|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|
|Covetrus, Inc.||CVET||04/23/2018||02/08/2019||43.05||35.48||-17.58%||1,871,014||Henry Schein, Inc.||HSIC||59.15||59.94||1.34%||2,335,726||Reverse Morris Trust|
Henry Schein, Inc., spinoff details:
April 23, 2018: Henry Schein (HSIC) and Vets First Choice announced plans for Henry Schein to spin off its Animal Health business and merge it with Vets First Choice, creating an innovative approach to advancing the delivery of animal health care designed to provide unique benefits to veterinarians, manufacturers, pet owners, and their pets. The new company, to be called Vets First Corp. The transaction is structured as a “Reverse Morris Trust” transaction intended to be tax-free to Henry Schein shareholders for U.S. tax purposes. The transaction has been unanimously approved by the Boards of Directors of Henry Schein and Vets First Choice, and is expected to close by the end of 2018.
January 17, 2019: The new standalone public company that will result from the planned spin-off of the Henry Schein Animal Health business and the subsequent merger with Vets First Choice will be named Covetrus.
February 5, 2019: Covetrus (CVET) will replace The Dun & Bradstreet Corp. (DNB) in the S&P MidCap 400 effective prior to the open of trading on Monday, February 11. S&P 500 constituent Henry Schein Inc. (HSIC) is spinning off Covetrus in a transaction expected to be completed on February 8.
|Arlo Technologies, Inc.||ARLO||02/06/2018||12/31/2018||9.98||3.99||-60.02%||3,784,091||NetGear||NTGR||52.03||35.92||-30.96%||536,752||Carve Out|
NetGear, spinoff details:
February 6, 2018: NETGEAR (NTGR) announced that its Board of Directors has unanimously approved the pursuit of a separation of its Arlo business from NETGEAR. The separation is expected to be effected through an initial public offering (IPO) of newly issued shares of the common stock of Arlo Technologies, Inc. (Arlo), which will hold the Arlo business. NETGEAR expects Arlo to issue less than 20% of its common stock in the IPO, with NETGEAR to retain the remaining interest. NETGEAR expects Arlo to confidentially submit a draft registration statement with the Securities and Exchange Commission (SEC) in the first half of 2018, with the IPO expected to be completed in the second half of 2018.
|Newmark Group Inc.||NMRK||02/09/2017||11/30/2018||8.40||10.26||22.14%||925,798||BGC Partners, Inc.||BGCP||10.54||6.26||-40.61%||2,057,118||Carve Out|
BGC Partners, Inc., spinoff details:
February 9, 2017: BGC Partners (BGCP) announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of the Class A common stock of a newly formed subsidiary that will hold BGC’s Real Estate Services business, which operates as “Newmark Grubb Knight Frank”, or “NGKF”.
December 15, 2017: BGC Partners (BGCP) and Newmark Group, Inc., a subsidiary of BGC that holds BGC’s Real Estate Services business, announced the pricing of Newmark’s initial public offering of 20 million shares of Newmark’s Class A common stock at a price to the public of $14.00 per share. Newmark’s Class A shares are expected to begin trading on December 15, 2017 on the NASDAQ Global Select Market under the symbol (NMRK), and the IPO is expected to close on or about December 19, 2017, subject to customary closing conditions.
May 3, 2018: BGC Partners (BGCP) filed their First Quarter 2018 earnings on May 3, 2018. Regarding the spin-off of Newmark (NMRK), it is mentioned in the filing that, "Had the spin-off occurred immediately following close of the first quarter of 2018, the ratio of Newmark common shares to be distributed in respect of each BGC common share would have been approximately 0.4702. However, the exact ratio of Newmark common shares to be distributed in respect of each BGC common share in the spin-off will depend on, among other things, the number of BGC common shares outstanding and the number of Newmark common shares owned by BGC as of the record date of the spin-off. The spin-off is subject to a number of conditions, and BGC may determine not to proceed with the spin-off if the BGC board of directors determines, in its sole discretion, that the spin-off is not in the best interest of the Company and its stockholders. Accordingly, the spin-off may not occur on any expected timeframe, or at all."
November 30, 2018: Newmark Group (NMRK) announced that BGC Partners (BGCP) had completed its previously announced distribution of all of the shares of Newmark held by BGC to stockholders of BGC.
|Equitrans Midstream Corporation||ETRN||02/21/2018||11/13/2018||20.89||19.83||-5.07%||1,310,832||EQT Corporation||EQT||18.53||19.31||4.21%||5,515,088||Carve Out|
EQT Corporation, spinoff details:
February 21, 2018: EQT Corporation (EQT) announced that its Board of Directors has approved a plan to separate its upstream and midstream businesses, creating a standalone publicly traded corporation (NewCo) that will focus on midstream operations. The separation is intended to qualify as tax-free to EQT shareholders for U.S. federal income tax purposes; and is expected to be completed by the end of the third quarter 2018. Under the separation plan, EQT shareholders will retain their shares of EQT stock and receive a pro-rata share of the new independent midstream company. Both companies will remain headquartered in Pittsburgh, PA.
October 25, 2018: EQT Corporation (EQT) announced that its board of directors has approved the previously announced spin-off of Equitrans Midstream Corporation (ETRN), a company recently formed by EQT to hold EQT’s midstream business following the upcoming separation of EQT’s upstream and midstream businesses. Record Date is set for November 1, 2018. Distribution Date is set for November 12, 2018. Regular-way trading for ETRN on the NYSE to begin November 13, 2018.
November 13, 2019: EQT Corporation (EQT) announced it has completed the spin-off of Equitrans Midstream Corporation (ETRN), a company formed by EQT to hold EQT’s midstream business in the context of the separation of EQT’s upstream and midstream businesses.
|Arcosa, Inc.||ACA||12/12/2017||11/01/2018||28.57||31||8.51%||221,153||Trinity Industries, Inc.||TRN||22.26||24.36||9.43%||3,554,552||Spinoff|
Trinity Industries, Inc., spinoff details:
December 12, 2017: Trinity Industries (TRN) announced that its Board of Directors has unanimously approved a plan to pursue a spin-off of the Company’s infrastructure-related businesses to Trinity shareholders. The separation is planned as a tax-free spin-off transaction to the Company's shareholders for U.S. federal income tax purposes and is expected to be completed in the second half of 2018.
May 15, 2018: Trinity Industries (TRN) introduced the name of its future infrastructure company as Arcosa, Inc. following the separation of the two companies into independent, publicly-traded companies. The previously announced spin-off transaction remains on track to be completed in the fourth quarter of 2018 through a tax-free spin of Arcosa to Trinity stockholders.
November 1, 2018: Trinity Industries (TRN), announced today that it has completed the separation of its infrastructure-related business, Arcosa, Inc. (ACA).
|Resideo||REZI||10/08/2017||10/29/2018||25.82||25.86||0.15%||841,788||Honeywell International Inc.||HON||141.06||153.2||8.61%||2,863,462||Spinoff|
Honeywell International Inc., spinoff details:
October 8, 2017: Honeywell International (HON) plans to spin off non-core assets and create at least two new publicly listed companies, as the U.S. industrial conglomerate seeks to streamline its business.
February 26, 2018: Honeywell (HON) that it will appoint former long-time company executive Roger Fradin as the Chairman of the Board for the Homes and Global Distribution business spinoff announced last year. Fradin will start immediately to help Homes transition into a separate, stand-alone business. The spins are expected to be completed by the end of 2018.
July 25, 2018: Honeywell (HON) announced Resideo will be the corporate name of the Honeywell Homes product portfolio and ADI global distribution businesses when they become a stand-alone, publicly traded company following completion of a spin that is expected by the end of 2018.
October 29, 2018: Honeywell International (HON) announced that it had completed the legal and structural separation of its Homes and ADI Global Distribution business (the “Spin-Off”), now called Resideo Technologies (REZI).
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