates for the planned spin-off of its wholly owned subsidiary, GCI Liberty, Inc. Record date: June 30, 2025 Distribution date: July 14, 2025 Distribution terms: Shareholders will receive 0.20 shares of GCI Liberty’s Series A, B, and C common stock for each corresponding share of Liberty Broadband held as of the record date. Cash will be paid in lieu of fractional shares (no interest). Upon completion, GCI Liberty will become an independent, publicly traded company, initially consisting of 100% of GCI, LLC and its subsidiaries. The spin-off remains subject to customary closing conditions, including final approval from the Regulatory Commission of Alaska, expected by June 27, 2025. If conditions are not satisfied or waived, Liberty Broadband may defer the distribution and will announce changes via press release and SEC filing. Trading: GCI Liberty Series A (GLIBA) and Series C (GLIBK) are expected to list on the Nasdaq Global Select Market. Series B (GLIBB) will be quoted on the OTC Markets. When-issued trading may begin near the record date, with regular-way trading expected on July 15, 2025. Liberty Broadband common stock will continue to trade under existing symbols unless the planned acquisition by Charter Communications is completed. July 10, 2025: Liberty Broadband (Nasdaq: LBRDA, LBRDK, LBRDP) announced that in connection with its planned spin-off of GCI Liberty, Inc., shares of GCI Liberty’s Series A and Series C common stock will trade on a when-issued basis under the tickers “GLBAV” and “GLBKV” from July 11 through July 14, 2025. The spin-off, structured as a dividend, is set to occur after market close on July 14, 2025, for Liberty Broadband shareholders of record as of June 30, 2025. Due to Nasdaq’s July 15 ex-dividend date and “due bill” trading, buyers of Liberty Broadband stock through July 14 will still receive GCI Liberty shares. Regular-way trading for GCI Liberty’s Series A and C shares (tickers: “GLIBA” and “GLIBK”) will begin July 15, while Series B shares (ticker: “GLIBB”) are expected to start trading on the OTC Markets around July 21. July 14, 2025: Liberty Broadband (Nasdaq: LBRDA, LBRDK, LBRDP) has completed the spin-off of GCI Liberty (Nasdaq: GLIBA, GLIBK) as of July 15, 2025. Both are now independent, publicly traded companies. GLIBA and GLIBK will begin trading on Nasdaq, while GLIBB (Series B) is expected to begin OTC trading around July 21. Liberty Broadband’s shares will continue trading ahead of its planned merger with Charter Communications, which is expected to close alongside Charter’s combination with Cox Communications. Leadership update: Marty Patterson has been named President & CEO of Liberty Broadband, succeeding John Malone, who remains Chairman of both Liberty Broadband and GCI Liberty.
Liberty Broadband Investor Relations Resources: November 13, 2024: Announcement Liberty Broadband has agreed to spin off its GCI business by way of a distribution to the stockholders of Liberty Broadband prior to the closing of the acquisition of Liberty Broadband by Charter. | ||||||||||||||||
Note: Premium members can sort this table Spinoff Name, Announced Date and Parent Symbol.
Premium member can access all Completed Spinoffs.
| Spinoff Name | Announced Date | Parent Symbol | ||||||||||||||
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| detail | Qnity Electronics | 05/22/2024 | DD | |||||||||||||
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DuPont de Nemours, Inc., spinoff details: DuPont (DD) announced plans to separate into three distinct, publicly traded companies. The Electronics and Water businesses will be spun off tax-free to shareholders, with New DuPont remaining as a diversified industrial company. DuPont expects to complete the separations within 18 to 24 months. The separation transactions will not require a shareholder vote. DuPont Investor Relations
Update(s): July 31, 2024: DuPont (DD) announced its financial results for the second quarter ended June 30, 2024 Net Sales of $3.2 billion increased 2%; organic sales flat versus year-ago period GAAP Income from continuing operations of $176 million; operating EBITDA of $798 million GAAP EPS from continuing operations of $0.40; adjusted EPS of $0.97 Cash provided by operating activities from continuing operations of $527 million; adjusted free cash flow of $425 million Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS
Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS January 15, 2025: DuPont announced plans to accelerate the separation of its Electronics business, targeting completion by November 1, 2025, to maximize shareholder value.
February 11, 2025: CFO Antonella Franzen provided an update on the separation process, confirming that the timeline remains on track. Separation costs are now expected to be slightly below the initial $700 million estimate, as the water business will remain with DuPont. Additionally, projected dissynergies have been revised down from $60 million to approximately $40 million. (Transcript) March 17, 2025: DuPont announced Jon Kemp as CEO of the future Electronics public company and President & CEO of Avantor Michael Stubblefield as Chairman post-spin-off. The company plans to hire an external CFO, with the spin-off on track for November 1, 2025.
April 16, 2025: DuPont (DD) announced that Karin De Bondt and Anne Noonan will join the board of directors of the planned independent Electronics company, which is expected to be spun off from DuPont by November 1, 2025. April 25, 2025: DuPont has filed an initial Form 10 with the SEC for the planned spin-off of its Electronics business, currently listed as Novus SpinCo1, Inc. ("ElectronicsCo"). The spin-off, aimed at creating a pure-play leader in semiconductor and electronics materials, is expected to be completed by November 1, 2025, pending customary approvals. Information Statement April 29, 2025: DuPont announced Qnity Electronics as the name of the planned independent Electronics public company that will be created through the intended spin-off of its Electronics business. DuPont also announced that Matthew Harbaugh will join the company effective May 1, 2025, and will be the Chief Financial Officer of Qnity. Additional senior leaders of the planned Electronics company include:
Additionally, DuPont announced that Michael Stubblefield has decided not to assume the role of chairperson of the future Electronics Board of Directors. This decision will allow Mr. Stubblefield to focus on fully supporting Avantor’s transition to a new CEO. A new board member for the future independent Electronics public company and the future chairperson will be named at a later date. May 14, 2025: DuPont unveils "Qnity" as the name of its planned electronics spin-off, positioned as a leading pure-play materials provider for the semiconductor and electronics industries. June 11, 2025: uPont appoints Mark A. Blinn (Chair) and Dr. Yi Hyon Paik to the future board of Qnity Electronics, the planned independent electronics spin-off. August 12, 2025: DuPont secured $4.1B in financing for the planned November spin-off of Qnity Electronics, led by current electronics chief Jon Kemp. The package includes a $2.35B leveraged loan (L+200, 99.75 OID), $1.0B secured bonds at 5.75%, and $750M unsecured bonds at 6.25%. Proceeds will fund a $4.1B cash distribution to DuPont. Separately, DuPont is weighing sales of its Nomex and Kevlar brands after scrapping plans to divest its water unit. September 18, 2025: DuPont projected 2025 net sales of about $6.87 billion, updating its outlook to exclude the upcoming November 1 spin-off of Qnity Electronics and the divestiture of its Aramids business, which will be reported as discontinued operations starting Q3. October 15, 2025: DuPont announced that its Board has approved the separation of its Electronics business, Qnity Electronics with the spinoff set to occur on November 1, 2025. Shareholders of record as of October 22, 2025, will receive one Qnity share for every two DuPont shares held, with cash paid in lieu of fractional shares. As part of the transaction, Qnity’s Board declared a $4.12 billion cash dividend (plus accrued interest) payable to DuPont. Qnity shares will trade on the NYSE “when-issued” under the symbol “Q WI” from October 27–31, and begin regular trading under “Q” on November 3, 2025. During that period, DuPont stock will trade both “regular-way” (DD) with Qnity distribution rights and “ex-distribution” (DD WI) without them. The separation remains subject to customary conditions expected to be met by the distribution date. November 3, 2025: DuPont (DD) has completed the spin-off of its electronics business into Qnity Electronics (Q), effective Nov 1, 2025. Qnity begins regular-way trading today on the NYSE. DuPont shareholders received 1 Qnity share for every 2 DD shares held as of Oct 22, with ~209M Qnity shares distributed. Resources May 22, 2024: Announcement May 23, 2024: Investor Update Call - Investor Presentation , Transcript, Press Release June 14, 2024: DuPont Overview Presentation July 31, 2024: DuPont 2Q 2024 Earnings - Presentation, Transcript, Earnings Release | ||||||||||||||||
| detail | Solstice Advanced Materials | 10/08/2024 | HON | |||||||||||||
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Honeywell International Inc., spinoff details:
Honeywell (HON) announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026. Honeywell Investor Relations Honeywell announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026.
Update(s): February 6, 2025: Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders. Honeywell Automation
Honeywell Aerospace
Advanced Materials
Financial & Strategic Moves:
Separation Timings
March 25, 2025: Honeywell announced leadership appointments for its Advanced Materials business, which will be renamed Solstice Advanced Materials following its planned tax-free spin-off, expected by late 2025 or early 2026. The independent, publicly traded company will be headquartered in Morris Plains, New Jersey, and focus on sustainability-driven specialty chemicals and materials, generating nearly $4 billion in revenue last year. Key Leadership Appointments:
August 21, 2025: Honeywell announced the filing of its Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of Solstice Advanced Materials. Solstice will host an Investor Day on October 8, 2025. Honeywell announced the future Board of Directors for Solstice Advanced Materials, its specialty materials spin-off expected in Q4 2025. Dr. Rajeev Gautam, former Honeywell PMT CEO, will serve as Independent Chair, with David Sewell, Solstice’s CEO, also joining the 10-person board. Other directors include Peter Gibbons, Fiona Laird, Rose Lee, William Oplinger, Somasundaram “Soma” Somasundaram, Matthew Trerotola, Patrick Ward, and Brian Worrell, bringing extensive experience across industrial, technology, chemicals, and materials sectors. September 16, 2025: Honeywell announced that its spin-off unit Solstice Advanced Materials has launched a $1 billion private offering of senior notes due 2033, with final terms subject to market conditions. The Solstice spin-off is expected to close in Q4 2025. In connection with the separation, Solstice plans to arrange a senior secured term B loan, a revolving credit facility, and related letter-of-credit lines. Proceeds from the notes and term loan will fund a distribution to Honeywell and cover transaction costs, with any remainder used for general corporate purposes. Funds will remain in escrow until the spin-off closes; if conditions are not met by March 31, 2026, the notes will be redeemed at par plus accrued interest. October 1, 2025: Honeywell announced that its Board of Directors has set a record date of October 17, 2025 for the previously announced spin-off of Solstice Advanced Materials. Distribution expected to occur on October 30, 2025, with shareowners of record expected to receive one share of Solstice common stock for every four shares of Honeywell common stock owned. Solstice expected to begin trading on Nasdaq on October 30, 2025, under the ticker symbol "SOLS" October 16, 2025: Honeywell announced that its Board has approved the planned spin-off of Solstice Advanced Materials, set to be completed on October 30, 2025. Shareholders of record as of October 17, 2025, will receive one share of Solstice (SOLS) for every four Honeywell shares held. Solstice will begin “when-issued” trading on October 20 under the ticker SOLSV, and “regular-way” trading on October 30 under SOLS. During this period, Honeywell stock will trade in two markets: HON (with distribution rights) and HONIV (ex-distribution). October 30, 2025: Honeywell announced that it has completed the previously announced spin-off of its Advanced Materials business, now operating as Solstice Advanced Materials. Shares of Solstice common stock will begin trading "regular way" on the Nasdaq Stock Market under the ticker symbol "SOLS," effective at the market opening today. Honeywell will continue to trade "regular way" on the Nasdaq under the ticker symbol "HON." Shareholders received 1 SOLS share for every 4 HON shares (plus cash for fractions). Honeywell Investor Relations
Resources October 8, 2024: Announcement October 10, 2024: Honeywell Portfolio Update Presentation February 6, 2025: Portfolio Update: Separation of Automation and Aerospace October 8, 2025: Solstice Investor Day Presentation | ||||||||||||||||
| detail | Sony Financial Group Inc. | 05/14/2025 | SONY | |||||||||||||
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Sony Group Corp, spinoff details:
Sony plans to spin off its financial services unit, SFGI, by distributing just over 80% of SFGI shares to shareholders (1:1 ratio). The spin-off is subject to SFGI’s listing on the Tokyo Stock Exchange Prime Market, with applications submitted in May 2025. Expected completion is October 2025, following Board approval in early September. Sony will retain just under 20% post-spin, with SFGI accounted for as an equity-method affiliate. Sony announced a partial spin off its financial services unit, Sony Financial Group Inc. SFGI, by distributing just over 80% of SFGI shares to shareholders (1:1 ratio). The spin-off is subject to SFGI’s listing on the Tokyo Stock Exchange Prime Market, with applications submitted in May 2025. Expected completion is October 2025, following Board approval in early September. Sony will retain just under 20% post-spin, with SFGI accounted for as an equity-method affiliate. (Press Release) (Investor Presentation) Update(s): May 27, 2025: Sony to make case for finance arm spin-off in latest corporate transformation. Sony will unveil its growth plan for Sony Financial Group on Thursday during its Investor Day, highlighting the latest step in its corporate transformation. The spin-off, slated for a direct listing on September 29, will be Japan’s first partial spin-off under a 2023 tax reform. August 8, 2025: Sony Group Corporation will partially spin off its wholly owned subsidiary, Sony Financial Group Inc., in October 2025. Following the Board’s approval on May 14, 2025, the Financial Services business has been reported as a discontinued operation from Q1 FY25. Post spin-off, Sony will use the equity method to account for its remaining stake in SFGI, with related profits or losses reflected in continuing operations’ operating income. September 3, 2025: Sony Group Corporation has approved the partial spin-off of Sony Financial Group Inc. (SFGI), effective October 1, 2025. The company has also received re-approval from Japan’s Minister of Economy, Trade and Industry for amendments to its Corporate Restructuring Plan. The spin-off remains subject to the Tokyo Stock Exchange’s approval of SFGI’s share listing. September 8, 2025: The Tokyo Stock Exchange said Monday that it has approved the listing of Sony Financial Group Inc. on its top-tier Prime section Sept. 29. September 17, 2025: Sony Group set the final distribution ratio at 0.206 for the October 1 spin-off of its wholly owned unit Sony Financial Group Inc., to be executed as a dividend in kind for Japanese tax purposes. September 28, 2025: Sony Financial Group Inc. jumped 37% above its reference price in its Tokyo market debut following its spin-off from Sony Group Corp. The stock opened at ¥205, well above the ¥150 reference price that valued the company at roughly ¥1 trillion ($6.7 billion), and climbed as high as ¥210 in early trading. The listing allows Sony Group to sharpen its focus on its entertainment and image sensor businesses. Sony Investor Relations
Resources May 14, 2025: Announcement / Investor Presentation | ||||||||||||||||
| detail | Aumovio | 08/05/2024 | CTTAY | |||||||||||||
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Continental AG., spinoff details:
On August 5, 2024, the Continental Executive Board, in response to the dynamic automotive market, decided to further evaluate a potential spinoff of its Automotive group. Announcement A decision is expected in the fourth quarter of 2024. If approved by the Executive and Supervisory Boards, the spinoff will be put to a shareholder vote on April 25, 2025, with plans to complete it by the end of 2025. Preparations are already underway, with the profitable Tires and ContiTech sectors remaining under Continental's umbrella, a structure included in the ongoing evaluation. Update(s): September 16, 2024: BMW AG took over two years to uncover the full scope of a braking system defect, which could cost the automaker nearly €1 billion ($1.1 billion) to resolve. Customer complaints about the faulty brakes began in June 2022, but only last month did BMW determine that up to 1.5 million cars could be affected by the defective part, supplied by Continental AG. October 7, 2024: Bloomberg reported, Continental AG is pushing forward with plans to spin off its struggling car parts division, despite recent recalls over faulty braking systems. The company has enlisted Goldman Sachs and JPMorgan Chase to assist with the spinoff, though details are still being finalized December 9, 2024: Continental plans to spin off its Automotive group by the end of 2025, pending Supervisory Board and shareholder approval, with preparations completed by Q3 2025. December 18, 2024: On December 18, 2024, Continental announced plans to spin off its Automotive group as an independent European company, subject to approvals in 2025. The Supervisory Board will review the plan in March, with a shareholder vote scheduled for April 25, 2025. The new company, set to list on the Frankfurt stock exchange by late 2025, will launch under a new brand by April 2025. Philipp von Hirschheydt, head of the group since May 2023, will lead the company. March 12, 2025: Continental AG’s Supervisory Board approved the Executive Board’s decision to proceed with the spin-off of the future Automotive Group and finalize related agreements. It confirmed that the Automotive Group will have €1.5 billion in cash funds before the spin-off is completed, with risks and opportunities clearly allocated between the two independent entities based on their business operations. Additionally, the Supervisory Board approved the proposed dividend policy for both future companies:
April 23, 2025: Continental announced that its Automotive division will be renamed Aumovio ahead of a planned spin-off in September. The rebranding was unveiled at Auto Shanghai 2025, with the Hanover-based company highlighting the division’s focus as a supplier of braking systems and electronics. September 18, 2025: AUMOVIO SE (formerly Continental’s Automotive group) debuted as an independent company on the Frankfurt Stock Exchange, opening at €35.00 for a market cap of €3.5 billion. The vehicle hardware and software provider posted a 2.7% adjusted EBIT margin in H1 2025 and aims for value-driven growth in key mobility markets. Continental AG Investor Relations
Resources: August 5, 2024: Announcement | ||||||||||||||||
| detail | Rubico Inc. | 06/04/2025 | TOPS | |||||||||||||
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TOP Ships, spinoff details: TOP Ships plans to spin off two Suezmax tankers—M/T Eco Malibu and M/T Eco West Coast—into a new publicly traded company, Rubico Inc., which will list on the Nasdaq Capital Market. TOPS will distribute 100% of Rubico shares to its shareholders and warrant holders of record as of June 16, 2025, with the distribution expected around June 30, 2025. Rubico will raise $1.5M through a private placement at $20/share, set to close with the spin-off. There will be no shared executives or board members between the two companies post-spin. Update(s): June 26, 2025: TOP Ships announced that its spin-off, Rubico has received approval to list on the Nasdaq Capital Market and its Form 20-F registration has been declared effective by the SEC. The distribution of Rubico shares to TOP Ships shareholders is expected in July 2025, with trading set to begin the next business day under the ticker “RUBI.” An exact distribution date will be announced in a future release. July 31, 2025: TOP Ships announced that the expected distribution date for the common shares of Rubico is August 1, 2025. Rubico common shares are expected to commence trading on a standalone basis on the Nasdaq Capital Market on August 4, 2025, the first trading day after the date of distribution, under the ticker “RUBI”. August 4, 2025: Rubico announced that it has completed its spin-off from Tops Ships effective August 1, 2025. The company’s shares have commenced trading as August 4, 2025, on the Nasdaq Capital Market under the ticker symbol “RUBI”. TOP Ships Investor Relations | ||||||||||||||||
| detail | GCI | 11/13/2024 | LBRDA | |||||||||||||
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Liberty Broadband Corporation, spinoff details: Charter Communications (CHTR) announced an all-stock acquisition of Liberty Broadband (LBRDA). Before the acquisition closes, Liberty Broadband will spin off its subsidiary GCI, Alaska's largest communications provider, to Liberty Broadband stockholders. (Announcement) This GCI spin-off is expected to be taxable, with Charter covering any tax liability above $420 million. The deal is anticipated to close by June 30, 2027, pending the GCI spin-off and other customary conditions. Update(s): May 27, 2025: Liberty Broadband Corporation announced it will webcast an Investor Conference Call on Tuesday, June 3, 2025, to discuss the planned spin-off of its GCI business into a new company, GCI Liberty, Inc. The discussion will include commentary on the financial outlook for both GCI Liberty and Liberty Broadband, along with other forward-looking topics. The spin-off is expected to be completed in summer 2025. June 20, 2025: Liberty Broadband (LBRDA, LBRDK, LBRDP) announced key dates for the planned spin-off of its wholly owned subsidiary, GCI Liberty, Inc. Record date: June 30, 2025 Distribution date: July 14, 2025 Distribution terms: Shareholders will receive 0.20 shares of GCI Liberty’s Series A, B, and C common stock for each corresponding share of Liberty Broadband held as of the record date. Cash will be paid in lieu of fractional shares (no interest). Upon completion, GCI Liberty will become an independent, publicly traded company, initially consisting of 100% of GCI, LLC and its subsidiaries. The spin-off remains subject to customary closing conditions, including final approval from the Regulatory Commission of Alaska, expected by June 27, 2025. If conditions are not satisfied or waived, Liberty Broadband may defer the distribution and will announce changes via press release and SEC filing. Trading: GCI Liberty Series A (GLIBA) and Series C (GLIBK) are expected to list on the Nasdaq Global Select Market. Series B (GLIBB) will be quoted on the OTC Markets. When-issued trading may begin near the record date, with regular-way trading expected on July 15, 2025. Liberty Broadband common stock will continue to trade under existing symbols unless the planned acquisition by Charter Communications is completed. July 10, 2025: Liberty Broadband (Nasdaq: LBRDA, LBRDK, LBRDP) announced that in connection with its planned spin-off of GCI Liberty, Inc., shares of GCI Liberty’s Series A and Series C common stock will trade on a when-issued basis under the tickers “GLBAV” and “GLBKV” from July 11 through July 14, 2025. The spin-off, structured as a dividend, is set to occur after market close on July 14, 2025, for Liberty Broadband shareholders of record as of June 30, 2025. Due to Nasdaq’s July 15 ex-dividend date and “due bill” trading, buyers of Liberty Broadband stock through July 14 will still receive GCI Liberty shares. Regular-way trading for GCI Liberty’s Series A and C shares (tickers: “GLIBA” and “GLIBK”) will begin July 15, while Series B shares (ticker: “GLIBB”) are expected to start trading on the OTC Markets around July 21. July 14, 2025: Liberty Broadband (Nasdaq: LBRDA, LBRDK, LBRDP) has completed the spin-off of GCI Liberty (Nasdaq: GLIBA, GLIBK) as of July 15, 2025. Both are now independent, publicly traded companies. GLIBA and GLIBK will begin trading on Nasdaq, while GLIBB (Series B) is expected to begin OTC trading around July 21. Liberty Broadband’s shares will continue trading ahead of its planned merger with Charter Communications, which is expected to close alongside Charter’s combination with Cox Communications. Leadership update: Marty Patterson has been named President & CEO of Liberty Broadband, succeeding John Malone, who remains Chairman of both Liberty Broadband and GCI Liberty.
Liberty Broadband Investor Relations Resources: November 13, 2024: Announcement Liberty Broadband has agreed to spin off its GCI business by way of a distribution to the stockholders of Liberty Broadband prior to the closing of the acquisition of Liberty Broadband by Charter. | ||||||||||||||||