Comcast Corporation (CMCSA) announced plans to separate NBCUniversal and Sky into an independent publicly traded company through a tax-free spin-off. Following the transaction, Comcast shareholders will own shares in both Comcast and NBCUniversal.

The separation is expected to be completed in approximately one year, subject to Comcast board approval, regulatory approvals, tax opinions, financing arrangements and other customary closing conditions.

Following the separation, Comcast will focus on its broadband, wireless, and connectivity businesses, serving more than 65 million homes and businesses.

SpinCo Profile
The new NBCUniversal will include Universal Studios, theme parks, NBC, Telemundo, Peacock, Bravo and Sky, creating a global media and entertainment company with significant scale across streaming, sports, news and entertainment.

Leadership

• Mike Cavanagh, currently Co-Chief Executive Officer of Comcast, will become Chief Executive Officer of NBCUniversal.
• Former Comcast Chief Financial Officer Michael Angelakis will become Chief Executive Officer of Comcast upon completion of the separation and will join the company as a Strategic Advisor in the interim.
• Brian L. Roberts will continue to play an active leadership role at both Comcast and NBCUniversal.

Ownership Structure
Comcast expects to retain up to a 19.9% stake in NBCUniversal for up to one year following the spin-off and intends to monetize the stake over time in a tax-efficient manner.

Advisors
Goldman Sachs & Co. LLC and PJT Partners are serving as financial advisors, while Davis Polk & Wardwell LLP is serving as legal counsel.

Comcast Corporation Investor Relations

Spinoff Snapshot

Parent Company: Comcast Corporation (NASDAQ: CMCSA)

SpinCo: NBCUniversal (including Sky)

Announcement Date: June 30, 2026

Transaction Type: Tax-free spin-off

Expected Completion Date: Approximately June 2027

Distribution Ratio: Not yet announced

Parent Retained Stake: Comcast expects to retain up to a 19.9% stake in NBCUniversal for up to one year following the spin-off

ABVC BioPharma (ABVC) plans to spin off approximately 15% of BioKey (Cayman), Inc. to ABVC shareholders, while retaining an approximately 85% controlling stake following the separation.

ABVC shareholders of record as of July 24, 2026, will receive a pro rata distribution of roughly 4.5 million BioKey ordinary shares, with the distribution expected to occur on August 3, 2026. Fractional shares will be rounded up to the nearest whole share, an unusual shareholder-friendly feature.

Unlike many spin-offs, the transaction will be taxable to U.S. shareholders for federal income tax purposes.

BioKey will not initially list on a national exchange; instead, it intends to seek quotation on the OTC Markets, and no ticker symbol has yet been assigned.

BioKey will emerge as a standalone CRO/CDMO and nutraceutical platform, operating from a cGMP-certified facility in Fremont, California, with no operations in China or Hong Kong.

ABVC retains broad discretion to modify or cancel the spin-off at any time before distribution, even after announcing the transaction.

Company Profiles
ABVC BioPharma (NASDAQ: ABVC): A clinical-stage biotech company developing plant-based drugs and medical products for diseases such as cancer, depression, and eye disorders. ABVC will remain focused on drug development after the spin-off.

BioKey (Cayman) (SpinCo): A nutraceutical and contract manufacturing company that develops and manufactures dietary supplements, botanical products, and provides research and manufacturing services for health and wellness companies.

Reuters reported, citing Manager Magazin, that Siemens Energy is evaluating a potential separation of its Transformation of Industry division, which manufactures compressors and industrial steam turbines.

According to the report, the company is considering options including a spin-off or IPO and could initially divest approximately 60% of the business while retaining a 40% stake.

Siemens Energy said it is assessing the optimal long-term structure for the division to accelerate growth but emphasized that no decisions have been made. The unit generated €2.7 billion in revenue during the six months ended March 2026, accounting for roughly 13.5% of group sales.

Adaptive announced plans to separate its Immune Medicine business from its profitable MRD (Minimal Residual Disease) diagnostics business and expects to identify a preferred separation path by the end of 2026.

Parent profile: Adaptive Biotechnologies develops immune-system-based diagnostics and therapeutics, including its clonoSEQ® cancer monitoring test.

MRD Business Performance
The MRD business grew revenue from $103 million in 2023 to $212 million in 2025 and generated $15 million in adjusted EBITDA in 2025, supported by clonoSEQ's expanding adoption.

Spinco Profile: Immune Medicine Business - The unit uses AI and immune-system data to discover treatments for autoimmune diseases and has built a database of more than 6 million TCR-antigen pairs and data from over 10,000 patients. Management believes its value may be better realized outside Adaptive's diagnostic-focused structure.

Adaptive Biotechnologies Investor Relations

Reuters reported that Microsoft is evaluating strategic options for its Xbox gaming business, including a potential spinoff, restructuring it as a wholly owned subsidiary, or forming a joint venture with external partners, according to a report by The Information. The review is part of a broader effort to overhaul the gaming unit and could make the business easier to sell in the future.

Reason: Xbox has struggled with declining console sales, while Microsoft's push into Game Pass subscriptions and cloud gaming has not fully offset that weakness.

Flex Ltd. announced that its Board has approved a plan to spin off its Power and Cloud portfolio into a separate publicly traded company (SpinCo), creating two independent entities.

Post spin-off, SpinCo will focus on digital infrastructure solutions, including power and thermal management technologies for AI data centers and mission-critical applications, positioning itself as a pure-play infrastructure and AI-enablement platform.

Meanwhile, Flex (parent) will retain its core manufacturing operations, operating as a global partner across sectors such as healthcare, automotive, industrial, and communications through its Integrated Technology Solutions and Regulated Manufacturing Solutions segments.

Management believes separating the businesses will create shareholder value by forming two specialized companies with clearer priorities and dedicated leadership.

Revathi Advaithi will become CEO of SpinCo. She will also serve as Chairman of the Board of Directors of Flex for a transitional period upon the completion of the spin-off. Michael Hartung will be named CEO of Flex.

Transaction intended to be tax-free to shareholders and targeted to close in the first quarter of calendar 2027.

Spinoff Snapshot

Parent: Flex will spin off its Power and Cloud portfolio into a standalone public company (SpinCo).

SpinCo: Will focus on power and thermal management solutions for AI data centers and digital infrastructure.

Flex Retains: Its core manufacturing businesses serving healthcare, automotive, industrial, and communications markets.

Structure: Tax-free spin-off targeted for Q1 2027.

Debt allocation: Not yet disclosed.

Flex Investor Relations

SoftBank Group is planning to create and list a new U.S.-based AI and robotics company, tentatively named “Roze,” focused on developing data center infrastructure.

The business could be taken public as early as 2026 with a targeted valuation of around $100 billion, as founder Masayoshi Son looks to fund large-scale AI investments, including commitments to OpenAI.

The initiative aligns with SoftBank’s broader push into AI infrastructure and robotics, complementing its involvement in projects like Stargate and existing investments in ABB Ltd.’s robotics unit and DigitalBridge Group, Inc., positioning Roze as a potential platform-level IPO tied to long-term AI demand.

Spinoff Snapshot

Parent: SoftBank Group plans to spin off its AI and robotics subsidiary, Roze, into a standalone publicly traded company.

SpinCo: Roze develops AI-powered robotics, automation, and autonomous systems technologies.

SoftBank Retains: Its remaining investment portfolio, including holdings across AI, telecommunications, semiconductors, and technology investments.

SpinCo Receives: SoftBank's AI and robotics operations housed within Roze. Management: Roze will be led by its existing management team, with governance details to be finalized.

Structure: Planned spin-off; distribution ratio and final transaction terms have not yet been disclosed.

Debt: Debt allocation between SoftBank and Roze has not yet been disclosed.

SoftBank Group Investor Relations

Textron announced its intent to separate its Industrial segment from the company’s core aerospace and defense businesses to enhance its strategic and operational focus and drive long-term value for stakeholders.

The company is evaluating multiple separation pathways, including a potential sale or a tax-free spin-off into an independent, publicly traded entity.

The move follows an internal review highlighting that aerospace and industrial businesses have:

• Different growth profiles and capital needs
• Distinct end markets and investor bases

Separation is intended to improve operational focus, capital allocation, and valuation clarity.

Post-Separation:

Parent (“New Textron”): Aerospace & defense pure-play

Textron Inc. will retain its core aerospace and defense businesses, including:

• Textron Aviation (business jets, turboprops)
• Bell Textron (military & commercial rotorcraft)
• Textron Systems

Profile:

• ~$12B+ revenue
• Higher-margin, backlog-driven aerospace & defense exposure
• Focus on R&D, defense programs, and aviation growth

Spun-Off Industrial Company: Mobility-focused standalone company

The new standalone entity will retain Textron’s Industrial segment, including:

• Kautex Textron (fuel systems, EV battery enclosures)
• Textron Specialized Vehicles (E-Z-GO, Jacobsen, etc.)

Profile:

• ~$3B revenue
• Cyclical, mobility and automotive-linked businesses
• Focus on operational efficiency, product innovation, and niche vehicle markets

Transaction Details

Textron is targeting completion of the separation within 12 to 18 months, subject to regulatory approvals and board authorization.

Additional Updates

Textron announced its first-quarter 2026 results in a separate release. The company hosted a conference call to discuss both earnings and the proposed separation.

Advisors Goldman Sachs & Co. LLC is serving as financial advisor. Latham & Watkins LLP is serving as legal advisor.

Spinoff Snapshot

Parent: Textron plans to spin off its Industrial segment.

SpinCo: Will include Kautex and Textron Specialized Vehicles (TSV).

Textron Retains: Bell, Textron Aviation, and Textron Systems.

Debt: Not yet disclosed.

Pre-Spin Performance: Industrial has faced weaker powersports and industrial demand, while aviation and defense have become Textron's primary growth drivers.

Resources

Press Release

Spinoff Presentation

Activist fund MAK Capital, led by Michael A. Kaufman, has urged the leadership of German biotech firm Evotec SE to list its US unit and speed up its cost cutting program after the shares have lost about 85% over the past five years.

“We believe a U.S.-listed Just Biologics would command a materially higher valuation, in excess of €1 billion ($1.2 billion), access a deeper investor base, provide Just Biologics with a cash infusion and dedicated currency for growth” and help retain talent at the Seattle based firm, MAK Capital said in a letter it sent to Evotec’s leadership earlier this month, according to a filing with the SEC.

Spinoff Snapshot

Parent: Evotec SE is evaluating a separation of Just – Evotec Biologics, its biologics development and manufacturing business.

SpinCo: Would focus on biologics CDMO services, AI-enabled biologics development, and Evotec's proprietary J.POD continuous manufacturing platform.

Evotec Retains: Its core drug discovery, small-molecule research, preclinical development, and broader R&D services platform.

Debt: Not disclosed. 

Pre-Spin Performance: Just – Evotec Biologics has been one of Evotec's fastest-growing businesses, supported by biologics manufacturing demand, partnerships with major pharma companies, and growing interest in its continuous manufacturing technology.

Evotec Investor Relations

Hong Kong's Fosun International said it intends to spin off its luxury resort, Atlantis ‌Sanya, and list it on the Shanghai Stock Exchange as a real estate investment trust. Reuters reported in 2024 that the company was looking to sell all or part of its luxury resort in southern China as part of its efforts to reduce debt, citing sources.

As of June 30, 2025, the group’s total debt rose to RMB 222.10 billion, increasing from the level reported at the end of December 2024.

Fosun stated that it plans to use Atlantis as the underlying asset for a Chinese commercial property REIT.

The Hong Kong Stock Exchange has granted a waiver allowing the spinoff to proceed without providing existing shareholders with assured entitlement to the new REIT units, which would typically be required.

However, the proposed listing remains subject to regulatory approvals from the China Securities Regulatory Commission and the Shanghai Stock Exchange.

Meanwhile, Fosun’s board is scheduled to meet on March 30 to announce its annual results for the year ended December 31, 2025.

New Fortress Energy (NFE) plans to spin off its Brazilian operations into a standalone entity (“BrazilCo”) as part of a broader recapitalization via a UK restructuring plan. The new entity, to be headquartered in Rio de Janeiro, will be owned by a consortium of global institutional investors and remain led by existing management.

BrazilCo will focus on LNG importation, regasification, and power generation, anchored by key assets including the Barcarena cluster and the TGS terminal. The transaction is expected to close by mid-2026, subject to approvals, with no impact on ongoing operations.

Bloomberg reported that, Unilever is evaluating a potential separation of its food business as it looks to sharpen its focus on higher-growth segments such as beauty, personal care, and wellbeing. The company is working with advisers to review options, including a possible spin-off of its food assets.

Unilever’s food assets mainly include condiments, sauces, and cooking products such as Hellmann’s mayonnaise, Knorr soups, seasonings, and meal bases essentially everyday kitchen staples.

The food business, though higher-margin than the beauty and wellbeing business, does not meet Unilever's short-term goal ?to grow underlying sales by 4-6% each year.

Financial Times reported that Unilever and Kraft Heinz recently explored a potential merger of their food businesses, combining brands like Hellmann’s and Heinz, but discussions have since ended.

Update(s):

March 30, 2026: WSJ reported that Unilever is in advanced talks to combine its food business with McCormick & Company in a roughly $60 billion (including debt) Reverse Morris Trust transaction, effectively separating the division. Unilever shareholders would own about two-thirds of the combined entity, alongside a $16 billion cash component. This follows earlier Bloomberg reporting that Unilever was exploring a spin-off of its food unit.

March 31, 2026: Unilever announces the combination of Unilever Foods with McCormick

• Spin-Off Structure Update Unilever PLC will separate its Foods business, but the spin-off is now structured as a Reverse Morris Trust merger with McCormick & Company, Inc. rather than a standalone listing.
• Transaction Overview: The Foods business will be combined with McCormick to create a $20B revenue global flavour leader with brands such as Knorr, Hellmann’s, and McCormick. The transaction values Unilever Foods at $44.8B (3.6x sales, 13.8x EBITDA), in line with sector valuations.
• Consideration & Ownership: Unilever will receive $15.7B in cash and a 65% equity stake in the combined company. Post-close ownership will be 55.1% Unilever shareholders, 35.0% McCormick shareholders, and 9.9% retained by Unilever.
• The separation will transform Unilever into a pure-play HPC company (~€39B revenue) focused on higher-growth, higher-margin categories.
• Timeline & Key Terms The transaction is expected to close by mid-2027, subject to shareholder and regulatory approvals. The structure is intended to be tax-free for U.S. shareholders, improving overall transaction efficiency.

Unilever Investor Relations

Snow Lake Resources announced plans to spin off its lithium assets into a separate entity in the coming months as part of its strategy to focus on the nuclear fuel cycle business.

Separately, the company announced it will change its name to Frontier Nuclear and Minerals and its ticker to FNUC effective March 16, 2026.

Snow Lake Resources Investor Relations

Robin Energy Ltd. announced plans to spin off its tanker business consisting of one tanker, Xavier Shipping Co.,(subsidiary formerly owning the M/T Wonder Formosa) and cash into a newly formed company, AI OKTO CORP. 

Details: Following the spin-off of its tanker business to AI OKTO CORP., Robin Energy Ltd. will retain its LPG carrier vessels LPG Dream Syrax and LPG Dream Terrax, along with its remaining LPG shipping operations that transport petrochemical gases and LPG globally through charter contracts, as well as cash and working capital not transferred in the spin-off, its Nasdaq-listed corporate structure (RBNE), and its management and operating platform.

Distribution: Robin shareholders will receive 1 AI OKTO share for every 6.5 Robin shares held. 

Leadership: AI OKTO has applied to list on the Nasdaq Capital Market, and Petros Panagiotidis will serve as Chairman and CEO upon completion.

Robin Energy Ltd. is a global shipping company that owns and operates tanker vessels transporting crude oil and refined petroleum products. (Investor Relations)

Trump Media & Technology Group Corp., TAE Technologies, Inc., and Texas Ventures Acquisition III Corp. are in ongoing discussions regarding a potential transaction involving the spin-off of certain TMTG businesses, including Truth Social, into a new publicly traded entity (SpinCo).

Following the previously announced merger between TMTG and TAE, SpinCo would be distributed to TMTG shareholders and subsequently merge with Texas Ventures Acquisition III.

Structure and Strategic Rationale

Post spin-off, TAE’s businesses, along with select TMTG assets, would remain within the combined TMTG entity. The contemplated structure aims to unlock shareholder value by creating separate, pure-play companies with distinct strategic focus areas.

Status of Discussions

No definitive agreement has been reached, and there is no assurance regarding the timing, terms, or completion of any transaction. Any potential deal remains subject to board, regulatory, and shareholder approvals.

Company Overview

TMTG operates Truth Social, Truth+, and Truth.Fi, focusing on media, streaming, and financial services.

TAE Technologies develops fusion energy solutions and operates businesses in energy systems and life sciences.

Texas Ventures Acquisition III Corp is a SPAC formed to pursue business combinations across sectors.

Update(s):

June 10, 2026: Trump Media & Technology (DJT) said it is no longer pursuing the planned spin-off of Truth Social as part of its proposed merger with nuclear-fusion company TAE Technologies. The company said it still expects to complete the TAE merger in 2026 but has paused the Truth Social separation after further evaluation.

Trump Media & Technology Group Investor Relations

Plover Bay announced a proposed spin-off and separate Nasdaq listing of its subsidiary Peplink Holdings (SpinCo). The transaction would separate the subsidiary from the parent and create two independent publicly traded companies.

The spin-off is expected to be executed via a distribution in specie of SpinCo shares to existing shareholders, subject to approvals and market conditions.

The distribution is expected to occur immediately prior to the Nasdaq listing of SpinCo. Management is targeting completion before the end of 2026, though timing remains uncertain and shareholder/regulatory approvals are required.

Company Profile:

Plover Bay Technologies: Plover Bay is a Hong Kong–listed provider of enterprise networking and SD-WAN solutions, offering routers and cloud-managed connectivity platforms primarily under the Peplink brand. Post spin-off, the parent will remain listed and retain operations, assets, and businesses not transferred to the carved-out entity.

Peplink Holdings (SpinCo): Peplink Holdings will become a pure-play SD-WAN and connectivity solutions company housing the core networking business, including related intellectual property, employees, and commercial operations.

Plover Bay Investor Relations

Madison Square Garden Sports Corp. (MSGS) announced that its board of directors has unanimously approved a plan to explore a potential tax-free spin-off that would separate its New York Knicks and New York Rangers businesses into two independent publicly traded companies.

If completed, holders of MSG Sports Class A and Class B common stock would receive a pro-rata distribution representing 100% of the common stock of the newly formed company. The spin-off is expected to be structured as a tax-free distribution to MSG Sports shareholders.

Knicks-Focused Company (Expected Assets)

• New York Knicks franchise.
• Westchester Knicks (NBA G League affiliate).

Rangers-Focused Company (Expected Assets)

• New York Rangers franchise.
• Hartford Wolf Pack (AHL affiliate).

MSG Sports noted that no definitive timeline has been established and there is no assurance the transaction will be completed.

Update(s):

May 18, 2026: Madison Square Garden Sports Corp. announced that it has made progress towards a proposed spin-off of its New York Rangers business from its New York Knicks business by filing a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission

Spinoff Snapshot

Parent: Madison Square Garden Sports is exploring a spin-off of the New York Knicks and New York Rangers into separate public companies.

Knicks SpinCo: Would include the Knicks and Westchester Knicks.

Rangers SpinCo: Would include the Rangers and Hartford Wolf Pack.

Structure: Proposed tax-free spin-off; distribution ratio and debt allocation not yet disclosed.

Pre-Spin Valuation: The Knicks are valued at approximately $9.5–$9.8B and the Rangers at approximately $4B, exceeding MSG Sports' market value.

Madison Square Garden Sports Corp. Investor Relations

International Paper Co. said it will split into two independent, publicly traded firms, separating its Europe, Middle East and Africa (EMEA) packaging operations from its North American business. The move follows the integration of DS Smith assets and is aimed at unlocking regional value and accelerating performance across both platforms.

• International Paper (North America)

  • Will retain IP’s North American packaging business, including DS Smith assets

  • CEO: Andy Silvernail

  • CFO: Lance Loeffler

• EMEA Packaging (Spin-off)

  • Combines DS Smith and IP EMEA assets into a standalone packaging company

  • CEO: Tim Nicholls; Chair: David Robbie

  • Operations in 30 countries across EMEA

Listing & Timeline:

• Spin-off to be listed on both the NYSE and LSE

• Expected completion: 12–15 months

• Structure: Tax treatment TBD; IP plans to retain a meaningful ownership stake

Gentherm Inc. (THRM) will acquire Modine Manufacturing Co.’s Performance Technologies division through a tax-efficient Reverse Morris Trust transaction valued at approximately $1 billion. The deal, announced will combine two thermal management leaders to form a scaled platform spanning automotive, power generation, commercial vehicles, and medical markets.

The combined company will generate pro forma revenue of $2.6 billion and target a synergy-adjusted EBITDA margin of 13%. Gentherm will remain the surviving public entity, with Modine shareholders expected to own roughly 40% of the merged business and Gentherm shareholders the remaining 60%, subject to adjustments. The transaction is expected to close in Q4 2026.

Transaction Structure and Terms

• Reverse Morris Trust structure; intended to be tax-free for Modine and its shareholders.
• Modine to receive a $210 million cash distribution from the SpinCo prior to closing.
• Modine shareholders to receive ~21 million shares of Gentherm common stock, representing ~$790 million in equity consideration.
• Gentherm will continue to trade on NASDAQ under the ticker THRM; headquarters remains in Novi, Michigan.
• Modine to remain listed on NYSE as a standalone climate solutions company post-close.

Strategic Rationale for Gentherm

• Expands Gentherm’s scale in thermal and precision flow management.
• Adds end-market diversification beyond light vehicles; 1/3 of combined revenue from commercial and power markets.
• Targets $25 million in annual cost synergies plus incremental commercial upside through cross-selling and product integration.
• Maintains strong financial profile: ~1.0x pro forma net leverage; EPS accretive by year two.
• Gentherm CEO Bill Presley and CFO Jon Douyard will lead the combined company. Two Modine-nominated directors to join the Gentherm board.

Strategic Rationale for Modine

• Modine becomes a pure-play climate innovation business focused on data center cooling, commercial HVAC, and refrigeration.
• Climate Solutions unit delivered $1.6B in FY25 revenue with 19.6% EBITDA margin; FY26 revenue projected to approach $2B.
• Deal streamlines business model and redeploys capital toward high-return growth segments.
• Pro forma net leverage expected to fall below 1.0x post-transaction.
• Modine CEO Neil Brinker and CFO Michael Lucareli to remain in place.

About SpinCo (Modine Performance Technologies)

• Mission-critical thermal management unit with ~$1.1B in FY25 revenue and $123M in EBITDA.
• Serves OEM and Tier 1 clients globally with air- and liquid-cooled systems.
• 5,000 employees across 10 countries.
• Will operate as a division of Gentherm under existing brand.
• Jeremy Patten to continue as President of the division.

Deal Timeline and Closing Conditions

• Expected to close in Q4 2026.
• Subject to Gentherm shareholder approval, regulatory clearances, SpinCo financing, and IRS tax ruling.
• Combined company to provide further guidance on branding and listing logistics post-close.

May 5, 2026: Modine Manufacturing Company amended its credit agreement to support the planned spin-off of its Performance Technologies business, including permitting related transactions, debt financing by a newly formed subsidiary, and escrow arrangements tied to the separation.

May 27, 2026: Modine said the planned spin-off of its Performance Technologies business and subsequent merger with Gentherm remains on track for completion before the end of 2026, pending SEC, shareholder, and tax approvals. (Filing)

Spinoff Snapshot

Parent: Modine is spinning off its Performance Technologies business and merging it with Gentherm in a $1 billion Reverse Morris Trust transaction.

SpinCo: Performance Technologies generated approximately $1.1 billion of FY2025 revenue and $123 million of EBITDA, providing thermal management and precision flow solutions across automotive, commercial vehicle, power generation, and medical markets.

Modine Retains Its Climate Solutions business, focused on data center cooling, commercial HVAC, and refrigeration.

Ownership: Modine shareholders are expected to own approximately 40% of the combined company, with Gentherm shareholders owning approximately 60%.

Consideration: Modine will receive a $210 million cash distribution and Modine shareholders are expected to receive approximately 21 million Gentherm shares valued at approximately $790 million.

Debt: Modine expects pro forma net leverage below 1.0x after the transaction. The spin-off entity is expected to incur financing as part of the separation process.

Rationale: Modine becomes a pure-play climate solutions company, while Gentherm expands its thermal management platform and diversifies beyond light vehicles.

Pre-Spin Performance: Performance Technologies generated $1.1 billion revenue and $123 million EBITDA in FY2025. Modine's Climate Solutions business generated $1.6 billion revenue with a 19.6% EBITDA margin.

Management: Gentherm CEO Bill Presley and CFO Jon Douyard will lead the combined company. Jeremy Patten will continue leading the Performance Technologies division.

Status: Expected to close in Q4 2026 and remains on track pending Gentherm shareholder approval, regulatory clearances, financing arrangements, and IRS tax rulings.

Bloomberg reported that Eaton Corp. is exploring strategic options for its vehicle business, including a potential sale or spinoff as it refocuses on higher-growth areas under its new CEO.  The company is working with an adviser, and the unit could be worth up to $5 billion in a transaction according to people familiar with the matter.

Update(s):

January 26, 2026: Eaton plans to separate its Vehicle and eMobility segments into a standalone, publicly traded company by Q1 2027 (tax-free to shareholders). The move supports CEO Paulo Ruiz’s 2030 strategy to focus Eaton on its higher-growth, higher-margin Electrical and Aerospace businesses. Post-spin, Eaton will prioritize capital toward data centers, utilities, infrastructure, and aerospace/defense, supported by recent acquisitions (Ultra PCS, Boyd Thermal).

The separation is expected to be immediately accretive to Eaton’s organic growth and operating margin at close.

Mobility will operate independently as a global supplier of powertrain, EV protection, and vehicle systems, with leading positions in commercial truck transmissions, clutches, and EV fuses. Management says the split will give both companies sharper strategic focus, tailored capital allocation, and clearer investment profiles. The transaction follows Eaton’s prior divestitures of Lighting (2020) and Hydraulics (2021).

Eaton will discuss the transaction alongside Q4 2025 earnings on Feb 3, 2026. Morgan Stanley is financial advisor; Paul Weiss and Hogan Lovells are legal advisors.

June 11, 2026: Dana Incorporated (DAN) announced it has entered into a definitive agreement with Eaton Corporation plc (ETN) to combine with Eaton's Mobility business in a transaction valued at approximately $5.1 billion.

Eaton shareholders will own at least 50.1% of the combined company, while Dana shareholders will own approximately 49.9%.

• Eaton will first separate its Mobility business through either a spin-off or split-off and then immediately merge it with Dana. The combined company will continue operating as Dana Incorporated and remain listed on the NYSE under the DAN ticker. 

• Eaton will receive approximately $1.1 billion in cash funded by new debt raised by the Mobility business before closing. 

• The combined company is expected to generate approximately $11 billion in 2026 revenue and $1.7 billion in adjusted EBITDA, including expected synergies. 

Leadership:

• Byron Foster will serve as CEO, Timothy Kraus will remain CFO, and Erin Rowse will become Chief Human Resources Officer of the combined company. Dana Chairman R. Bruce McDonald will serve as Executive Chairman. 

• The transaction is expected to close in the first quarter of 2027, subject to Dana shareholder approval, regulatory approvals, and customary closing conditions. The transaction is intended to be tax-free to both Eaton and Dana shareholders for U.S. federal income tax purposes

Strategic Rationale:

• The deal combines Dana and Eaton Mobility's vehicle parts businesses to create a larger supplier with a broader range of products for truck, commercial vehicle, and automotive customers.

• For Eaton, the transaction allows the company to exit its mobility business and focus on its faster-growing Electrical and Aerospace segments, while still benefiting from the combined company and receiving approximately $1.1 billion in cash.

Eaton Investor Relations

Spinoff Snapshot

• Parent: Eaton (ETN) is separating its Mobility business as part of its 2030 strategy to focus on higher-growth, higher-margin Electrical and Aerospace businesses.
• SpinCo: Eaton Mobility, a global supplier of powertrain, vehicle, electrification, and power management systems, with leading positions in commercial truck transmissions, clutches, EV protection products, and vehicle technologies.
• Eaton Retains: Eaton's Electrical and Aerospace businesses, including exposure to data centers, utilities, infrastructure, aerospace, and defense markets.
• Eaton Mobility Receives: Eaton's Vehicle and eMobility segments, including drivetrain, propulsion, electrification, and power management technologies serving commercial vehicle and automotive OEMs.
• Merger Partner: Eaton Mobility will immediately combine with Dana Incorporated (DAN) following the separation.
• Ownership: Eaton shareholders will own at least 50.1% of the combined company, while Dana shareholders will own approximately 49.9%.
• Management: Byron Foster will serve as CEO, Timothy Kraus as CFO, Erin Rowse as Chief Human Resources Officer, and Dana Chairman R. Bruce McDonald as Executive Chairman.
• Cash & Debt: Eaton will receive approximately $1.1 billion in cash funded by debt raised by the Mobility business before closing.
• Structure: Eaton initially planned a standalone tax-free spin-off by Q1 2027. The transaction has since evolved into a Reverse Morris Trust, under which Eaton will separate Mobility through a spin-off or split-off and immediately merge it with Dana.
• Combined Company: The combined company will continue operating as Dana Incorporated (DAN) and is expected to generate approximately $11 billion in 2026 revenue, $1.7 billion in adjusted EBITDA, and $250 million of annual run-rate synergies.
• Strategic Rationale: The transaction creates a larger vehicle components supplier with a broader product portfolio for commercial vehicle and automotive customers, while allowing Eaton to focus capital on its faster-growing Electrical and Aerospace businesses.
• Expected Closing: First quarter of 2027

L3Harris Technologies will spin off its missile business into a separate publicly traded company, backed by a $1 billion minority investment from the U.S. Department of Defense, as Washington pushes the defense industry to rapidly expand weapons production.

The Pentagon’s investment will be made through preferred stock that will convert into common equity following the unit’s initial public offering. L3Harris will retain a controlling stake in the new company, which will focus on producing rocket motors and components for U.S. and allied systems, including Patriot, THAAD and Tomahawk missiles.

Chief Executive Officer Chris Kubasik said L3Harris expects to receive the $1 billion cash infusion this quarter, with the IPO planned for the second half of the year.

He declined to disclose the expected valuation of the business. The missile unit currently generates more than $3 billion in annual revenue, and management expects sales growth in the mid-teens for the foreseeable future.

Update(s):

April 29, 2026: Defense supplier L3Harris said it has ?confidentially submitted a draft registration statement for the initial public ?offering of its missile solutions business. The company said the number ?of shares to be offered and the price range for ?the proposed IPO are yet to be determined.

L3Harris Technologies Investor Relations

Healthpeak Properties announced plans to spin off its senior housing business through the formation and IPO of Janus Living, a pure-play senior housing REIT. Healthpeak will contribute 34 senior housing communities (10,422 units) to Janus Living, serve as its external manager, and retain a substantial majority ownership following the IPO, with public shareholders owning the remainder.

The company confidentially submitted a draft Form S-11 to the SEC in December 2025 and expects to complete the IPO in 1H 2026, subject to market, regulatory, financing, and customary closing conditions.

Update(s):

February 2, 2026; Healthpeak Properties reiterated its plan to spin off its senior housing business through the formation and IPO of Janus Living.  Healthpeak will retain a significant ownership stake in Janus Living and continue to manage the platform following the offering. The company is targeting completion of the IPO in the first half of 2026, subject to market conditions, regulatory approvals, financing arrangements, and completion of the SEC review.

March 16, 2026: Healthpeak Properties (DOC) and Janus Living announced that Janus Living has launched an IPO of 37 million Class A-1 shares, with an expected price range of $18–$20 per share. The company also plans to grant underwriters a 30-day option to purchase up to 5.55 million additional shares. Janus Living intends to list on the NYSE under the ticker “JAN.”

Proceeds from the offering will be used for acquisitions, investments, and general corporate purposes.

Following the IPO, Healthpeak is expected to retain a significant stake, owning approximately 85.3% of Janus Living (or 83.4% if the overallotment option is fully exercised).

Healthpeak Properties Investor Relations

Jollibee Foods Corp. said it plans to spin off its international business and seek a U.S. listing as the Philippine fast-food chain accelerates its global expansion.

The company has hired local and international advisers for the transaction, which will place all overseas operations under a new entity, Jollibee Foods Corporation International, while its domestic business remains listed in Manila. The announcement triggered the stock’s biggest one-day gain since 2008.

Update(s):

March 4, 2026:

Jollibee Foods Corporation said its Vietnamese coffee chain Highlands Coffee is considering an IPO and listing in Hanoi, with completion targeted for Q1 2027.As previously announced the company plans to spin off its international operations and list them on a U.S. exchange, creating two independently listed businesses. The Philippine business will remain listed locally, while the U.S. spin-off of international operations is expected to complete by the end of 2027.

Baidu announced a proposed spin-off and separate Hong Kong listing of Kunlunxin (Beijing) Technology, an AI-chip subsidiary, through the listing of Kunlunxin’s H shares on the Main Board of the Hong Kong Stock Exchange. Baidu said the move is intended to unlock value, attract AI-focused investors, and provide Kunlunxin with greater capital and operational flexibility, while remaining a Baidu subsidiary post-listing. A confidential listing application has been submitted to HKEX.

The proposed spin-off remains subject to regulatory approvals, including HKEX and China securities regulators, and there is no assurance on timing or completion.

Baidu Investor Relations

Barrick Mining (B) said its board has authorized management to explore a partial IPO (carve-out) of a new subsidiary that would hold its premier North American gold assets.

If pursued, NewCo would include Barrick’s interests in Nevada Gold Mines, Pueblo Viejo, and the 100%-owned Fourmile gold discovery in Nevada. The company plans to list a small minority stake via IPO while retaining a controlling majority interest in NewCo.

Barrick said the move is part of a broader portfolio review to unlock shareholder value, particularly in North America, while continuing to invest in its global gold and copper assets. Interim CEO Mark Hill said the assets would create a pure-play North American gold company with significant growth potential.

Barrick will explore the IPO option through early 2026 and provide an update with its full-year 2025 results in February 2026. Any transaction would remain subject to board approval, market conditions, and regulatory clearances.

Update(s): 

January 23, 2025: Barrick’s plan to spin off or IPO its North American gold assets will hinge on partner Newmont, which holds contractual right-of-first-refusal and consent rights over the Nevada Gold Mines joint venture.

Under the agreement, Barrick cannot sell or transfer its stake in NGM without Newmont’s approval, and will also need Newmont to help fund the Fourmile project, a key asset in the proposed IPO.

The planned listing would include Nevada Gold Mines, Pueblo Viejo, and Fourmile, with the North American business valued at about $42 billion. The move follows a turbulent 2025 for Barrick, and comes as the company restructures under Interim CEO Mark Hill while searching for a permanent CEO. Barrick said it will update investors with its full-year results in February.

February 5, 2026: Barrick Mining Corp. plans to spin off its top North American gold assets in an initial public offering later this year as part of a strategic reset by the Canadian metals producer. The company said it will sell a minority stake in the new North American unit, targeting a late-2026 initial public offering.

Interim CEO Mark Hill was appointed as permanent chief executive officer and told investors on a call that Barrick plans to sell 10% to 15% of the entity.

February 9, 2026: Newmont Corporation is pressing Barrick Mining Corporation to improve performance at their Nevada Gold Mines joint venture before Barrick proceeds with a planned IPO spin-off of the assets, citing production declines, rising costs, and reduced asset value.

April 28, 2026: Barrick Mining Corporation plans to spin off its North American operations through a New York IPO by year-end, with a potential valuation exceeding $60 billion. The new entity will be primarily listed in New York with a secondary listing in Toronto, and Barrick will retain a majority stake.

The spin-off will include key assets such as Nevada Gold Mines, its Dominican Republic joint venture interests, and the Fourmile project.

The move is part of a broader strategy to separate lower-risk North American assets and unlock shareholder value, although ongoing tensions with Newmont Corporation over operations and asset integration remain a key consideration.

Barrick Mining Investor Relations

Associated British Foods announced that its Board is reviewing a potential spin-off of its Primark retail division from its food and agriculture businesses, as part of a broader strategic evaluation. The review is being led by Chairman Michael McLintock, with advisory support from Rothschild & Co. The Company is also engaging with its largest shareholder, Wittington Investments, which has indicated its intention to remain a majority owner of both entities in the event of a separation.

Associated British Foods would retain its food, ingredients, and agriculture platform, including:

• Grocery brands: Twinings, Ovaltine
• Sugar operations: Global production and distribution (incl. British Sugar)
• Agriculture division: Animal feed and related businesses
• Ingredients segment: Yeast, enzymes, and specialty food ingredients

Primark would become a standalone listed retail company, including:

• Global retail footprint: Value fashion stores across Europe and the U.S.
• Core operations: Apparel, accessories, and fast-fashion merchandise
• Growth strategy: Store expansion and operational scale (primarily offline model)

Business Mix: Primark generates nearly half of group revenue and the majority of earnings, while the food segment includes global sugar operations and brands such as Twinings and Ovaltine.

Management Commentary: CEO George Weston noted the food business has been underappreciated by markets. A spin-off could create two focused, pure-play companies.

Context: The review follows slowing Primark sales and weaker sugar segment performance, which impacted recent results.

Update(s):

April 17, 2026: Associated British Foods is expected to outline plans to separate Primark from its food businesses as part of its structural review update on April 21, 2026.

April 21, 2026: Associated British Foods plc (ABF) annoiunced the board has decided it will demerge Primark from its food business, creating two separately listed companies with shareholders owning both. The move aims to improve focus and valuation clarity, with FoodCo retaining the ABF name. The dividend demerger is targeted for completion by end-2027, subject to approvals, with both entities expected to list on the London Stock Exchange.

The Board has reviewed the anticipated dis-synergies which in aggregate are currently expected to be below £45 million. One-off separation and transaction costs are expected to be in the region of £75 million. It is intended that both Primark and FoodCo will be listed on the Equity Shares (Commercial Companies) category of the London Stock Exchange and, given their scale, it is anticipated that both entities will be constituents of the FTSE 100.

Following the demerger, FoodCo will retain the Associated British Foods plc name.

Timetable and process: The Board’s intention is for the demerger to become effective before the end of 2027 calendar year and it is subject to the receipt of any necessary approvals and appropriate tax clearances. The separation of Primark from ABF is expected to be effected by way of a dividend demerger.

Management and governance: To ensure a smooth transition through the demerger process, the Board has asked ABF’s current Chair, Michael McLintock, to continue as Chair of ABF until the completion of the demerger.

Michael was appointed to the Board as a Director in November 2017 and as Chair in April 2018. The composition of both future boards will be determined and announced prior to the demerger effective date.

It is intended that George Weston will be Chief Executive of FoodCo and Eoin Tonge will be Chief Executive of Primark.

Terex announced plans to exit its Aerials segment, exploring a potential sale or spin-off. The move aligns with its merger with REV Group (REVG) and aims to streamline operations around core specialty and industrial equipment businesses.

Terex Investor Relations

The Glimpse Group, Inc. (VRAR), a diversified immersive technology platform company, announced that it has engaged Lucid Capital Markets, LLC as its investment banking partner to support a potential IPO or spinoff of its subsidiary Brightline Interactive (BLI). The company has also retained experienced securities counsel to assist with the process.

Spinoff Timeline

Glimpse stated that it has formally initiated the IPO/spinout process for Brightline and is currently evaluating methodologies, with a potential completion targeted for Q1 2026.

The goal is to establish Brightline as an independent, publicly traded “pure-play” Spatial Computing and AI-driven cloud operational simulation middleware provider serving the Department of War (DoW) and data-intensive enterprises.

About Brightline Interactive (BLI): Brightline Interactive is a global leader in spatial computing, immersive technologies, AI, deep tech, and 5G integration. Its core product, SpatialCore, delivers AI-driven, real-time operational simulation and data orchestration across synthetic environments such as digital twins, robotics, drones, and autonomous systems.

About The Glimpse Group: The Glimpse Group (VRAR) is a diversified immersive technology and AI software company, offering enterprise solutions across spatial computing and extended reality (XR).

November 13, 2025: During the earnings call, the CEO provided an update on the Brightline IPO spin-off, noting that the process began in October 2025 with Lucid Capital Markets, LLC engaged as advisor. The IPO is targeted for the first half of 2026, and Glimpse shareholders will retain shares in both Glimpse and Brightline. (Transcript)

The Glimpse Group Investor Relations

Reuters reported that Ananym Capital is urging Baker Hughes (BKR) to spin off its oil field services and equipment unit, arguing the move could lift the stock by at least 60%. Co-founder Charlie Penner said the separation would unlock value, as the company trades at 9x 2026 EBITDA versus a 13x fair multiple.

Baker Hughes, formed from the 2017 merger with GE Oil & Gas, has two main segments: Oilfield Services & Equipment and Industrial & Energy Technology. 

Ananym co-founder Charlie Penner said the technologies segment, which drives most earnings, is undervalued due to a “sum-of-the-parts discount.”

The company said it values shareholder input and is conducting a broad review of its capital allocation and business structure.

Ananym Capital

Baker Hughes Investor Relations 

Johnson & Johnson said it plans to separate its slower-growing orthopedics business from the rest of the company within 18 to 24 months, giving its innovative drug and device operations more breathing room as the Trump administration pressures pharmaceutical companies to lower prices in the US.

The move comes as J&J announced third-quarter sales and earnings that modestly beat expectations, and raised revenue guidance for the full year. The pharmaceutical and medical technology company, though, kept its adjusted earnings guidance intact for 2025, saying it was absorbing higher taxes.

Standalone orthopaedics business would operate as DePuy Synthes

Namal Nawana appointed to serve as Worldwide President of DePuy Synthes. Nawana most recently served as Executive Chairman and Founder of Sapphiros, a privately-held platform company dedicated to building the next generation of consumer diagnostic technologies. Previously he served as Chief Executive Officer and a member of the Board of Directors of Smith & Nephew Plc, a global medical technology business. Prior to that, he served as President and Chief Executive Officer and a member of the Board of Directors of Alere, Inc., a leading point of care diagnostics company, until its acquisition by Abbott.

Johnson & Johnson Investor Relations

Bloomberg reported that Alphabet has been working for the past two years to technologically decouple its life sciences unit Verily so that it can be sold or spun off according to testimony from a senior executive.

Heather Adkins, Google’s vice president of security engineering, described the plans for Verily while appearing as a defense witness in the Justice Department’s case alleging Google illegally monopolized advertising technology.

KBR (KBR) plans to spin off its Mission Technology Solutions (MTS) segment into a separate, tax-free public company by mid-to-late 2026.

Two New Companies

New KBR (Sustainable Technology Solutions – STS): Will focus on proprietary clean energy and infrastructure technologies with strong free cash flow and low capital needs.

SpinCo (MTS): Will provide mission-critical services for government and space customers, supported by long-term contracts and growing defense budgets.

Leadership Changes
Stuart Bradie will stay on as Chair, President, and CEO of New KBR.
CFO Mark Sopp will oversee the spin-off process in a new role.
Shad Evans will become KBR CFO on Jan. 5, 2026, and CFO of New KBR post-spin.

A new CEO will be named for SpinCo.

The split is designed to be tax-free for shareholders and remains subject to board and regulatory approvals. KBR reaffirmed its 2025 outlook while the separation moves forward.

June 25, 2026: KBR appointed Michael LaRouche as President and CEO-designate and Nicholas Veasey as Executive Vice President and CFO-designate of the planned spin-off of its Mission Technology Solutions business. Veasey will join KBR on July 1, 2026, while LaRouche will join on September 24, 2026. Both executives are expected to assume their respective roles at SpinCo upon completion of the separation, which is expected on January 4, 2027.

Spinoff Presentation

KBR Investor Relations

Bloomberg reported that Genuine Parts Co., an industrials company that recently settled with activist investor Elliott Investment Management, is considering a breakup.

The Atlanta-based company is weighing separating its industrial parts business from its auto parts unit. It is evaluating a range of options for the auto parts business, including a spinoff. 

Update(s):

February 17, 2026: Genuine Parts Company plans to separate into two independent, publicly traded companies: Global Automotive and Global Industrial (Motion). The transaction is targeted for completion in the first quarter of 2027 and is expected to be tax-free for U.S. shareholders. The separation does not require shareholder approval.

Global Automotive

• ~$15B revenue and $1.2B EBITDA (2025)
• Operates under brands including NAPA and Repco
• Addressable market of ~$200B
• Targeting investment-grade credit metrics

Global Industrial (Motion)

• ~$9B revenue and >$1.1B EBITDA (2025)
• Leading industrial distributor with 10M+ SKUs
• Serves 180,000+ customers across 14 end markets
• Addressable market of ~$150B
• Targeting double-digit EBITDA margins and investment-grade profile

Advisors include J.P. Morgan, Guggenheim Securities, and King & Spalding LLP.

April 21, 2026: Genuine Parts Company (GPC) reiterated on Tuesday that it is still on track to separate into two independent, publicly traded companies in Q1 2027.

Genuine Parts Investor Relations

Faraday Future Intelligent Electric announced plans to spin off its crypto flywheel assets, including the C10 business, into a separate publicly listed company. Additional details will be shared at the company’s Sept. 19 “919” event.

The spin-off will create two independent but strategically aligned entities

Faraday Future, focused on its EAI EV Flywheel and product delivery, and a new company dedicated to the Crypto Flywheel. C10 and the broader crypto business will be driven by three core engines, including the C10 Treasury, with the goal of advancing Faraday’s Web3 vision and building an “independently operated, mutually empowered” Web2+Web3 growth system to maximize shareholder value.

Founder and Global Co-CEO YT Jia called the separation a “turning point,” positioning the crypto operations as a second growth engine while keeping the EV business sharply focused on market expansion.

C10 Treasury Performance Completed two rounds of digital asset allocations totaling ~$7 million in the past two weeks. Actively managed 20% allocation outperformed the C10 Index, with all four core digital assets beating the benchmark.

Faraday Future Intelligent Electric Investor Relations

U.S. agrichemicals company Corteva (CTVA) is reportedly weighing a breakup that would split its seed and pesticide operations into two independent businesses according to the Wall Street Journal.

Updates(s):

October 1, 2025: Corteva announced in October 2025 that its Board approved a plan to separate the company into two independent, publicly traded entities. The transaction will be executed as a tax-free spin-off of the Seed business (“SpinCo”), while the remaining entity (“New Corteva”) will house the Crop Protection segment. The move reflects management’s view that the two businesses have diverging market dynamics and strategic priorities, warranting independent operations to unlock shareholder value.

Leadership & Governance Post-separation, New Corteva will be chaired by Greg Page, with Luke Kissam set to lead as CEO. Meanwhile, SpinCo will be led by current Corteva CEO Chuck Magro, ensuring continuity within the seeds and genetics business. This leadership structure signals a deliberate effort to align experienced operators with each entity’s strategic focus.

Business Split & Financial Profile On a pro forma basis, the split creates two sizable, standalone companies. New Corteva (Crop Protection) is expected to generate approximately $7.8 billion in revenue (~44%), while SpinCo (Seeds) will account for roughly $9.9 billion (~56%) of total sales. This delineation highlights a balanced separation, with both entities positioned as scaled leaders in their respective markets.

Strategic Positioning New Corteva will operate as an innovation-driven, asset-light crop protection company, emphasizing biologicals and differentiated, sustainable solutions—one of the fastest-growing segments in ag inputs. In contrast, SpinCo will focus on advanced seed genetics and trait development, leveraging established brands such as Pioneer and expanding into areas like gene editing, biofuels, and licensing. Each business will adopt tailored capital allocation strategies aligned with its growth profile.

Timeline & Key Catalysts The separation is initially targeted for completion in the second half of 2026, with the company reaffirming progress toward a Q4 2026 timeline. Key interim milestones include leadership appointments and an Investor Day scheduled for September 15, 2026, which should provide further clarity on financial targets, capital structure, and long-term strategy.

April 14, 2026: Corteva announced the executive leadership team for “New Corteva,” the standalone crop protection company to be created through its planned separation, which remains on track for Q4 2026. This follows the earlier appointment of Luke Kissam as CEO (joining June 1), with Greg Page set to serve as Chair post-spin.

The leadership team includes Jeff Rudolph (CFO), Brook Cunningham (Chief Commercial Officer), Ralph Ford (Chief Integrated Operations Officer), Reza Rasoulpour (Chief Technology Officer), and Jim Alcombright (Chief Digital & Information Officer). The company is still searching for a Chief Legal Officer and Chief People Officer, indicating final leadership build-out is ongoing ahead of separation.

Strategically, New Corteva will operate as an innovation-led, asset-light crop protection platform, focused on biologicals and nature-inspired technologies, with targeted investments aimed at high-return, differentiated markets. Management emphasized operational excellence and sustainability as core pillars of the standalone entity.

As part of the transition, Robert King (EVP, Crop Protection) will become a strategic advisor effective July 1, remain through separation, and exit by end-2026, supporting leadership continuity during the spin process.

New Corteva leadership will host an Investor Day on September 15 (NYSE), expected to provide deeper insight into strategy, financial targets, and capital allocation post-separation.

May 4, 2026: Corteva announced that its advanced seed and genetics business, previously referred to as “SpinCo,” will be named Vylor, Inc. The planned separation remains on track for the fourth quarter of 2026.

May 12, 2026: Corteva announced that New Corteva (crop protection) will be headquartered in Indianapolis, Indiana, and Vylor (advanced seed and genetics, anchored by the Pioneer brand) will be headquartered in Johnston, Iowa

Corteva  Investor Relations

Keurig Dr Pepper (KDP) announced a definitive agreement to acquire JDE Peet’s (EURONEXT: JDEP) in an all-cash transaction valued at €15.7 billion (€31.85 per share, a 33% premium). The deal combines KDP’s Keurig single-serve platform with JDE Peet’s global coffee portfolio, creating a new global coffee leader.
Following the acquisition, KDP plans to separate into two U.S.-listed companies:

Global Coffee Co. – the world’s largest pure-play coffee company with ~$16B in net sales, $400M in expected cost synergies, and leadership across 100+ markets.

Beverage Co. – a North American refreshment beverage challenger with ~$11B in sales, iconic brands like Dr Pepper®, 7UP®, and Canada Dry®, and a robust DSD distribution network.

Both companies are expected to maintain investment-grade credit ratings, with the spin-off designed as a tax-free transaction for shareholders. The JDE Peet’s acquisition is expected to close in the first half of 2026, with the coffee spin-off to follow soon after.

Updates(s)

October 13, 2025: Keurig Dr Pepper rose 3% after activist Starboard Value took a stake following the poorly received €15.7B JDE Peet’s deal, which has pushed KDP down 27% since August. Starboard has met with management, but its stake size and demands are undisclosed, and it cannot block the shareholder?vote?free deal.

October 27, 2025: Kirkland & Ellis advised KKR on its strategic investment in Keurig Dr Pepper (KDP), supporting the company’s financing for its pending JDE Peet’s acquisition. Under the deal, KKR and Apollo will invest $3 billion in convertible preferred stock in KDP and its future beverage business, and commit $4 billion to a K-Cup® pod manufacturing joint venture, where KDP will retain control. Proceeds will help fund the JDE Peet’s transaction and future spin-off of KDP’s coffee business.

October 27, 2025: Keurig Dr Pepper unveiled new details regarding its acquisition of JDE Peet’s and the company’s subsequent plan to separate into two independent entities. The announcements were made at KDP’s Investor Day

Financing and Strategic Investments

KDP revised its financing package for the JDE Peet’s acquisition, securing $7 billion in new strategic investments, co-led by Apollo (NYSE: APO) and KKR (NYSE: KKR). The updated structure is expected to reduce net leverage by approximately 1.0x to 4.6x at closing—targeted for the first half of 2026 and deliver ~10% adjusted EPS accretion in the first full year post-acquisition.

Key Financing Components

• $4 Billion Pod Manufacturing Joint Venture:
  KDP announced a binding commitment for a K-Cup® pod and single-serve manufacturing JV co-led by Apollo, KKR, and Goldman Sachs Alternatives. KDP will retain a controlling interest, with an estimated 10-year cost of capital of 7.3–7.4%.

• $3 Billion Convertible Preferred Stock Investment:
  A definitive agreement for a convertible preferred investment co-led by Apollo and KKR values the conversion price at $37.25 per share, reflecting a 41% premium to KDP’s 20-day VWAP. The preferred carries a 4.75% dividend rate with participation in common dividends on an as-converted basis.

The company emphasized that these transactions support its investment-grade credit profile while forming long-term strategic partnerships with institutional investors experienced in complex capital structures.

Capital Structure and Leverage Targets

At separation, KDP plans to maintain investment-grade ratings for both standalone companies:

• Beverage Co.: Targeted net leverage of 3.5–4.0x

• Global Coffee Co.: Targeted net leverage of 3.75–4.25x

To accelerate deleveraging, the company is evaluating non-core asset sales and other capital initiatives.

KDP also plans to nominate Brian Driscoll (Chairman, Acosta Group and The Arnott’s Group) to its Board of Directors.

Leadership and Transformation Updates

KDP expects to be operationally ready for separation by end-2026, contingent on key milestones.

• Tim Cofer will remain CEO until the split and then lead Beverage Co.

• A new CEO search is underway for Global Coffee Co.

• Sudhanshu Priyadarshi continues as CFO and President, International.

• Roger Johnson was recently named Chief Transformation & Supply Chain Officer, overseeing integration, synergy capture, and separation readiness.

January 15, 2026: Keurig Dr Pepper (KDP) and JDE Peet’s announced that Kodiak BidCo has launched a recommended all-cash offer to acquire JDE Peet’s at €31.85 per share. JDE Peet’s shareholders will also receive a previously declared €0.36 dividend on January 23, 2026, which will not affect the offer price.

Following the transaction, KDP plans to split into two U.S.-listed public companies: one focused on North America’s refreshment beverages market and the other forming a global coffee pure-play operating in more than 100 countries with a broad, multi-segment brand portfolio.

April 1, 2026: Keurig Dr Pepper completed the acquisition of a 96.22% stake in JDE Peet’s, positioning the combined business for a future separation into two independent, U.S.-listed companies. 

The company plans to split into “Beverage Co.” (North America refreshment beverages) and “Global Coffee Co.” (global coffee platform), creating two focused, category-leading businesses.

Rafael Oliveira has been appointed to lead the coffee unit and will become CEO of Global Coffee Co., while Tim Cofer is expected to serve as CEO of Beverage Co. post-separation. The spinoff is targeted by end-2026.

Keurig Dr Pepper Investor Relations

Alibaba announced that its autonomous-driving software unit Banma Network Technology plans a separate listing on the Hong Kong Stock Exchange.

The spinoff, to be carried out through a global share offering, would reduce Alibaba’s stake from 44.72% to around 30%. The deal still requires approval from China’s securities regulator, and no timeline or valuation was disclosed.

Alibaba said the listing would raise Banma’s profile, help it win more business, and provide independent access to equity and credit markets.

Sinclair Broadcast Group (SBGI) announced its board has authorized a strategic review of the company’s broadcast business.

The company is also considering a separation of its Ventures portfolio. The review comes as media companies reevaluate cable TV assets amid a shift toward streaming platforms.

Ventures portfolio includes:

• Private equity and real estate assets
• Tennis Channel, which covers most major tennis tournaments
• Ad tech unit Digital Remedy

CEO Chris Ripley said the move could unlock overlooked value and provide more flexibility to drive the broadcast strategy.

Ventures business made $11 million in minority investments during Q2.

Sinclair cautioned the review may not lead to a transaction or change.

Sinclair Broadcast Group Investor Relations

Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. 

The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026.  The separation does not require shareholder approval. 

• Post spin-off, Resideo will focus solely on its Products & Solutions (P&S) segment, including brands like Honeywell Home and First Alert.
• ADI will operate independently, distributing over 500,000 low-voltage security and AV products.
• Tom Surran will remain CEO of Resideo, while Rob Aarnes will become CEO of the new ADI.
• CEO Jay Geldmacher will retire post-spin and stay on temporarily as an advisor.

For the 12 months ending March 29, 2025:

• P&S posted $2.6B revenue with 24.2% adjusted EBITDA margin.
• ADI delivered $4.5B revenue with 7.5% adjusted EBITDA margin.

• Resideo will pay $1.59B to Honeywell in Q3 2025, ending future payments under the Reimbursement Agreement (previously $140M/year through 2043).

Preliminary Q2 2025 guidance (given May 6):

• Revenue: $1.805–$1.855B
• Adjusted EBITDA: $175–$195M
• Adjusted EPS: $0.51–$0.61
• Cash expected: ~$750M as of June 28, 2025

• Resideo expects to exceed the upper end of all Q2 guidance ranges.
• Investor call scheduled for July 30, 2025, at 8:30 AM ET via investor.resideo.com.
• Advisors: Evercore (financial), Willkie Farr & Gallagher (legal), Collected Strategies (communications).

Update(s):

August 5, 2025: Q2 2025 Investor Presentation

August 13, 2025: Resideo Technologies will spin off its $4.5B ADI distribution unit in 2H 2026, leaving the company focused on its higher-margin Products & Solutions segment. Ahead of the move, Resideo paid Honeywell $1.59 billion to terminate long-term indemnification obligations of up to $140 million annually through 2043.

May 11, 2026: Resideo Technologies provided an update on the planned spin-off of its ADI Global Distribution business, including the filing of ADI’s Form 10 registration statement with the SEC, the announcement of leadership teams and boards of directors for both Resideo and ADI, and plans to host separate investor day events in mid-July 2026. The company expects the spin-off to be completed between mid-third quarter and mid-fourth quarter of 2026, subject to customary conditions.

June 4, 2026: Resideo Technologies filed an amended Form 10 for the planned spin-off of ADI Global Distribution, including ADI financial statements through April 4, 2026.

• The ADI separation remains on track for mid-Q3 to mid-Q4 2026.

• Resideo Investor Day will be held on July 13, 2026, and ADI Investor Day on July 14, 2026, both at the NYSE. 

June 16, 2026: Resideo Technologies (REZI) said its planned spin-off of ADI Global Distribution remains on track for completion between mid-Q3 and mid-Q4 2026. As part of the separation, ADI priced $400 million of 7.125% senior notes due 2034 and completed syndication of a $600 million term loan and a $500 million revolving credit facility.

ADI plans to use proceeds from the notes and term loan to fund a distribution to Resideo and cover transaction-related expenses. The notes offering is expected to close on June 30, 2026, subject to customary conditions, including completion of the spin-off.

Resideo Technologies Investor Relations

Reuters reported that Intel (INTC) is planning to spin off its networking and communications business into a stand-alone company and has already begun seeking investors, the company said on Friday. This move is part of new CEO Lip-Bu Tan’s broader effort to streamline operations and refocus the company on its core strengths. Tan’s turnaround strategy includes divesting non-core assets, cutting expenses by scaling back large investments, and reducing headcount.

• The unit, formerly known as NEX, makes chips for telecom equipment and generated $5.8 billion in revenue in 2024—about 11% of Intel’s total sales.
• In Q1 2025, Intel integrated NEX into its data center and PC group and stopped reporting it as a standalone segment.
• Intel stated it will remain an anchor investor in the spinoff, similar to its approach with Altera.
• The spinoff reflects Intel’s push to refocus on core areas amid struggles in manufacturing and stiff competition in AI.
• Intel’s shares dropped 9% on Friday after it warned it may exit chip manufacturing without securing a major customer.
• The company also posted a surprise adjusted loss for Q2 and guided for a larger-than-expected Q3 loss.

December 3, 2025: Intel announced on Wednesday that it will retain its networking business rather than spin off the Network and Edge Group (NEX). The update comes five months after Intel told employees and customers it was exploring outside investment and evaluating strategic alternatives for the unit.

In a statement to CRN, an Intel spokesperson said that after a comprehensive review including the possibility of making NEX a standalone business the company concluded it is better positioned to succeed within Intel

Intel Investor Relations

On July 18, 2025, FOXO Technologies announced that its Board of Directors has approved pursuing the spin-off of its FOXO Labs, Inc. subsidiary that is focused on the development of its epigenetics business.

FOXO Technologies Investor Relations

According to the Wall Street Journal, Kraft Heinz (KHC) is reportedly planning to split up its business, nearly a decade after its high-profile merger backed by Warren Buffett and 3G Capital.

 The company aims to spin off a significant portion of its grocery division including many Kraft branded products into a separate entity that could be valued at up to $20 billion.

The remaining business would focus on its core condiments and spreads portfolio, including Heinz ketchup and Grey Poupon mustard.

Updates(s):

August 29, 2025: WSJ reported that Kraft Heinz (KHC) is close to announcing a breakup plan as soon as next week, potentially spinning off a ~$20B grocery unit. 

September 2, 2025:

Kraft Heinz (KHC) announced its board has unanimously approved a tax-free spin-off to split into two independent public companies:
The two resulting companies, whose names will be determined at a later date, will be

Global Taste Elevation Co.: ~$15.4B 2024 net sales, anchored by Heinz, Philadelphia, and Kraft Mac & Cheese.

North American Grocery Co.: ~$10.4B 2024 net sales, led by Oscar Mayer, Kraft Singles, and Lunchables, with CEO Carlos Abrams-Rivera at the helm.

Miguel Patricio will become executive chair while a CEO search is underway for Global Taste Elevation Co. The separation is expected to close in 2H 2026, pending approvals.

December 16, 2025: The Kraft Heinz Company announced that it has appointed Steve Cahillane as Chief Executive Officer, effective January 1, 2026. Cahillane will also join the Company’s Board of Directors and, following Kraft Heinz’s planned separation into two independent publicly traded companies, will serve as Chief Executive Officer of Global Taste Elevation Co. Current CEO Carlos Abrams-Rivera will step down on January 1, 2026, and will remain with the Company as an advisor through March 6, 2026, to support a smooth leadership transition.

February 12, 2026: Kraft Heinz has paused its proposed break-up into two companies, shifting focus back to operational improvement. CEO Steve Cahillane announced a $600 million investment to drive growth and said there is no set timeline for revisiting the separation.

Kraft Heinz Investor Relations

Reitar Logtech has initiated a spin-off of its logistics automation segment, following the acquisition of Jingxing Storage Equipment Engineering (HK), now a group subsidiary.

The new standalone company will focus on smart warehousing, integrated automation solutions, and data-driven tech.

Reitar Logtech Investor Relations

On May 21, 2025, Medtronic plc (MDT) announced plans to separate its Diabetes business into a new, independent, publicly traded company—“New Diabetes Company.” 

Timeline: Separation expected within 18 months via IPO followed by a split-off. The company plans to spin off the unit with an initial public offering (IPO) of less than 20% followed by a split-off of the remaining 80%.

Structure: Preferred path is capital markets transaction, expected to be tax-free for U.S. shareholders.

Strategic Benefits for Medtronic

Post-separation, Medtronic will sharpen focus on core MedTech franchises and high-growth categories:

• Focus areas include pulsed field ablation, renal denervation, implantable tibial neuromodulation, and soft tissue robotics.
• Enhanced commercial, manufacturing, and technology synergies.
• Targets mid-single-digit or higher organic revenue growth and improved earnings leverage.

Financial benefits include:

• ~50 bps gross margin improvement
• ~100 bps operating margin expansion
• Immediate adjusted EPS accretion
• Share count expected to decline without using cash, reducing dividend liability and supporting reinvestment.
• Dividend per share to remain unchanged.

New Diabetes Company

• To offer a complete intensive insulin management ecosystem.
• Will prioritize growth in Automated Insulin Delivery and Smart MDI.
• Enhanced investment in innovation, automation, and manufacturing scale.
• Staff of 8,000+ employees with global R&D, manufacturing, and commercial capabilities.
• Que Dallara, current EVP and President of Medtronic Diabetes, will serve as CEO.
• Tailored shareholder base to better align with business and financial profile.

Financial and Transaction Details

• Diabetes unit accounted for 8% of Medtronic revenue and 4% of segment operating profit in FY2025.
• Entire business—including employees, product portfolio, pipeline, IP, partnerships, and global manufacturing—will transfer to New Diabetes Company.

Advisors

• Financial Advisors: Goldman Sachs & Co. LLC and BofA Securities
• Legal Counsel: Cleary Gottlieb, Baker McKenzie (Medtronic); Davis Polk (advisors)
• Tax Counsel: Skadden, Arps, Slate, Meagher & Flom LLP

Update(s):

June 12, 2025: Medtronic plc announced MiniMed as the name for the planned New Diabetes Company following the intended separation. 

July 8, 2025: Medtronic has named Chad Spooner CFO of its diabetes business, beginning July 14.

December 19, 2025: Medtronic plc announced that its Diabetes business, to be renamed MiniMed, has filed a Form S-1 with the U.S. Securities and Exchange Commission for a proposed IPO. The separation is expected to occur via an IPO followed by a split-off, subject to market conditions. MiniMed plans to list on the Nasdaq Global Select Market under the ticker MMED.

February 24, 2026: MiniMed, the diabetes business being separated from Medtronic plc, has launched its IPO roadshow and plans to offer 28 million shares at an expected price range of $25-$28 per share, with underwriters holding an option to purchase an additional 4.2 million shares.

The company intends to list on Nasdaq under the ticker MMED.

Following the offering, Medtronic will retain roughly 90% ownership (about 88.7% if the over-allotment is exercised). Proceeds from the IPO will be used for general corporate purposes, repayment of intercompany debt, and payments to Medtronic for assets transferred as part of the separation, marking a key step toward establishing MiniMed as an independent public company.

March 5, 2026: MiniMed Group, a subsidiary of Medtronic plc, priced its IPO of 28M shares at $20 per share. The stock is expected to begin trading March 6, 2026 on the Nasdaq Global Select Market under ticker “MMED,” with the offering expected to close March 9, 2026.

Ownership & Use of Proceeds: Medtronic will retain about 90.03% ownership (or 88.70% if the underwriters’ 4.2M-share over-allotment option is fully exercised). Proceeds will be used for general corporate purposes, repayment of intercompany debt to Medtronic, and consideration for assets transferred in the separation.

March 6, 2026: Medtronic plc announced that MiniMed Group, Inc. (MMED) will begin trading on the Nasdaq Global Select Market under the ticker symbol "MMED" in connection with its initial public offering ("IPO").

Medtronic Investor Relations

Resources

May 21, 2025: Announcement Press Release / Separation Investor Presentation

McKesson Corporation announced plans to spin off its Medical-Surgical Solutions unit into a standalone company, a move aimed at streamlining operations and intensifying focus on its core pharmaceutical distribution business. 

Update(s):

September 18, 2025: McKesson Corporation will implement a new reporting structure effective Q2 FY2026 to improve strategic alignment, transparency, and capital allocation. The reorganization reflects a shift toward higher-margin growth areas, including oncology, multispecialty, and biopharma services.

New reportable segments include:

• North American Pharmaceutical: combined U.S. and Canada drug distribution platform
• Oncology & Multispecialty: integrated specialty care, distribution, and practice management services
• Prescription Technology Solutions: connectivity platform across patients, providers, and biopharma
• Medical-Surgical Solutions (MMS): medical supply distribution business (planned separation)

MMS remains designated for separation into an independent company, reinforcing McKesson’s broader portfolio simplification strategy The “Other” segment (Norway operations) is being divested, further streamlining the portfolio.

The changes are aimed at enhancing visibility into segment performance and supporting long-term value creation.

Additional details and long-term strategy updates will be provided at Investor Day on September 23, 2025

September 23, 2025: Investor Day Presentation / Transcript

• Based on prior company guidance and investor updates, the current target window is broadly around 2H 2027, subject to market conditions and execution progress 

November 5, 2025: McKesson Corporation announced results for the second quarter ended September 30, 2025.

Medical-Surgical Solutions Segment Revenues were $2.9 billion, flat to the prior year, driven by higher volumes of specialty pharmaceuticals, offset by lower contributions from illness season products and testing. Segment Operating Profit was $220 million. Adjusted Segment Operating Profit was $249 million, an increase of 2%, driven by operational efficiencies from cost optimization initiatives, partially offset by lower contributions from illness season products and testing.

April 20, 2026: McKesson Corporation has agreed to sell approximately 13% minority stake in its Medical-Surgical Solutions (MMS) business to funds managed by Apollo Global Management for $1.25 billion in convertible preferred equity, implying a total enterprise valuation of approximately $13 billion.

The transaction is part of McKesson’s strategy to separate MMS ahead of a planned IPO, while retaining majority ownership, operational control, and financial consolidation of the business, subject to regulatory approvals.

McKesson Corporation Investor Relations

S&P Global has announced its intention to separate its Mobility segment into an independent public company. The planned spin-off is expected to be completed within 12 to 18 months, subject to regulatory approvals, board consent, and the successful filing of a Form 10 registration statement with the SEC. 

S&P Global Post-Separation

Following the spin-off, S&P Global will continue to operate its four synergistic core segments:

• S&P Global Market Intelligence
• S&P Global Ratings
• S&P Global Commodity Insights
• S&P Dow Jones Indices

This streamlined structure will support simplified operations, stronger strategic alignment, and enhanced momentum in areas like AI, data analytics, and product innovation. The company believes it will be better positioned to serve both public and private markets with an integrated approach.

S&P Global will share further details about its multi-year strategic roadmap at its Investor Day on November 13, 2025.

Mobility

S&P Global Mobility is a leading automotive data and technology provider focused on delivering insights across the entire vehicle lifecycle. It operates through three divisions:

• Used Vehicle Sales & Service (including CARFAX)
• Strategy & Product Planning
• New Vehicle Sales & Marketing

Key brands under Mobility include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. The business generated $1.6 billion in revenue in FY 2024, marking a ~8% year-over-year increase.

The separation, subject to customary closing conditions and approvals, is intended to be structured as a tax-free distribution to existing S&P Global shareholders. 

December 4, 2025: S&P Global announced new executive appointments as it prepares to separate its Mobility business into an independent public company.

Larissa Cerqueira has been named Chief People Officer, effective January 1, 2026.

Tasha Matharu has been appointed Chief Legal Officer, also effective January 1, 2026.

Joseph “Joedy” Lenz has joined as Chief Information Officer, effective immediately.

The company expects to complete the separation within 12–18 months of the original announcement.

December 16, 2025: S&P Global announced the appointment of Matt Calderone as Chief Financial Officer (CFO) of the Mobility business, joining the company by March 1, 2026.

May 7, 2026: S&P Global announced the public filing of a Form 10 registration statement with the SEC for the planned spin-off of its Mobility division into an independent public company, Mobility Global Inc. The filing outlines Mobility Global’s business, strategy, and historical financials. CEO Bill Eager said the company aims to build on brands including CARFAX, Polk, and automotiveMastermind. S&P Global expects to complete the separation in mid-2026, subject to regulatory approvals and board approval.

May 8, 2026: S&P Global announced the board of directors for Mobility Global Inc. ahead of the planned mid-2026 separation of its Mobility division into an independent public company. Former CSX CEO Joe Hinrichs will serve as Chairman of the eight-member board, while Bill Eager will also join as CEO-designate. Other directors include Eric Aboaf, Heather Lavallee, Monique Leroux, Mark Peek, Shilpa Ranganathan, and Alexander Taussig.

May 18, 2026:

S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business, launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility.

Following the planned spin-off, Mobility Global intends to use the net proceeds to fund a cash payment to S&P Global tied to the transfer of certain assets, liabilities, and entities, with remaining proceeds allocated toward fees, expenses, and general corporate purposes. Proceeds will remain in escrow until separation-related conditions are satisfied.

May 21, 2026: S&P Global approved the previously announced spin-off of its Mobility division into standalone public company. Shareholders of record as of June 15, 2026 will receive one share of Mobility Global common stock for every S&P Global share held. The distribution is expected to become effective on July 1, 2026. “When-issued” trading under ticker “MBGL WI” is expected to begin around June 26 and continue through June 30, while regular-way trading is anticipated to commence on July 1.

May 27, 2026: Mobility Global updated its Form 10 filing, adding details on its planned debt financing, capital structure, executive compensation arrangements, and separation agreements ahead of its spin-off from S&P Global.

S&P Global Investor Relations

Resources

Press Release

Form 10-12B

Germany's Continental plans to turn its ContiTech rubber and plastics division into an independent entity, setting the company up to be a pure-play tire maker after the planned spin-off of its automotive segment.

The separation is to be implemented after the spin-off of its automotive unit, which its supervisory board formally approved last month and is due to take place this year.

ContiTech could become independent during 2026.

Press Release

Continental AG Investor Relations

On March 12, 2025 Vivani Medical, a clinical-stage biopharmaceutical company developing miniature, ultra long-acting drug implants,  announced that it intends to spin off Cortigent, a division that develops brain implant devices to help people recover critical body functions, as an independent publicly-traded company.

Vivani to concentrate on NanoPortal™ drug implants, while Cortigent advances neurostimulation technology.

Cortigent’s Focus: Advancing precision neurostimulation technology, including:

• Orion® Cortical Visual Prosthesis System for treating blindness, with FDA Breakthrough Device designation.
• Expansion into stroke recovery and other neuromodulation applications.

Leadership Continuity: CEO Jonathan Adams will continue leading Cortigent post-spin-off.

Update(s):

May 29, 2025: Vivani Medical files Form 10 for planned Q3 2025 spin-off of Cortigent as a standalone Nasdaq-listed neurostimulation company.

September 17, 2025: Vivani Medical announced that its board has set October 8, 2025 as the record date for the planned spin-off of its subsidiary Cortigent, Inc., which develops brain implant devices using advanced neuromodulation technology. Shareholders of Vivani common stock as of the record date will receive shares of Cortigent, which intends to list on Nasdaq under the ticker “CRGT”, pending regulatory approvals. The distribution date and share ratio will be disclosed later.

October 3, 2025: Vivani Medical has temporarily withdrawn the record date for the planned spin-off of its subsidiary Cortigent, citing delays from the ongoing U.S. federal government shutdown. The company plans to set and announce a new record date soon.

Vivani Medical Investor Relations

Cortigent Website

Resources

Announcement - Press Release

May 2025: Form 10-12B

July 2025: Form 10-12B/A 

August 2025: Form 10-12B/A

September 2025: Form 10-12B/A

Teleflex announced that following a comprehensive business portfolio evaluation, its Board of Directors has authorized Teleflex management to pursue a plan to separate the company’s Urology, Acute Care, and OEM businesses into a new, independent, publicly traded company via a distribution of newly issued shares of NewCo to shareholders that is tax-free for U.S. tax purposes.

Teleflex RemainCo (Projected $2.1B revenue in 2024)

• Focuses on high-growth hospital-based markets (ICU, OR, Cath Lab, ED)
• Key segments: Vascular Access, Interventional, Surgical
• Gains operational efficiencies by reducing from 19 to 7 manufacturing sites
• Targets 6%+ revenue growth, double-digit EPS growth post-spin
• Led by CEO Liam Kelly, with continued investment in innovation and M&A

NewCo (Projected $1.4B revenue in 2024)

• Specializes in Urology (UroLift, Barrigel, Rüsch), Acute Care (Anesthesia, Respiratory), and OEM
• Aims for low to mid-single-digit revenue growth over time
• Will benefit from a dedicated management team and tailored capital strategy
• Executive leadership to be announced soon

 Expected completion: Mid-2026

Teleflex Investor Relations

Resources

Strategic Transaction Investor Presentation

The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies:

• Middleby Food Processing: Specializes in industrial food markets, offering end-to-end solutions for protein, bakery, and snack processing.
• Middleby RemainCo: Focused on commercial foodservice and residential kitchen equipment, enhancing automation, digital tech, and IoT solutions.

Update(s):

February 26, 2026: The Middleby Corporation announced leadership appointments ahead of the planned spin-off of its Food Processing business. Mark Salman, currently President of Middleby Food Processing Group, will become CEO of the new company upon completion of the spin-off, while Mark Bowie will serve as COO. The Food Processing segment generated $850M in revenue in 2025. The spin-off remains on track for completion in Q2 2026.

March 25, 2026: The Middleby Corporation appointed Brittany Cerwin as Chief Financial Officer effective immediately, the company announced in a press release. Cerwin succeeds Bryan Mittelman, who served as CFO since 2019 and will transition to Special Advisor to the Chief Executive Officer. In his new role, Mittelman will focus on completing the previously announced spin-off of the company’s Food Processing business, expected by the end of the second quarter of 2026.

May 4, 2026: The Middleby Corporation (MIDD) announced that it has filed a Form 10 registration statement with the SEC for the planned spin-off of its Middleby Food Processing business.

May 11, 2026: The Middleby Corporation announced that its Food Processing business will operate under the name Midera Food Processing, Inc. (Midera). Middleby and Midera will host an Investor Day on May 12, 2026. The separation of Midera into a standalone public company is expected to be completed on July 6, 2026.

Under the terms of the distribution, Middleby stockholders will receive one share of Midera common stock for each share of Middleby common stock held on the record date. Following the separation, Midera intends to list on the Nasdaq Global Select Market under the ticker symbol “MFP.”

May 27, 2026: Midera Food Processing filed an amended Form 10, adding executive compensation plans, severance arrangements, subsidiary disclosures as it advances its planned spin-off from Middleby. (Form 10-12B/A)

June 17, 2026: Middleby (MIDD) set June 26, 2026, as the record date for the planned spin-off of Midera Food Processing following the SEC's effectiveness of Midera's Form 10. Shareholders will receive one Midera share for each Middleby share held, with the distribution expected to be completed on July 6, 2026, subject to customary conditions.

June 22, 2026: The Middleby Corporation formally approved the spin-off of its Food Processing business, Midera Food Processing, with the separation set to be completed on July 6, 2026. Middleby shareholders of record as of June 26, 2026, will receive one share of Midera for each Middleby share held. Midera is expected to begin trading on a when-issued basis under ticker "MFPVV" on or about June 26, with regular-way trading under ticker "MFP" commencing on July 7, 2026. Middleby shares will continue trading under "MIDD", while an ex-distribution market under ticker "MIDDV" will operate from June 26 through the distribution date. The transaction is expected to be tax-free to U.S. shareholders.

The Middleby Corporation Investor Relations

Resources

February 25, 2025: Spinoff Presentation

Liberty Media Corporation (FWONA, FWONK, LLYVA, LLYVK)  announced that it is pursuing a plan to split off the Liberty Live Group. 

Immediately prior to effecting the Split-Off, Liberty Media’s subsidiary Quint would be reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets. (Announcement)

Quint Reattribution: Before the split, Liberty Media's subsidiary Quint will be moved from the Formula One Group to Liberty Live Group in exchange for private assets, with any cash consideration set later based on valuation.

CEO Statement: Greg Maffei, Liberty Media’s CEO, noted the split-off will simplify Liberty’s structure, potentially reduce Liberty Live’s discount to NAV, and improve trading liquidity.

Ownership Post Split-Off:

Liberty Live, Inc. will hold ~69.6 million shares of Live Nation, Quint, other private assets, and certain debt.

Liberty Media will retain Formula 1, MotoGP (upon acquisition), other Formula One Group assets, and related debts.

Trading & Approvals: Liberty Media will remain on Nasdaq; Liberty Live is expected to trade on Nasdaq or OTC. The split-off, expected to complete in the second half of 2025, requires shareholder and regulatory approvals and aims to be tax-free.

December 8, 2025: Liberty Media (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) and Liberty Live Holdings announced that holders of Liberty Media’s Series A and Series B Liberty Live stock approved the planned split-off of Liberty Live Holdings at a virtual special meeting on December 5, 2025.

The split-off will occur at 4:05 p.m. ET on December 15, 2025, when Liberty Media will redeem each outstanding Liberty Live share for one corresponding share of Liberty Live Holdings.

After the transaction, Liberty Live Holdings is expected to have ~25.6M Series A, 2.5M Series B, and 63.8M Series C Liberty Live Group shares outstanding.

Liberty Media will voluntarily delist the existing Liberty Live shares (Series A/C from Nasdaq, Series B from OTC), with trading expected to cease after market close on December 15. Liberty Live Holdings’ new shares will begin trading December 16, 2025, under the same symbols: LLYVA and LLYVK on Nasdaq and LLYVB on OTC.

Ahead of the split-off, Liberty Media’s board approved the final terms of a reattribution of assets between the Formula One Group and Liberty Live Group, effective 8:00 a.m. ET on December 15. The exchange involves $421.7M in net asset value moving in each direction:

To Liberty Live Group:

• Interests in QuintEvents, LLC

• Interests in Meyer Shank Racing LLC

• ~$171.7M cash

To Formula One Group:

• Interests in Kroenke Arena Company, LLC

• Interests in Overtime Sports, Inc.

• Interests in Griffin Gaming Partners II, L.P.

Liberty Media Investor Relations

Resources

November 13, 2024: Announcement

OLB Group a diversified FinTech e-commerce and business management solutions provider, announced it has filed a Form S-1 with the SEC relating to the proposed spinoff of its wholly owned subsidiary, DMint, a Bitcoin mining facility, to OLB shareholders. The shareholder record date for the spinoff has yet to be determined and will be announced at a future date. (Press Release)

Update(s):

January 20, 2026: OLB Group (OLB) said its crypto mining unit DMint has refiled its Form S-1 with the SEC on January 15, 2026. OLB shareholders will receive 100% of DMint shares on a pro-rata basis via a dividend, with a record date to be announced. DMint also plans to raise capital through the IPO to fund mining expansion.

February 3, 2026: The OLB Group said it plans to spin off DMint, separating its digital asset mining business from its core fintech operations. OLB shareholders will receive DMint shares on a pro rata basis following a record date, with no action required. DMint will also complete a public offering under Form S-1, after which remaining shares will be distributed to OLB shareholders. Following the transaction, OLB will focus on payments and e-commerce services, while DMint will operate as a standalone bitcoin miner, using IPO proceeds to expand mining capacity.

OLB Group Investor Relations

Resources

October 21, 2024: Announcement

Form S-1 filing

Nixxy (NIXX) is advancing with its restructuring plan to consolidate select assets and liabilities into Atlantic Energy Solutions (OTC: AESO), which will be rebranded as CognoGroup. (Press Release)

CognoGroup’s portfolio will feature various ventures, including CandidatePitch, an automated talent marketing tool; Mediabistro, a job board for the media industry; AI Exchange, a thriving AI community with over one million members; and PrimeGPU, an early-stage AI venture currently in stealth mode.

• Record Date: Tentatively set for October 28, 2024, for shareholders eligible to receive CognoGroup shares (final date pending).
• Distribution Date: Expected around January 15, 2025.

Nixxy Investor Relations

Update(s):

November 1, 2024: Nixxy announced that November 15, 2024 would be the record date for its previously-announced spin-off of its shares of Atlantic Energy Solutions (OTC:AESO), which will be renamed CognoGroup following the spin-off. Only shareholders of record as of November 15, 2024, will be eligible to receive the distribution of CognoGroup shares as part of the upcoming spin-off.

The payable date for the spin-off is expected to be in January 2025.

December 4, 2024: Nixxy announced that it is withdrawing the previously announced record date or its planned spin-off of its subsidiary, Atlantic Energy Solutions or CognoGroup, the anticipated future name of the company following the spinoff. The spinoff date and distribution ratio remain to be determined.

• Original Record Date: November 15, 2024
• Spin-Off Date: TBD
• Distribution Ratio: TBD

Reason for Withdrawal:
The record date was withdrawn to allow for:

• Further strategic evaluation of corporate structure
• Completion of additional regulatory reviews
• Optimization of shareholder value
• Alignment with broader strategic goals

Next Steps:

• An updated timeline will be shared in future announcements.
• Shareholders are advised to await further updates.
• All prior disclosures remain under review.

Management Commentary:
Granger Whitelaw, CEO, stated:
"Withdrawing the record date provides time to better align with corporate objectives, ensure an orderly share distribution, and maximize shareholder value."

Additional Notes:

• The spin-off remains a strategic priority.
• The company is committed to enhancing shareholder value.
• Further details will be announced as available.

Resources

October 18, 2024: Announcement

Scilex Holding Company is considering a spinoff or public listing of Scilex Pharmaceuticals in or outside of the U.S., including Hong Kong.  (Press Release)

Scilex Holding Company Investor Relations

Resources

October 16, 2024: Announcement

According to Reuters, CVS Health is exploring options that could include a break-up of the company to separate its retail and insurance units, as the struggling healthcare services company looks to turn around its fortunes amid pressure from investors.

Resources

September 30, 2024: Announcement (Reuters)

Safety Shot is divesting its wellness consumer products segment into a standalone entity, Caring Brands under a Separation and Exchange Agreement. Caring Brands will take over all related assets, intellectual property, and liabilities.

Caring Brands’ Focus & IPO Plans

Caring Brands specializes in natural therapeutics for hair growth, psoriasis, vitiligo, and eczema. The company plans to go public via an IPO within three months.

As part of the deal, Safety Shot will receive three million shares of Caring Brands, with two million shares to be distributed as a dividend to Safety Shot shareholders. Caring Brands will also assume full financial responsibility for its operations.

Update(s):

March 28, 2025: Safety Shot has set April 7, 2025, as the record date for the spinoff of Caring Brands, granting one CABR common share for every 45 Safety Shot shares held or underlying certain warrants. Fractional shares will be rounded down by ClearTrust, LLC.

The distribution is expected on August 9, 2025, subject to SEC approval of CABR’s Form S-1, Nasdaq listing approval, and other regulatory requirements. If these conditions are not met, the spinoff will not proceed as planned.

CABR is anticipated to begin trading on Nasdaq on April 11, 2025.

April 18, 2025: Safety Shot (SHOT) announced that the record date for the planned spin-off and share distribution of Caring Brands, a current subsidiary, has been postponed from the originally scheduled date of April 7, 2025.

The distribution was initially expected to occur around August 9, 2025, contingent on the effectiveness of Caring Brands’ registration statement (Form S-1 No. 333-285964), approval for listing on the Nasdaq Capital Market, and other regulatory approvals. 

However, since Nasdaq has not yet approved CABR’s listing, the spin-off has been delayed. Safety Shot plans to continue pursuing listing approval, after which the distribution will proceed.

Safety Shot Investor Relations

According to Bloomberg Intel Corp. is discussing various scenarios, including a split of its product-design and manufacturing businesses, as well as which factory projects might potentially be scrapped, said the people.

Update(s):

September 16, 2024: In a memo to employees dated September 16, Intel CEO Patrick Gelsinger announced that Intel Foundry will be established as an independent subsidiary, equipped with its own board of directors and the capacity to secure external funding.

December 12, 2024: Intel's interim leaders acknowledged the potential sale of its manufacturing operations if next year's chipmaking technology fails. Zinsner said Intel Foundry, as the division is known, is already run separately from Intel's other businesses and is setting up a separate operational board and business process software system.

The Board of Directors announced that it has submitted a proposed spin-off application to the Stock Exchange on July 12, 2024, for the potential separate listing of Smithfield Foods, Inc.'s U.S. and Mexico operations on the NYSE or Nasdaq. Smithfield Foods, currently a wholly-owned subsidiary, is expected to remain a subsidiary post-spin-off, with its financial results consolidated into the Company’s.

The company announced the details of the spin-off are not yet finalized, and it may or may not proceed.

WH Group Ltd. Investor Relations

Updates:

December 6, 2024:  WH Group announced that its shareholders had approved spinning off Smithfield Foods into a listed company in the United States. 

Januaru 6, 2025: Smithfield Foods has filed for its initial public offering in the US. The company and an indirectly-owned subsidiary of its owner, Hong Kong-listed WH Group Ltd., are both offering shares in the listing, according to a filing with the US Securities and Exchange Commission on Monday. WH Group will maintain control of the company after the listing.

The company is planning to go public on the Nasdaq Global Select Market under the symbol SFD.

Resources:

July 14, 2024: Announcement

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

It is intended that VivoPower shareholders receive a special dividend in the form of stock in the spin off entity.

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

VivoPower International PLC Investor Relations

Update(s):

November 29, 2024: VivoPower International announced it would host a presentation on December 5, 2024, in relation to its annual results and key strategic developments including Caret Digital's Dogecoin mining spin-off, the Tembo merger, and other significant updates. 

December 5, 2024: VivoPower announced that its subsidiary, Caret Digital, will begin Dogecoin mining operations in January 2025, utilizing renewable-powered facilities in Wisconsin and Oregon. Caret Digital is also developing a 55MW renewable-powered mining facility, capable of generating up to $150 million annually from Dogecoin mining. VivoPower shareholders previously approved a potential spin-off of Caret Digital, including a special dividend, and further updates on the spin-off via a reverse merger will be provided.

March 20, 2025: VivoPower announced plans to spin off its subsidiary, Caret Digital, via a direct listing on Nasdaq.

Shareholders on a future record date will receive five (5) Caret Digital shares per VivoPower share.  Caret Digital to focus on Dogecoin (DOGE) mining, converting to Bitcoin (BTC) for optimized returns. The spin-off was approved at VivoPower’s 2023 AGM, with further shareholder authorization granted in 2024.  

June 16, 2025: VivoPower has engaged advisors to accelerate the planned IPO spin-off of its digital asset subsidiary, Caret Digital, on NASDAQ. The six-month DOGE mining trial is nearing completion, and VivoPower sees strong scalability potential. The proposed spin-off implies a $308M valuation (subject to market conditions), with up to $50M in strategic funding sought, primarily from partners in the Middle East and Asia. 

June 24, 2025: VivoPower International announced that it has set the record date as July 9, 2025, for the purpose of determining eligibility to receive a special dividend relating to the spin-off of Caret Digital.

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

Society Pass Investor Relations

NusaTrip Inc.

The chief executive of Vale SA (VALE) said, the Brazilian iron ore miner is reconsidering a near-term spin-off of its base metals business and an eventual public listing.

Update(s):

February 8, 2023: According to Bloomberg, General Motors Co. (GM) is competing for a stake in Brazilian mining giant Vale SA’s base metals unit.

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

September 27, 2024:

Vale (VALE) is exploring a potential public listing for its base metals unit, Vale Base Metals (VBM), by late 2026, according to VBM Chair Mark Cutifani.

The company previously separated its nickel, copper, and cobalt operations from its iron ore business and sold a 10% stake to Saudi Arabia, valuing the unit at approximately $40 billion.

Speaking at the FT Mining Summit, Cutifani stated, "Our objective for an IPO is by the end of 2026 going into 2027," emphasizing a pathway to further enhance the unit's value.

Cutifani also highlighted that even without an IPO, VBM would be "a very different company by the end of 2026. 

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. 

Spectrum Brands will acquire Tristar Products' Appliance and Cookware business and integrate it with its Home and Personal Care segment. This new combined business is set to be separated from Spectrum Brands, forming a standalone global company, while Spectrum Brands will focus on its Global Pet Care and Home & Garden businesses.

Update(s):

August 12.2022: Spectrum Brands announced the completion of the internal separation of its Home & Personal Appliances business, paving the way for a potential spin-off or other transaction.

February 8, 2024: David Maura, CEO of Spectrum Brands, highlighted the company's improved efficiency, reduced debt, and increased shareholder returns through dividends and buybacks. The company is also accelerating efforts to separate its Home & Personal Care business while restoring its profitability.

May 9, 2024: Spectrum Brands has secured a new agreement with Stanley Black & Decker to license the Black & Decker name through 2035. The company is also pursuing strategic alternatives for its Home and Personal Care (HPC) business, including a potential sale, joint venture, or spinoff, with plans to file an initial Form 10 this summer.

July 2. 2024: Spectrum Brands Holdings announced that it has filed a confidential Form 10 registration statement with the U.S. Securities and Exchange Commission for the spin-off of its home and personal care (“HPC”) business.

November 2025: During the Q4 2025 earnings call (November 2025), CEO David Maura acknowledged that the $450 million tariff headwind sidelined the strategic process, saying the company had "a very robust process about a year ago" that "got derailed by trade policy out of the United States."  The company pivoted to running HPC for cash and restructuring its supply chain away from China.

February 2026: Maura stated the company's focus for HPC is "on increasing profitability and finding a strategic solution for the business."He also said the company is "committed to the vision of finding a strategic solution for our HPC business"  and is working to improve profitability first. Analysts are watching for a concrete spin-off value unlock and potential strategic transaction announcement by Q3 2026.

The spin-off/separation has not been completed or cancelled, but it has been materially delayed. The company is still pursuing a separation (via spin-off, sale, or merger) but has deprioritized the timeline while it stabilizes HPC's operations, reduces tariff exposure, and improves the segment's profitability to make it more attractive for a transaction. No specific timeline has been provided for when the separation will occur.

Spectrum Brands Holdings Investor Relations

Resources

July 2, 2024: Confidential Form 10 Registration Announcement

July 2, 2024: Announcement

August 8, 2024: Presentation

Comcast Corporation (CMCSA) announced plans to separate NBCUniversal and Sky into an independent publicly traded company through a tax-free spin-off. Following the transaction, Comcast shareholders will own shares in both Comcast and NBCUniversal.

The separation is expected to be completed in approximately one year, subject to Comcast board approval, regulatory approvals, tax opinions, financing arrangements and other customary closing conditions.

Following the separation, Comcast will focus on its broadband, wireless, and connectivity businesses, serving more than 65 million homes and businesses.

SpinCo Profile
The new NBCUniversal will include Universal Studios, theme parks, NBC, Telemundo, Peacock, Bravo and Sky, creating a global media and entertainment company with significant scale across streaming, sports, news and entertainment.

Leadership

• Mike Cavanagh, currently Co-Chief Executive Officer of Comcast, will become Chief Executive Officer of NBCUniversal.
• Former Comcast Chief Financial Officer Michael Angelakis will become Chief Executive Officer of Comcast upon completion of the separation and will join the company as a Strategic Advisor in the interim.
• Brian L. Roberts will continue to play an active leadership role at both Comcast and NBCUniversal.

Ownership Structure
Comcast expects to retain up to a 19.9% stake in NBCUniversal for up to one year following the spin-off and intends to monetize the stake over time in a tax-efficient manner.

Advisors
Goldman Sachs & Co. LLC and PJT Partners are serving as financial advisors, while Davis Polk & Wardwell LLP is serving as legal counsel.

Comcast Corporation Investor Relations

Spinoff Snapshot

Parent Company: Comcast Corporation (NASDAQ: CMCSA)

SpinCo: NBCUniversal (including Sky)

Announcement Date: June 30, 2026

Transaction Type: Tax-free spin-off

Expected Completion Date: Approximately June 2027

Distribution Ratio: Not yet announced

Parent Retained Stake: Comcast expects to retain up to a 19.9% stake in NBCUniversal for up to one year following the spin-off

ABVC BioPharma (ABVC) plans to spin off approximately 15% of BioKey (Cayman), Inc. to ABVC shareholders, while retaining an approximately 85% controlling stake following the separation.

ABVC shareholders of record as of July 24, 2026, will receive a pro rata distribution of roughly 4.5 million BioKey ordinary shares, with the distribution expected to occur on August 3, 2026. Fractional shares will be rounded up to the nearest whole share, an unusual shareholder-friendly feature.

Unlike many spin-offs, the transaction will be taxable to U.S. shareholders for federal income tax purposes.

BioKey will not initially list on a national exchange; instead, it intends to seek quotation on the OTC Markets, and no ticker symbol has yet been assigned.

BioKey will emerge as a standalone CRO/CDMO and nutraceutical platform, operating from a cGMP-certified facility in Fremont, California, with no operations in China or Hong Kong.

ABVC retains broad discretion to modify or cancel the spin-off at any time before distribution, even after announcing the transaction.

Company Profiles
ABVC BioPharma (NASDAQ: ABVC): A clinical-stage biotech company developing plant-based drugs and medical products for diseases such as cancer, depression, and eye disorders. ABVC will remain focused on drug development after the spin-off.

BioKey (Cayman) (SpinCo): A nutraceutical and contract manufacturing company that develops and manufactures dietary supplements, botanical products, and provides research and manufacturing services for health and wellness companies.

Reuters reported, citing Manager Magazin, that Siemens Energy is evaluating a potential separation of its Transformation of Industry division, which manufactures compressors and industrial steam turbines.

According to the report, the company is considering options including a spin-off or IPO and could initially divest approximately 60% of the business while retaining a 40% stake.

Siemens Energy said it is assessing the optimal long-term structure for the division to accelerate growth but emphasized that no decisions have been made. The unit generated €2.7 billion in revenue during the six months ended March 2026, accounting for roughly 13.5% of group sales.

Adaptive announced plans to separate its Immune Medicine business from its profitable MRD (Minimal Residual Disease) diagnostics business and expects to identify a preferred separation path by the end of 2026.

Parent profile: Adaptive Biotechnologies develops immune-system-based diagnostics and therapeutics, including its clonoSEQ® cancer monitoring test.

MRD Business Performance
The MRD business grew revenue from $103 million in 2023 to $212 million in 2025 and generated $15 million in adjusted EBITDA in 2025, supported by clonoSEQ's expanding adoption.

Spinco Profile: Immune Medicine Business - The unit uses AI and immune-system data to discover treatments for autoimmune diseases and has built a database of more than 6 million TCR-antigen pairs and data from over 10,000 patients. Management believes its value may be better realized outside Adaptive's diagnostic-focused structure.

Adaptive Biotechnologies Investor Relations

Reuters reported that Microsoft is evaluating strategic options for its Xbox gaming business, including a potential spinoff, restructuring it as a wholly owned subsidiary, or forming a joint venture with external partners, according to a report by The Information. The review is part of a broader effort to overhaul the gaming unit and could make the business easier to sell in the future.

Reason: Xbox has struggled with declining console sales, while Microsoft's push into Game Pass subscriptions and cloud gaming has not fully offset that weakness.

Flex Ltd. announced that its Board has approved a plan to spin off its Power and Cloud portfolio into a separate publicly traded company (SpinCo), creating two independent entities.

Post spin-off, SpinCo will focus on digital infrastructure solutions, including power and thermal management technologies for AI data centers and mission-critical applications, positioning itself as a pure-play infrastructure and AI-enablement platform.

Meanwhile, Flex (parent) will retain its core manufacturing operations, operating as a global partner across sectors such as healthcare, automotive, industrial, and communications through its Integrated Technology Solutions and Regulated Manufacturing Solutions segments.

Management believes separating the businesses will create shareholder value by forming two specialized companies with clearer priorities and dedicated leadership.

Revathi Advaithi will become CEO of SpinCo. She will also serve as Chairman of the Board of Directors of Flex for a transitional period upon the completion of the spin-off. Michael Hartung will be named CEO of Flex.

Transaction intended to be tax-free to shareholders and targeted to close in the first quarter of calendar 2027.

Spinoff Snapshot

Parent: Flex will spin off its Power and Cloud portfolio into a standalone public company (SpinCo).

SpinCo: Will focus on power and thermal management solutions for AI data centers and digital infrastructure.

Flex Retains: Its core manufacturing businesses serving healthcare, automotive, industrial, and communications markets.

Structure: Tax-free spin-off targeted for Q1 2027.

Debt allocation: Not yet disclosed.

Flex Investor Relations

SoftBank Group is planning to create and list a new U.S.-based AI and robotics company, tentatively named “Roze,” focused on developing data center infrastructure.

The business could be taken public as early as 2026 with a targeted valuation of around $100 billion, as founder Masayoshi Son looks to fund large-scale AI investments, including commitments to OpenAI.

The initiative aligns with SoftBank’s broader push into AI infrastructure and robotics, complementing its involvement in projects like Stargate and existing investments in ABB Ltd.’s robotics unit and DigitalBridge Group, Inc., positioning Roze as a potential platform-level IPO tied to long-term AI demand.

Spinoff Snapshot

Parent: SoftBank Group plans to spin off its AI and robotics subsidiary, Roze, into a standalone publicly traded company.

SpinCo: Roze develops AI-powered robotics, automation, and autonomous systems technologies.

SoftBank Retains: Its remaining investment portfolio, including holdings across AI, telecommunications, semiconductors, and technology investments.

SpinCo Receives: SoftBank's AI and robotics operations housed within Roze. Management: Roze will be led by its existing management team, with governance details to be finalized.

Structure: Planned spin-off; distribution ratio and final transaction terms have not yet been disclosed.

Debt: Debt allocation between SoftBank and Roze has not yet been disclosed.

SoftBank Group Investor Relations

Textron announced its intent to separate its Industrial segment from the company’s core aerospace and defense businesses to enhance its strategic and operational focus and drive long-term value for stakeholders.

The company is evaluating multiple separation pathways, including a potential sale or a tax-free spin-off into an independent, publicly traded entity.

The move follows an internal review highlighting that aerospace and industrial businesses have:

• Different growth profiles and capital needs
• Distinct end markets and investor bases

Separation is intended to improve operational focus, capital allocation, and valuation clarity.

Post-Separation:

Parent (“New Textron”): Aerospace & defense pure-play

Textron Inc. will retain its core aerospace and defense businesses, including:

• Textron Aviation (business jets, turboprops)
• Bell Textron (military & commercial rotorcraft)
• Textron Systems

Profile:

• ~$12B+ revenue
• Higher-margin, backlog-driven aerospace & defense exposure
• Focus on R&D, defense programs, and aviation growth

Spun-Off Industrial Company: Mobility-focused standalone company

The new standalone entity will retain Textron’s Industrial segment, including:

• Kautex Textron (fuel systems, EV battery enclosures)
• Textron Specialized Vehicles (E-Z-GO, Jacobsen, etc.)

Profile:

• ~$3B revenue
• Cyclical, mobility and automotive-linked businesses
• Focus on operational efficiency, product innovation, and niche vehicle markets

Transaction Details

Textron is targeting completion of the separation within 12 to 18 months, subject to regulatory approvals and board authorization.

Additional Updates

Textron announced its first-quarter 2026 results in a separate release. The company hosted a conference call to discuss both earnings and the proposed separation.

Advisors Goldman Sachs & Co. LLC is serving as financial advisor. Latham & Watkins LLP is serving as legal advisor.

Spinoff Snapshot

Parent: Textron plans to spin off its Industrial segment.

SpinCo: Will include Kautex and Textron Specialized Vehicles (TSV).

Textron Retains: Bell, Textron Aviation, and Textron Systems.

Debt: Not yet disclosed.

Pre-Spin Performance: Industrial has faced weaker powersports and industrial demand, while aviation and defense have become Textron's primary growth drivers.

Resources

Press Release

Spinoff Presentation

Activist fund MAK Capital, led by Michael A. Kaufman, has urged the leadership of German biotech firm Evotec SE to list its US unit and speed up its cost cutting program after the shares have lost about 85% over the past five years.

“We believe a U.S.-listed Just Biologics would command a materially higher valuation, in excess of €1 billion ($1.2 billion), access a deeper investor base, provide Just Biologics with a cash infusion and dedicated currency for growth” and help retain talent at the Seattle based firm, MAK Capital said in a letter it sent to Evotec’s leadership earlier this month, according to a filing with the SEC.

Spinoff Snapshot

Parent: Evotec SE is evaluating a separation of Just – Evotec Biologics, its biologics development and manufacturing business.

SpinCo: Would focus on biologics CDMO services, AI-enabled biologics development, and Evotec's proprietary J.POD continuous manufacturing platform.

Evotec Retains: Its core drug discovery, small-molecule research, preclinical development, and broader R&D services platform.

Debt: Not disclosed. 

Pre-Spin Performance: Just – Evotec Biologics has been one of Evotec's fastest-growing businesses, supported by biologics manufacturing demand, partnerships with major pharma companies, and growing interest in its continuous manufacturing technology.

Evotec Investor Relations

Hong Kong's Fosun International said it intends to spin off its luxury resort, Atlantis ‌Sanya, and list it on the Shanghai Stock Exchange as a real estate investment trust. Reuters reported in 2024 that the company was looking to sell all or part of its luxury resort in southern China as part of its efforts to reduce debt, citing sources.

As of June 30, 2025, the group’s total debt rose to RMB 222.10 billion, increasing from the level reported at the end of December 2024.

Fosun stated that it plans to use Atlantis as the underlying asset for a Chinese commercial property REIT.

The Hong Kong Stock Exchange has granted a waiver allowing the spinoff to proceed without providing existing shareholders with assured entitlement to the new REIT units, which would typically be required.

However, the proposed listing remains subject to regulatory approvals from the China Securities Regulatory Commission and the Shanghai Stock Exchange.

Meanwhile, Fosun’s board is scheduled to meet on March 30 to announce its annual results for the year ended December 31, 2025.

New Fortress Energy (NFE) plans to spin off its Brazilian operations into a standalone entity (“BrazilCo”) as part of a broader recapitalization via a UK restructuring plan. The new entity, to be headquartered in Rio de Janeiro, will be owned by a consortium of global institutional investors and remain led by existing management.

BrazilCo will focus on LNG importation, regasification, and power generation, anchored by key assets including the Barcarena cluster and the TGS terminal. The transaction is expected to close by mid-2026, subject to approvals, with no impact on ongoing operations.

Bloomberg reported that, Unilever is evaluating a potential separation of its food business as it looks to sharpen its focus on higher-growth segments such as beauty, personal care, and wellbeing. The company is working with advisers to review options, including a possible spin-off of its food assets.

Unilever’s food assets mainly include condiments, sauces, and cooking products such as Hellmann’s mayonnaise, Knorr soups, seasonings, and meal bases essentially everyday kitchen staples.

The food business, though higher-margin than the beauty and wellbeing business, does not meet Unilever's short-term goal ?to grow underlying sales by 4-6% each year.

Financial Times reported that Unilever and Kraft Heinz recently explored a potential merger of their food businesses, combining brands like Hellmann’s and Heinz, but discussions have since ended.

Update(s):

March 30, 2026: WSJ reported that Unilever is in advanced talks to combine its food business with McCormick & Company in a roughly $60 billion (including debt) Reverse Morris Trust transaction, effectively separating the division. Unilever shareholders would own about two-thirds of the combined entity, alongside a $16 billion cash component. This follows earlier Bloomberg reporting that Unilever was exploring a spin-off of its food unit.

March 31, 2026: Unilever announces the combination of Unilever Foods with McCormick

• Spin-Off Structure Update Unilever PLC will separate its Foods business, but the spin-off is now structured as a Reverse Morris Trust merger with McCormick & Company, Inc. rather than a standalone listing.
• Transaction Overview: The Foods business will be combined with McCormick to create a $20B revenue global flavour leader with brands such as Knorr, Hellmann’s, and McCormick. The transaction values Unilever Foods at $44.8B (3.6x sales, 13.8x EBITDA), in line with sector valuations.
• Consideration & Ownership: Unilever will receive $15.7B in cash and a 65% equity stake in the combined company. Post-close ownership will be 55.1% Unilever shareholders, 35.0% McCormick shareholders, and 9.9% retained by Unilever.
• The separation will transform Unilever into a pure-play HPC company (~€39B revenue) focused on higher-growth, higher-margin categories.
• Timeline & Key Terms The transaction is expected to close by mid-2027, subject to shareholder and regulatory approvals. The structure is intended to be tax-free for U.S. shareholders, improving overall transaction efficiency.

Unilever Investor Relations

Snow Lake Resources announced plans to spin off its lithium assets into a separate entity in the coming months as part of its strategy to focus on the nuclear fuel cycle business.

Separately, the company announced it will change its name to Frontier Nuclear and Minerals and its ticker to FNUC effective March 16, 2026.

Snow Lake Resources Investor Relations

Robin Energy Ltd. announced plans to spin off its tanker business consisting of one tanker, Xavier Shipping Co.,(subsidiary formerly owning the M/T Wonder Formosa) and cash into a newly formed company, AI OKTO CORP. 

Details: Following the spin-off of its tanker business to AI OKTO CORP., Robin Energy Ltd. will retain its LPG carrier vessels LPG Dream Syrax and LPG Dream Terrax, along with its remaining LPG shipping operations that transport petrochemical gases and LPG globally through charter contracts, as well as cash and working capital not transferred in the spin-off, its Nasdaq-listed corporate structure (RBNE), and its management and operating platform.

Distribution: Robin shareholders will receive 1 AI OKTO share for every 6.5 Robin shares held. 

Leadership: AI OKTO has applied to list on the Nasdaq Capital Market, and Petros Panagiotidis will serve as Chairman and CEO upon completion.

Robin Energy Ltd. is a global shipping company that owns and operates tanker vessels transporting crude oil and refined petroleum products. (Investor Relations)

Trump Media & Technology Group Corp., TAE Technologies, Inc., and Texas Ventures Acquisition III Corp. are in ongoing discussions regarding a potential transaction involving the spin-off of certain TMTG businesses, including Truth Social, into a new publicly traded entity (SpinCo).

Following the previously announced merger between TMTG and TAE, SpinCo would be distributed to TMTG shareholders and subsequently merge with Texas Ventures Acquisition III.

Structure and Strategic Rationale

Post spin-off, TAE’s businesses, along with select TMTG assets, would remain within the combined TMTG entity. The contemplated structure aims to unlock shareholder value by creating separate, pure-play companies with distinct strategic focus areas.

Status of Discussions

No definitive agreement has been reached, and there is no assurance regarding the timing, terms, or completion of any transaction. Any potential deal remains subject to board, regulatory, and shareholder approvals.

Company Overview

TMTG operates Truth Social, Truth+, and Truth.Fi, focusing on media, streaming, and financial services.

TAE Technologies develops fusion energy solutions and operates businesses in energy systems and life sciences.

Texas Ventures Acquisition III Corp is a SPAC formed to pursue business combinations across sectors.

Update(s):

June 10, 2026: Trump Media & Technology (DJT) said it is no longer pursuing the planned spin-off of Truth Social as part of its proposed merger with nuclear-fusion company TAE Technologies. The company said it still expects to complete the TAE merger in 2026 but has paused the Truth Social separation after further evaluation.

Trump Media & Technology Group Investor Relations

Plover Bay announced a proposed spin-off and separate Nasdaq listing of its subsidiary Peplink Holdings (SpinCo). The transaction would separate the subsidiary from the parent and create two independent publicly traded companies.

The spin-off is expected to be executed via a distribution in specie of SpinCo shares to existing shareholders, subject to approvals and market conditions.

The distribution is expected to occur immediately prior to the Nasdaq listing of SpinCo. Management is targeting completion before the end of 2026, though timing remains uncertain and shareholder/regulatory approvals are required.

Company Profile:

Plover Bay Technologies: Plover Bay is a Hong Kong–listed provider of enterprise networking and SD-WAN solutions, offering routers and cloud-managed connectivity platforms primarily under the Peplink brand. Post spin-off, the parent will remain listed and retain operations, assets, and businesses not transferred to the carved-out entity.

Peplink Holdings (SpinCo): Peplink Holdings will become a pure-play SD-WAN and connectivity solutions company housing the core networking business, including related intellectual property, employees, and commercial operations.

Plover Bay Investor Relations

Madison Square Garden Sports Corp. (MSGS) announced that its board of directors has unanimously approved a plan to explore a potential tax-free spin-off that would separate its New York Knicks and New York Rangers businesses into two independent publicly traded companies.

If completed, holders of MSG Sports Class A and Class B common stock would receive a pro-rata distribution representing 100% of the common stock of the newly formed company. The spin-off is expected to be structured as a tax-free distribution to MSG Sports shareholders.

Knicks-Focused Company (Expected Assets)

• New York Knicks franchise.
• Westchester Knicks (NBA G League affiliate).

Rangers-Focused Company (Expected Assets)

• New York Rangers franchise.
• Hartford Wolf Pack (AHL affiliate).

MSG Sports noted that no definitive timeline has been established and there is no assurance the transaction will be completed.

Update(s):

May 18, 2026: Madison Square Garden Sports Corp. announced that it has made progress towards a proposed spin-off of its New York Rangers business from its New York Knicks business by filing a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission

Spinoff Snapshot

Parent: Madison Square Garden Sports is exploring a spin-off of the New York Knicks and New York Rangers into separate public companies.

Knicks SpinCo: Would include the Knicks and Westchester Knicks.

Rangers SpinCo: Would include the Rangers and Hartford Wolf Pack.

Structure: Proposed tax-free spin-off; distribution ratio and debt allocation not yet disclosed.

Pre-Spin Valuation: The Knicks are valued at approximately $9.5–$9.8B and the Rangers at approximately $4B, exceeding MSG Sports' market value.

Madison Square Garden Sports Corp. Investor Relations

International Paper Co. said it will split into two independent, publicly traded firms, separating its Europe, Middle East and Africa (EMEA) packaging operations from its North American business. The move follows the integration of DS Smith assets and is aimed at unlocking regional value and accelerating performance across both platforms.

• International Paper (North America)

  • Will retain IP’s North American packaging business, including DS Smith assets

  • CEO: Andy Silvernail

  • CFO: Lance Loeffler

• EMEA Packaging (Spin-off)

  • Combines DS Smith and IP EMEA assets into a standalone packaging company

  • CEO: Tim Nicholls; Chair: David Robbie

  • Operations in 30 countries across EMEA

Listing & Timeline:

• Spin-off to be listed on both the NYSE and LSE

• Expected completion: 12–15 months

• Structure: Tax treatment TBD; IP plans to retain a meaningful ownership stake

Gentherm Inc. (THRM) will acquire Modine Manufacturing Co.’s Performance Technologies division through a tax-efficient Reverse Morris Trust transaction valued at approximately $1 billion. The deal, announced will combine two thermal management leaders to form a scaled platform spanning automotive, power generation, commercial vehicles, and medical markets.

The combined company will generate pro forma revenue of $2.6 billion and target a synergy-adjusted EBITDA margin of 13%. Gentherm will remain the surviving public entity, with Modine shareholders expected to own roughly 40% of the merged business and Gentherm shareholders the remaining 60%, subject to adjustments. The transaction is expected to close in Q4 2026.

Transaction Structure and Terms

• Reverse Morris Trust structure; intended to be tax-free for Modine and its shareholders.
• Modine to receive a $210 million cash distribution from the SpinCo prior to closing.
• Modine shareholders to receive ~21 million shares of Gentherm common stock, representing ~$790 million in equity consideration.
• Gentherm will continue to trade on NASDAQ under the ticker THRM; headquarters remains in Novi, Michigan.
• Modine to remain listed on NYSE as a standalone climate solutions company post-close.

Strategic Rationale for Gentherm

• Expands Gentherm’s scale in thermal and precision flow management.
• Adds end-market diversification beyond light vehicles; 1/3 of combined revenue from commercial and power markets.
• Targets $25 million in annual cost synergies plus incremental commercial upside through cross-selling and product integration.
• Maintains strong financial profile: ~1.0x pro forma net leverage; EPS accretive by year two.
• Gentherm CEO Bill Presley and CFO Jon Douyard will lead the combined company. Two Modine-nominated directors to join the Gentherm board.

Strategic Rationale for Modine

• Modine becomes a pure-play climate innovation business focused on data center cooling, commercial HVAC, and refrigeration.
• Climate Solutions unit delivered $1.6B in FY25 revenue with 19.6% EBITDA margin; FY26 revenue projected to approach $2B.
• Deal streamlines business model and redeploys capital toward high-return growth segments.
• Pro forma net leverage expected to fall below 1.0x post-transaction.
• Modine CEO Neil Brinker and CFO Michael Lucareli to remain in place.

About SpinCo (Modine Performance Technologies)

• Mission-critical thermal management unit with ~$1.1B in FY25 revenue and $123M in EBITDA.
• Serves OEM and Tier 1 clients globally with air- and liquid-cooled systems.
• 5,000 employees across 10 countries.
• Will operate as a division of Gentherm under existing brand.
• Jeremy Patten to continue as President of the division.

Deal Timeline and Closing Conditions

• Expected to close in Q4 2026.
• Subject to Gentherm shareholder approval, regulatory clearances, SpinCo financing, and IRS tax ruling.
• Combined company to provide further guidance on branding and listing logistics post-close.

May 5, 2026: Modine Manufacturing Company amended its credit agreement to support the planned spin-off of its Performance Technologies business, including permitting related transactions, debt financing by a newly formed subsidiary, and escrow arrangements tied to the separation.

May 27, 2026: Modine said the planned spin-off of its Performance Technologies business and subsequent merger with Gentherm remains on track for completion before the end of 2026, pending SEC, shareholder, and tax approvals. (Filing)

Spinoff Snapshot

Parent: Modine is spinning off its Performance Technologies business and merging it with Gentherm in a $1 billion Reverse Morris Trust transaction.

SpinCo: Performance Technologies generated approximately $1.1 billion of FY2025 revenue and $123 million of EBITDA, providing thermal management and precision flow solutions across automotive, commercial vehicle, power generation, and medical markets.

Modine Retains Its Climate Solutions business, focused on data center cooling, commercial HVAC, and refrigeration.

Ownership: Modine shareholders are expected to own approximately 40% of the combined company, with Gentherm shareholders owning approximately 60%.

Consideration: Modine will receive a $210 million cash distribution and Modine shareholders are expected to receive approximately 21 million Gentherm shares valued at approximately $790 million.

Debt: Modine expects pro forma net leverage below 1.0x after the transaction. The spin-off entity is expected to incur financing as part of the separation process.

Rationale: Modine becomes a pure-play climate solutions company, while Gentherm expands its thermal management platform and diversifies beyond light vehicles.

Pre-Spin Performance: Performance Technologies generated $1.1 billion revenue and $123 million EBITDA in FY2025. Modine's Climate Solutions business generated $1.6 billion revenue with a 19.6% EBITDA margin.

Management: Gentherm CEO Bill Presley and CFO Jon Douyard will lead the combined company. Jeremy Patten will continue leading the Performance Technologies division.

Status: Expected to close in Q4 2026 and remains on track pending Gentherm shareholder approval, regulatory clearances, financing arrangements, and IRS tax rulings.

Bloomberg reported that Eaton Corp. is exploring strategic options for its vehicle business, including a potential sale or spinoff as it refocuses on higher-growth areas under its new CEO.  The company is working with an adviser, and the unit could be worth up to $5 billion in a transaction according to people familiar with the matter.

Update(s):

January 26, 2026: Eaton plans to separate its Vehicle and eMobility segments into a standalone, publicly traded company by Q1 2027 (tax-free to shareholders). The move supports CEO Paulo Ruiz’s 2030 strategy to focus Eaton on its higher-growth, higher-margin Electrical and Aerospace businesses. Post-spin, Eaton will prioritize capital toward data centers, utilities, infrastructure, and aerospace/defense, supported by recent acquisitions (Ultra PCS, Boyd Thermal).

The separation is expected to be immediately accretive to Eaton’s organic growth and operating margin at close.

Mobility will operate independently as a global supplier of powertrain, EV protection, and vehicle systems, with leading positions in commercial truck transmissions, clutches, and EV fuses. Management says the split will give both companies sharper strategic focus, tailored capital allocation, and clearer investment profiles. The transaction follows Eaton’s prior divestitures of Lighting (2020) and Hydraulics (2021).

Eaton will discuss the transaction alongside Q4 2025 earnings on Feb 3, 2026. Morgan Stanley is financial advisor; Paul Weiss and Hogan Lovells are legal advisors.

June 11, 2026: Dana Incorporated (DAN) announced it has entered into a definitive agreement with Eaton Corporation plc (ETN) to combine with Eaton's Mobility business in a transaction valued at approximately $5.1 billion.

Eaton shareholders will own at least 50.1% of the combined company, while Dana shareholders will own approximately 49.9%.

• Eaton will first separate its Mobility business through either a spin-off or split-off and then immediately merge it with Dana. The combined company will continue operating as Dana Incorporated and remain listed on the NYSE under the DAN ticker. 

• Eaton will receive approximately $1.1 billion in cash funded by new debt raised by the Mobility business before closing. 

• The combined company is expected to generate approximately $11 billion in 2026 revenue and $1.7 billion in adjusted EBITDA, including expected synergies. 

Leadership:

• Byron Foster will serve as CEO, Timothy Kraus will remain CFO, and Erin Rowse will become Chief Human Resources Officer of the combined company. Dana Chairman R. Bruce McDonald will serve as Executive Chairman. 

• The transaction is expected to close in the first quarter of 2027, subject to Dana shareholder approval, regulatory approvals, and customary closing conditions. The transaction is intended to be tax-free to both Eaton and Dana shareholders for U.S. federal income tax purposes

Strategic Rationale:

• The deal combines Dana and Eaton Mobility's vehicle parts businesses to create a larger supplier with a broader range of products for truck, commercial vehicle, and automotive customers.

• For Eaton, the transaction allows the company to exit its mobility business and focus on its faster-growing Electrical and Aerospace segments, while still benefiting from the combined company and receiving approximately $1.1 billion in cash.

Eaton Investor Relations

Spinoff Snapshot

• Parent: Eaton (ETN) is separating its Mobility business as part of its 2030 strategy to focus on higher-growth, higher-margin Electrical and Aerospace businesses.
• SpinCo: Eaton Mobility, a global supplier of powertrain, vehicle, electrification, and power management systems, with leading positions in commercial truck transmissions, clutches, EV protection products, and vehicle technologies.
• Eaton Retains: Eaton's Electrical and Aerospace businesses, including exposure to data centers, utilities, infrastructure, aerospace, and defense markets.
• Eaton Mobility Receives: Eaton's Vehicle and eMobility segments, including drivetrain, propulsion, electrification, and power management technologies serving commercial vehicle and automotive OEMs.
• Merger Partner: Eaton Mobility will immediately combine with Dana Incorporated (DAN) following the separation.
• Ownership: Eaton shareholders will own at least 50.1% of the combined company, while Dana shareholders will own approximately 49.9%.
• Management: Byron Foster will serve as CEO, Timothy Kraus as CFO, Erin Rowse as Chief Human Resources Officer, and Dana Chairman R. Bruce McDonald as Executive Chairman.
• Cash & Debt: Eaton will receive approximately $1.1 billion in cash funded by debt raised by the Mobility business before closing.
• Structure: Eaton initially planned a standalone tax-free spin-off by Q1 2027. The transaction has since evolved into a Reverse Morris Trust, under which Eaton will separate Mobility through a spin-off or split-off and immediately merge it with Dana.
• Combined Company: The combined company will continue operating as Dana Incorporated (DAN) and is expected to generate approximately $11 billion in 2026 revenue, $1.7 billion in adjusted EBITDA, and $250 million of annual run-rate synergies.
• Strategic Rationale: The transaction creates a larger vehicle components supplier with a broader product portfolio for commercial vehicle and automotive customers, while allowing Eaton to focus capital on its faster-growing Electrical and Aerospace businesses.
• Expected Closing: First quarter of 2027

L3Harris Technologies will spin off its missile business into a separate publicly traded company, backed by a $1 billion minority investment from the U.S. Department of Defense, as Washington pushes the defense industry to rapidly expand weapons production.

The Pentagon’s investment will be made through preferred stock that will convert into common equity following the unit’s initial public offering. L3Harris will retain a controlling stake in the new company, which will focus on producing rocket motors and components for U.S. and allied systems, including Patriot, THAAD and Tomahawk missiles.

Chief Executive Officer Chris Kubasik said L3Harris expects to receive the $1 billion cash infusion this quarter, with the IPO planned for the second half of the year.

He declined to disclose the expected valuation of the business. The missile unit currently generates more than $3 billion in annual revenue, and management expects sales growth in the mid-teens for the foreseeable future.

Update(s):

April 29, 2026: Defense supplier L3Harris said it has ?confidentially submitted a draft registration statement for the initial public ?offering of its missile solutions business. The company said the number ?of shares to be offered and the price range for ?the proposed IPO are yet to be determined.

L3Harris Technologies Investor Relations

Healthpeak Properties announced plans to spin off its senior housing business through the formation and IPO of Janus Living, a pure-play senior housing REIT. Healthpeak will contribute 34 senior housing communities (10,422 units) to Janus Living, serve as its external manager, and retain a substantial majority ownership following the IPO, with public shareholders owning the remainder.

The company confidentially submitted a draft Form S-11 to the SEC in December 2025 and expects to complete the IPO in 1H 2026, subject to market, regulatory, financing, and customary closing conditions.

Update(s):

February 2, 2026; Healthpeak Properties reiterated its plan to spin off its senior housing business through the formation and IPO of Janus Living.  Healthpeak will retain a significant ownership stake in Janus Living and continue to manage the platform following the offering. The company is targeting completion of the IPO in the first half of 2026, subject to market conditions, regulatory approvals, financing arrangements, and completion of the SEC review.

March 16, 2026: Healthpeak Properties (DOC) and Janus Living announced that Janus Living has launched an IPO of 37 million Class A-1 shares, with an expected price range of $18–$20 per share. The company also plans to grant underwriters a 30-day option to purchase up to 5.55 million additional shares. Janus Living intends to list on the NYSE under the ticker “JAN.”

Proceeds from the offering will be used for acquisitions, investments, and general corporate purposes.

Following the IPO, Healthpeak is expected to retain a significant stake, owning approximately 85.3% of Janus Living (or 83.4% if the overallotment option is fully exercised).

Healthpeak Properties Investor Relations

Jollibee Foods Corp. said it plans to spin off its international business and seek a U.S. listing as the Philippine fast-food chain accelerates its global expansion.

The company has hired local and international advisers for the transaction, which will place all overseas operations under a new entity, Jollibee Foods Corporation International, while its domestic business remains listed in Manila. The announcement triggered the stock’s biggest one-day gain since 2008.

Update(s):

March 4, 2026:

Jollibee Foods Corporation said its Vietnamese coffee chain Highlands Coffee is considering an IPO and listing in Hanoi, with completion targeted for Q1 2027.As previously announced the company plans to spin off its international operations and list them on a U.S. exchange, creating two independently listed businesses. The Philippine business will remain listed locally, while the U.S. spin-off of international operations is expected to complete by the end of 2027.

Baidu announced a proposed spin-off and separate Hong Kong listing of Kunlunxin (Beijing) Technology, an AI-chip subsidiary, through the listing of Kunlunxin’s H shares on the Main Board of the Hong Kong Stock Exchange. Baidu said the move is intended to unlock value, attract AI-focused investors, and provide Kunlunxin with greater capital and operational flexibility, while remaining a Baidu subsidiary post-listing. A confidential listing application has been submitted to HKEX.

The proposed spin-off remains subject to regulatory approvals, including HKEX and China securities regulators, and there is no assurance on timing or completion.

Baidu Investor Relations

Barrick Mining (B) said its board has authorized management to explore a partial IPO (carve-out) of a new subsidiary that would hold its premier North American gold assets.

If pursued, NewCo would include Barrick’s interests in Nevada Gold Mines, Pueblo Viejo, and the 100%-owned Fourmile gold discovery in Nevada. The company plans to list a small minority stake via IPO while retaining a controlling majority interest in NewCo.

Barrick said the move is part of a broader portfolio review to unlock shareholder value, particularly in North America, while continuing to invest in its global gold and copper assets. Interim CEO Mark Hill said the assets would create a pure-play North American gold company with significant growth potential.

Barrick will explore the IPO option through early 2026 and provide an update with its full-year 2025 results in February 2026. Any transaction would remain subject to board approval, market conditions, and regulatory clearances.

Update(s): 

January 23, 2025: Barrick’s plan to spin off or IPO its North American gold assets will hinge on partner Newmont, which holds contractual right-of-first-refusal and consent rights over the Nevada Gold Mines joint venture.

Under the agreement, Barrick cannot sell or transfer its stake in NGM without Newmont’s approval, and will also need Newmont to help fund the Fourmile project, a key asset in the proposed IPO.

The planned listing would include Nevada Gold Mines, Pueblo Viejo, and Fourmile, with the North American business valued at about $42 billion. The move follows a turbulent 2025 for Barrick, and comes as the company restructures under Interim CEO Mark Hill while searching for a permanent CEO. Barrick said it will update investors with its full-year results in February.

February 5, 2026: Barrick Mining Corp. plans to spin off its top North American gold assets in an initial public offering later this year as part of a strategic reset by the Canadian metals producer. The company said it will sell a minority stake in the new North American unit, targeting a late-2026 initial public offering.

Interim CEO Mark Hill was appointed as permanent chief executive officer and told investors on a call that Barrick plans to sell 10% to 15% of the entity.

February 9, 2026: Newmont Corporation is pressing Barrick Mining Corporation to improve performance at their Nevada Gold Mines joint venture before Barrick proceeds with a planned IPO spin-off of the assets, citing production declines, rising costs, and reduced asset value.

April 28, 2026: Barrick Mining Corporation plans to spin off its North American operations through a New York IPO by year-end, with a potential valuation exceeding $60 billion. The new entity will be primarily listed in New York with a secondary listing in Toronto, and Barrick will retain a majority stake.

The spin-off will include key assets such as Nevada Gold Mines, its Dominican Republic joint venture interests, and the Fourmile project.

The move is part of a broader strategy to separate lower-risk North American assets and unlock shareholder value, although ongoing tensions with Newmont Corporation over operations and asset integration remain a key consideration.

Barrick Mining Investor Relations

Associated British Foods announced that its Board is reviewing a potential spin-off of its Primark retail division from its food and agriculture businesses, as part of a broader strategic evaluation. The review is being led by Chairman Michael McLintock, with advisory support from Rothschild & Co. The Company is also engaging with its largest shareholder, Wittington Investments, which has indicated its intention to remain a majority owner of both entities in the event of a separation.

Associated British Foods would retain its food, ingredients, and agriculture platform, including:

• Grocery brands: Twinings, Ovaltine
• Sugar operations: Global production and distribution (incl. British Sugar)
• Agriculture division: Animal feed and related businesses
• Ingredients segment: Yeast, enzymes, and specialty food ingredients

Primark would become a standalone listed retail company, including:

• Global retail footprint: Value fashion stores across Europe and the U.S.
• Core operations: Apparel, accessories, and fast-fashion merchandise
• Growth strategy: Store expansion and operational scale (primarily offline model)

Business Mix: Primark generates nearly half of group revenue and the majority of earnings, while the food segment includes global sugar operations and brands such as Twinings and Ovaltine.

Management Commentary: CEO George Weston noted the food business has been underappreciated by markets. A spin-off could create two focused, pure-play companies.

Context: The review follows slowing Primark sales and weaker sugar segment performance, which impacted recent results.

Update(s):

April 17, 2026: Associated British Foods is expected to outline plans to separate Primark from its food businesses as part of its structural review update on April 21, 2026.

April 21, 2026: Associated British Foods plc (ABF) annoiunced the board has decided it will demerge Primark from its food business, creating two separately listed companies with shareholders owning both. The move aims to improve focus and valuation clarity, with FoodCo retaining the ABF name. The dividend demerger is targeted for completion by end-2027, subject to approvals, with both entities expected to list on the London Stock Exchange.

The Board has reviewed the anticipated dis-synergies which in aggregate are currently expected to be below £45 million. One-off separation and transaction costs are expected to be in the region of £75 million. It is intended that both Primark and FoodCo will be listed on the Equity Shares (Commercial Companies) category of the London Stock Exchange and, given their scale, it is anticipated that both entities will be constituents of the FTSE 100.

Following the demerger, FoodCo will retain the Associated British Foods plc name.

Timetable and process: The Board’s intention is for the demerger to become effective before the end of 2027 calendar year and it is subject to the receipt of any necessary approvals and appropriate tax clearances. The separation of Primark from ABF is expected to be effected by way of a dividend demerger.

Management and governance: To ensure a smooth transition through the demerger process, the Board has asked ABF’s current Chair, Michael McLintock, to continue as Chair of ABF until the completion of the demerger.

Michael was appointed to the Board as a Director in November 2017 and as Chair in April 2018. The composition of both future boards will be determined and announced prior to the demerger effective date.

It is intended that George Weston will be Chief Executive of FoodCo and Eoin Tonge will be Chief Executive of Primark.

Terex announced plans to exit its Aerials segment, exploring a potential sale or spin-off. The move aligns with its merger with REV Group (REVG) and aims to streamline operations around core specialty and industrial equipment businesses.

Terex Investor Relations

The Glimpse Group, Inc. (VRAR), a diversified immersive technology platform company, announced that it has engaged Lucid Capital Markets, LLC as its investment banking partner to support a potential IPO or spinoff of its subsidiary Brightline Interactive (BLI). The company has also retained experienced securities counsel to assist with the process.

Spinoff Timeline

Glimpse stated that it has formally initiated the IPO/spinout process for Brightline and is currently evaluating methodologies, with a potential completion targeted for Q1 2026.

The goal is to establish Brightline as an independent, publicly traded “pure-play” Spatial Computing and AI-driven cloud operational simulation middleware provider serving the Department of War (DoW) and data-intensive enterprises.

About Brightline Interactive (BLI): Brightline Interactive is a global leader in spatial computing, immersive technologies, AI, deep tech, and 5G integration. Its core product, SpatialCore, delivers AI-driven, real-time operational simulation and data orchestration across synthetic environments such as digital twins, robotics, drones, and autonomous systems.

About The Glimpse Group: The Glimpse Group (VRAR) is a diversified immersive technology and AI software company, offering enterprise solutions across spatial computing and extended reality (XR).

November 13, 2025: During the earnings call, the CEO provided an update on the Brightline IPO spin-off, noting that the process began in October 2025 with Lucid Capital Markets, LLC engaged as advisor. The IPO is targeted for the first half of 2026, and Glimpse shareholders will retain shares in both Glimpse and Brightline. (Transcript)

The Glimpse Group Investor Relations

Reuters reported that Ananym Capital is urging Baker Hughes (BKR) to spin off its oil field services and equipment unit, arguing the move could lift the stock by at least 60%. Co-founder Charlie Penner said the separation would unlock value, as the company trades at 9x 2026 EBITDA versus a 13x fair multiple.

Baker Hughes, formed from the 2017 merger with GE Oil & Gas, has two main segments: Oilfield Services & Equipment and Industrial & Energy Technology. 

Ananym co-founder Charlie Penner said the technologies segment, which drives most earnings, is undervalued due to a “sum-of-the-parts discount.”

The company said it values shareholder input and is conducting a broad review of its capital allocation and business structure.

Ananym Capital

Baker Hughes Investor Relations 

Johnson & Johnson said it plans to separate its slower-growing orthopedics business from the rest of the company within 18 to 24 months, giving its innovative drug and device operations more breathing room as the Trump administration pressures pharmaceutical companies to lower prices in the US.

The move comes as J&J announced third-quarter sales and earnings that modestly beat expectations, and raised revenue guidance for the full year. The pharmaceutical and medical technology company, though, kept its adjusted earnings guidance intact for 2025, saying it was absorbing higher taxes.

Standalone orthopaedics business would operate as DePuy Synthes

Namal Nawana appointed to serve as Worldwide President of DePuy Synthes. Nawana most recently served as Executive Chairman and Founder of Sapphiros, a privately-held platform company dedicated to building the next generation of consumer diagnostic technologies. Previously he served as Chief Executive Officer and a member of the Board of Directors of Smith & Nephew Plc, a global medical technology business. Prior to that, he served as President and Chief Executive Officer and a member of the Board of Directors of Alere, Inc., a leading point of care diagnostics company, until its acquisition by Abbott.

Johnson & Johnson Investor Relations

Bloomberg reported that Alphabet has been working for the past two years to technologically decouple its life sciences unit Verily so that it can be sold or spun off according to testimony from a senior executive.

Heather Adkins, Google’s vice president of security engineering, described the plans for Verily while appearing as a defense witness in the Justice Department’s case alleging Google illegally monopolized advertising technology.

KBR (KBR) plans to spin off its Mission Technology Solutions (MTS) segment into a separate, tax-free public company by mid-to-late 2026.

Two New Companies

New KBR (Sustainable Technology Solutions – STS): Will focus on proprietary clean energy and infrastructure technologies with strong free cash flow and low capital needs.

SpinCo (MTS): Will provide mission-critical services for government and space customers, supported by long-term contracts and growing defense budgets.

Leadership Changes
Stuart Bradie will stay on as Chair, President, and CEO of New KBR.
CFO Mark Sopp will oversee the spin-off process in a new role.
Shad Evans will become KBR CFO on Jan. 5, 2026, and CFO of New KBR post-spin.

A new CEO will be named for SpinCo.

The split is designed to be tax-free for shareholders and remains subject to board and regulatory approvals. KBR reaffirmed its 2025 outlook while the separation moves forward.

June 25, 2026: KBR appointed Michael LaRouche as President and CEO-designate and Nicholas Veasey as Executive Vice President and CFO-designate of the planned spin-off of its Mission Technology Solutions business. Veasey will join KBR on July 1, 2026, while LaRouche will join on September 24, 2026. Both executives are expected to assume their respective roles at SpinCo upon completion of the separation, which is expected on January 4, 2027.

Spinoff Presentation

KBR Investor Relations

Bloomberg reported that Genuine Parts Co., an industrials company that recently settled with activist investor Elliott Investment Management, is considering a breakup.

The Atlanta-based company is weighing separating its industrial parts business from its auto parts unit. It is evaluating a range of options for the auto parts business, including a spinoff. 

Update(s):

February 17, 2026: Genuine Parts Company plans to separate into two independent, publicly traded companies: Global Automotive and Global Industrial (Motion). The transaction is targeted for completion in the first quarter of 2027 and is expected to be tax-free for U.S. shareholders. The separation does not require shareholder approval.

Global Automotive

• ~$15B revenue and $1.2B EBITDA (2025)
• Operates under brands including NAPA and Repco
• Addressable market of ~$200B
• Targeting investment-grade credit metrics

Global Industrial (Motion)

• ~$9B revenue and >$1.1B EBITDA (2025)
• Leading industrial distributor with 10M+ SKUs
• Serves 180,000+ customers across 14 end markets
• Addressable market of ~$150B
• Targeting double-digit EBITDA margins and investment-grade profile

Advisors include J.P. Morgan, Guggenheim Securities, and King & Spalding LLP.

April 21, 2026: Genuine Parts Company (GPC) reiterated on Tuesday that it is still on track to separate into two independent, publicly traded companies in Q1 2027.

Genuine Parts Investor Relations

Faraday Future Intelligent Electric announced plans to spin off its crypto flywheel assets, including the C10 business, into a separate publicly listed company. Additional details will be shared at the company’s Sept. 19 “919” event.

The spin-off will create two independent but strategically aligned entities

Faraday Future, focused on its EAI EV Flywheel and product delivery, and a new company dedicated to the Crypto Flywheel. C10 and the broader crypto business will be driven by three core engines, including the C10 Treasury, with the goal of advancing Faraday’s Web3 vision and building an “independently operated, mutually empowered” Web2+Web3 growth system to maximize shareholder value.

Founder and Global Co-CEO YT Jia called the separation a “turning point,” positioning the crypto operations as a second growth engine while keeping the EV business sharply focused on market expansion.

C10 Treasury Performance Completed two rounds of digital asset allocations totaling ~$7 million in the past two weeks. Actively managed 20% allocation outperformed the C10 Index, with all four core digital assets beating the benchmark.

Faraday Future Intelligent Electric Investor Relations

U.S. agrichemicals company Corteva (CTVA) is reportedly weighing a breakup that would split its seed and pesticide operations into two independent businesses according to the Wall Street Journal.

Updates(s):

October 1, 2025: Corteva announced in October 2025 that its Board approved a plan to separate the company into two independent, publicly traded entities. The transaction will be executed as a tax-free spin-off of the Seed business (“SpinCo”), while the remaining entity (“New Corteva”) will house the Crop Protection segment. The move reflects management’s view that the two businesses have diverging market dynamics and strategic priorities, warranting independent operations to unlock shareholder value.

Leadership & Governance Post-separation, New Corteva will be chaired by Greg Page, with Luke Kissam set to lead as CEO. Meanwhile, SpinCo will be led by current Corteva CEO Chuck Magro, ensuring continuity within the seeds and genetics business. This leadership structure signals a deliberate effort to align experienced operators with each entity’s strategic focus.

Business Split & Financial Profile On a pro forma basis, the split creates two sizable, standalone companies. New Corteva (Crop Protection) is expected to generate approximately $7.8 billion in revenue (~44%), while SpinCo (Seeds) will account for roughly $9.9 billion (~56%) of total sales. This delineation highlights a balanced separation, with both entities positioned as scaled leaders in their respective markets.

Strategic Positioning New Corteva will operate as an innovation-driven, asset-light crop protection company, emphasizing biologicals and differentiated, sustainable solutions—one of the fastest-growing segments in ag inputs. In contrast, SpinCo will focus on advanced seed genetics and trait development, leveraging established brands such as Pioneer and expanding into areas like gene editing, biofuels, and licensing. Each business will adopt tailored capital allocation strategies aligned with its growth profile.

Timeline & Key Catalysts The separation is initially targeted for completion in the second half of 2026, with the company reaffirming progress toward a Q4 2026 timeline. Key interim milestones include leadership appointments and an Investor Day scheduled for September 15, 2026, which should provide further clarity on financial targets, capital structure, and long-term strategy.

April 14, 2026: Corteva announced the executive leadership team for “New Corteva,” the standalone crop protection company to be created through its planned separation, which remains on track for Q4 2026. This follows the earlier appointment of Luke Kissam as CEO (joining June 1), with Greg Page set to serve as Chair post-spin.

The leadership team includes Jeff Rudolph (CFO), Brook Cunningham (Chief Commercial Officer), Ralph Ford (Chief Integrated Operations Officer), Reza Rasoulpour (Chief Technology Officer), and Jim Alcombright (Chief Digital & Information Officer). The company is still searching for a Chief Legal Officer and Chief People Officer, indicating final leadership build-out is ongoing ahead of separation.

Strategically, New Corteva will operate as an innovation-led, asset-light crop protection platform, focused on biologicals and nature-inspired technologies, with targeted investments aimed at high-return, differentiated markets. Management emphasized operational excellence and sustainability as core pillars of the standalone entity.

As part of the transition, Robert King (EVP, Crop Protection) will become a strategic advisor effective July 1, remain through separation, and exit by end-2026, supporting leadership continuity during the spin process.

New Corteva leadership will host an Investor Day on September 15 (NYSE), expected to provide deeper insight into strategy, financial targets, and capital allocation post-separation.

May 4, 2026: Corteva announced that its advanced seed and genetics business, previously referred to as “SpinCo,” will be named Vylor, Inc. The planned separation remains on track for the fourth quarter of 2026.

May 12, 2026: Corteva announced that New Corteva (crop protection) will be headquartered in Indianapolis, Indiana, and Vylor (advanced seed and genetics, anchored by the Pioneer brand) will be headquartered in Johnston, Iowa

Corteva  Investor Relations

Keurig Dr Pepper (KDP) announced a definitive agreement to acquire JDE Peet’s (EURONEXT: JDEP) in an all-cash transaction valued at €15.7 billion (€31.85 per share, a 33% premium). The deal combines KDP’s Keurig single-serve platform with JDE Peet’s global coffee portfolio, creating a new global coffee leader.
Following the acquisition, KDP plans to separate into two U.S.-listed companies:

Global Coffee Co. – the world’s largest pure-play coffee company with ~$16B in net sales, $400M in expected cost synergies, and leadership across 100+ markets.

Beverage Co. – a North American refreshment beverage challenger with ~$11B in sales, iconic brands like Dr Pepper®, 7UP®, and Canada Dry®, and a robust DSD distribution network.

Both companies are expected to maintain investment-grade credit ratings, with the spin-off designed as a tax-free transaction for shareholders. The JDE Peet’s acquisition is expected to close in the first half of 2026, with the coffee spin-off to follow soon after.

Updates(s)

October 13, 2025: Keurig Dr Pepper rose 3% after activist Starboard Value took a stake following the poorly received €15.7B JDE Peet’s deal, which has pushed KDP down 27% since August. Starboard has met with management, but its stake size and demands are undisclosed, and it cannot block the shareholder?vote?free deal.

October 27, 2025: Kirkland & Ellis advised KKR on its strategic investment in Keurig Dr Pepper (KDP), supporting the company’s financing for its pending JDE Peet’s acquisition. Under the deal, KKR and Apollo will invest $3 billion in convertible preferred stock in KDP and its future beverage business, and commit $4 billion to a K-Cup® pod manufacturing joint venture, where KDP will retain control. Proceeds will help fund the JDE Peet’s transaction and future spin-off of KDP’s coffee business.

October 27, 2025: Keurig Dr Pepper unveiled new details regarding its acquisition of JDE Peet’s and the company’s subsequent plan to separate into two independent entities. The announcements were made at KDP’s Investor Day

Financing and Strategic Investments

KDP revised its financing package for the JDE Peet’s acquisition, securing $7 billion in new strategic investments, co-led by Apollo (NYSE: APO) and KKR (NYSE: KKR). The updated structure is expected to reduce net leverage by approximately 1.0x to 4.6x at closing—targeted for the first half of 2026 and deliver ~10% adjusted EPS accretion in the first full year post-acquisition.

Key Financing Components

• $4 Billion Pod Manufacturing Joint Venture:
  KDP announced a binding commitment for a K-Cup® pod and single-serve manufacturing JV co-led by Apollo, KKR, and Goldman Sachs Alternatives. KDP will retain a controlling interest, with an estimated 10-year cost of capital of 7.3–7.4%.

• $3 Billion Convertible Preferred Stock Investment:
  A definitive agreement for a convertible preferred investment co-led by Apollo and KKR values the conversion price at $37.25 per share, reflecting a 41% premium to KDP’s 20-day VWAP. The preferred carries a 4.75% dividend rate with participation in common dividends on an as-converted basis.

The company emphasized that these transactions support its investment-grade credit profile while forming long-term strategic partnerships with institutional investors experienced in complex capital structures.

Capital Structure and Leverage Targets

At separation, KDP plans to maintain investment-grade ratings for both standalone companies:

• Beverage Co.: Targeted net leverage of 3.5–4.0x

• Global Coffee Co.: Targeted net leverage of 3.75–4.25x

To accelerate deleveraging, the company is evaluating non-core asset sales and other capital initiatives.

KDP also plans to nominate Brian Driscoll (Chairman, Acosta Group and The Arnott’s Group) to its Board of Directors.

Leadership and Transformation Updates

KDP expects to be operationally ready for separation by end-2026, contingent on key milestones.

• Tim Cofer will remain CEO until the split and then lead Beverage Co.

• A new CEO search is underway for Global Coffee Co.

• Sudhanshu Priyadarshi continues as CFO and President, International.

• Roger Johnson was recently named Chief Transformation & Supply Chain Officer, overseeing integration, synergy capture, and separation readiness.

January 15, 2026: Keurig Dr Pepper (KDP) and JDE Peet’s announced that Kodiak BidCo has launched a recommended all-cash offer to acquire JDE Peet’s at €31.85 per share. JDE Peet’s shareholders will also receive a previously declared €0.36 dividend on January 23, 2026, which will not affect the offer price.

Following the transaction, KDP plans to split into two U.S.-listed public companies: one focused on North America’s refreshment beverages market and the other forming a global coffee pure-play operating in more than 100 countries with a broad, multi-segment brand portfolio.

April 1, 2026: Keurig Dr Pepper completed the acquisition of a 96.22% stake in JDE Peet’s, positioning the combined business for a future separation into two independent, U.S.-listed companies. 

The company plans to split into “Beverage Co.” (North America refreshment beverages) and “Global Coffee Co.” (global coffee platform), creating two focused, category-leading businesses.

Rafael Oliveira has been appointed to lead the coffee unit and will become CEO of Global Coffee Co., while Tim Cofer is expected to serve as CEO of Beverage Co. post-separation. The spinoff is targeted by end-2026.

Keurig Dr Pepper Investor Relations

Alibaba announced that its autonomous-driving software unit Banma Network Technology plans a separate listing on the Hong Kong Stock Exchange.

The spinoff, to be carried out through a global share offering, would reduce Alibaba’s stake from 44.72% to around 30%. The deal still requires approval from China’s securities regulator, and no timeline or valuation was disclosed.

Alibaba said the listing would raise Banma’s profile, help it win more business, and provide independent access to equity and credit markets.

Sinclair Broadcast Group (SBGI) announced its board has authorized a strategic review of the company’s broadcast business.

The company is also considering a separation of its Ventures portfolio. The review comes as media companies reevaluate cable TV assets amid a shift toward streaming platforms.

Ventures portfolio includes:

• Private equity and real estate assets
• Tennis Channel, which covers most major tennis tournaments
• Ad tech unit Digital Remedy

CEO Chris Ripley said the move could unlock overlooked value and provide more flexibility to drive the broadcast strategy.

Ventures business made $11 million in minority investments during Q2.

Sinclair cautioned the review may not lead to a transaction or change.

Sinclair Broadcast Group Investor Relations

Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. 

The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026.  The separation does not require shareholder approval. 

• Post spin-off, Resideo will focus solely on its Products & Solutions (P&S) segment, including brands like Honeywell Home and First Alert.
• ADI will operate independently, distributing over 500,000 low-voltage security and AV products.
• Tom Surran will remain CEO of Resideo, while Rob Aarnes will become CEO of the new ADI.
• CEO Jay Geldmacher will retire post-spin and stay on temporarily as an advisor.

For the 12 months ending March 29, 2025:

• P&S posted $2.6B revenue with 24.2% adjusted EBITDA margin.
• ADI delivered $4.5B revenue with 7.5% adjusted EBITDA margin.

• Resideo will pay $1.59B to Honeywell in Q3 2025, ending future payments under the Reimbursement Agreement (previously $140M/year through 2043).

Preliminary Q2 2025 guidance (given May 6):

• Revenue: $1.805–$1.855B
• Adjusted EBITDA: $175–$195M
• Adjusted EPS: $0.51–$0.61
• Cash expected: ~$750M as of June 28, 2025

• Resideo expects to exceed the upper end of all Q2 guidance ranges.
• Investor call scheduled for July 30, 2025, at 8:30 AM ET via investor.resideo.com.
• Advisors: Evercore (financial), Willkie Farr & Gallagher (legal), Collected Strategies (communications).

Update(s):

August 5, 2025: Q2 2025 Investor Presentation

August 13, 2025: Resideo Technologies will spin off its $4.5B ADI distribution unit in 2H 2026, leaving the company focused on its higher-margin Products & Solutions segment. Ahead of the move, Resideo paid Honeywell $1.59 billion to terminate long-term indemnification obligations of up to $140 million annually through 2043.

May 11, 2026: Resideo Technologies provided an update on the planned spin-off of its ADI Global Distribution business, including the filing of ADI’s Form 10 registration statement with the SEC, the announcement of leadership teams and boards of directors for both Resideo and ADI, and plans to host separate investor day events in mid-July 2026. The company expects the spin-off to be completed between mid-third quarter and mid-fourth quarter of 2026, subject to customary conditions.

June 4, 2026: Resideo Technologies filed an amended Form 10 for the planned spin-off of ADI Global Distribution, including ADI financial statements through April 4, 2026.

• The ADI separation remains on track for mid-Q3 to mid-Q4 2026.

• Resideo Investor Day will be held on July 13, 2026, and ADI Investor Day on July 14, 2026, both at the NYSE. 

June 16, 2026: Resideo Technologies (REZI) said its planned spin-off of ADI Global Distribution remains on track for completion between mid-Q3 and mid-Q4 2026. As part of the separation, ADI priced $400 million of 7.125% senior notes due 2034 and completed syndication of a $600 million term loan and a $500 million revolving credit facility.

ADI plans to use proceeds from the notes and term loan to fund a distribution to Resideo and cover transaction-related expenses. The notes offering is expected to close on June 30, 2026, subject to customary conditions, including completion of the spin-off.

Resideo Technologies Investor Relations

Reuters reported that Intel (INTC) is planning to spin off its networking and communications business into a stand-alone company and has already begun seeking investors, the company said on Friday. This move is part of new CEO Lip-Bu Tan’s broader effort to streamline operations and refocus the company on its core strengths. Tan’s turnaround strategy includes divesting non-core assets, cutting expenses by scaling back large investments, and reducing headcount.

• The unit, formerly known as NEX, makes chips for telecom equipment and generated $5.8 billion in revenue in 2024—about 11% of Intel’s total sales.
• In Q1 2025, Intel integrated NEX into its data center and PC group and stopped reporting it as a standalone segment.
• Intel stated it will remain an anchor investor in the spinoff, similar to its approach with Altera.
• The spinoff reflects Intel’s push to refocus on core areas amid struggles in manufacturing and stiff competition in AI.
• Intel’s shares dropped 9% on Friday after it warned it may exit chip manufacturing without securing a major customer.
• The company also posted a surprise adjusted loss for Q2 and guided for a larger-than-expected Q3 loss.

December 3, 2025: Intel announced on Wednesday that it will retain its networking business rather than spin off the Network and Edge Group (NEX). The update comes five months after Intel told employees and customers it was exploring outside investment and evaluating strategic alternatives for the unit.

In a statement to CRN, an Intel spokesperson said that after a comprehensive review including the possibility of making NEX a standalone business the company concluded it is better positioned to succeed within Intel

Intel Investor Relations

On July 18, 2025, FOXO Technologies announced that its Board of Directors has approved pursuing the spin-off of its FOXO Labs, Inc. subsidiary that is focused on the development of its epigenetics business.

FOXO Technologies Investor Relations

According to the Wall Street Journal, Kraft Heinz (KHC) is reportedly planning to split up its business, nearly a decade after its high-profile merger backed by Warren Buffett and 3G Capital.

 The company aims to spin off a significant portion of its grocery division including many Kraft branded products into a separate entity that could be valued at up to $20 billion.

The remaining business would focus on its core condiments and spreads portfolio, including Heinz ketchup and Grey Poupon mustard.

Updates(s):

August 29, 2025: WSJ reported that Kraft Heinz (KHC) is close to announcing a breakup plan as soon as next week, potentially spinning off a ~$20B grocery unit. 

September 2, 2025:

Kraft Heinz (KHC) announced its board has unanimously approved a tax-free spin-off to split into two independent public companies:
The two resulting companies, whose names will be determined at a later date, will be

Global Taste Elevation Co.: ~$15.4B 2024 net sales, anchored by Heinz, Philadelphia, and Kraft Mac & Cheese.

North American Grocery Co.: ~$10.4B 2024 net sales, led by Oscar Mayer, Kraft Singles, and Lunchables, with CEO Carlos Abrams-Rivera at the helm.

Miguel Patricio will become executive chair while a CEO search is underway for Global Taste Elevation Co. The separation is expected to close in 2H 2026, pending approvals.

December 16, 2025: The Kraft Heinz Company announced that it has appointed Steve Cahillane as Chief Executive Officer, effective January 1, 2026. Cahillane will also join the Company’s Board of Directors and, following Kraft Heinz’s planned separation into two independent publicly traded companies, will serve as Chief Executive Officer of Global Taste Elevation Co. Current CEO Carlos Abrams-Rivera will step down on January 1, 2026, and will remain with the Company as an advisor through March 6, 2026, to support a smooth leadership transition.

February 12, 2026: Kraft Heinz has paused its proposed break-up into two companies, shifting focus back to operational improvement. CEO Steve Cahillane announced a $600 million investment to drive growth and said there is no set timeline for revisiting the separation.

Kraft Heinz Investor Relations

Reitar Logtech has initiated a spin-off of its logistics automation segment, following the acquisition of Jingxing Storage Equipment Engineering (HK), now a group subsidiary.

The new standalone company will focus on smart warehousing, integrated automation solutions, and data-driven tech.

Reitar Logtech Investor Relations

On May 21, 2025, Medtronic plc (MDT) announced plans to separate its Diabetes business into a new, independent, publicly traded company—“New Diabetes Company.” 

Timeline: Separation expected within 18 months via IPO followed by a split-off. The company plans to spin off the unit with an initial public offering (IPO) of less than 20% followed by a split-off of the remaining 80%.

Structure: Preferred path is capital markets transaction, expected to be tax-free for U.S. shareholders.

Strategic Benefits for Medtronic

Post-separation, Medtronic will sharpen focus on core MedTech franchises and high-growth categories:

• Focus areas include pulsed field ablation, renal denervation, implantable tibial neuromodulation, and soft tissue robotics.
• Enhanced commercial, manufacturing, and technology synergies.
• Targets mid-single-digit or higher organic revenue growth and improved earnings leverage.

Financial benefits include:

• ~50 bps gross margin improvement
• ~100 bps operating margin expansion
• Immediate adjusted EPS accretion
• Share count expected to decline without using cash, reducing dividend liability and supporting reinvestment.
• Dividend per share to remain unchanged.

New Diabetes Company

• To offer a complete intensive insulin management ecosystem.
• Will prioritize growth in Automated Insulin Delivery and Smart MDI.
• Enhanced investment in innovation, automation, and manufacturing scale.
• Staff of 8,000+ employees with global R&D, manufacturing, and commercial capabilities.
• Que Dallara, current EVP and President of Medtronic Diabetes, will serve as CEO.
• Tailored shareholder base to better align with business and financial profile.

Financial and Transaction Details

• Diabetes unit accounted for 8% of Medtronic revenue and 4% of segment operating profit in FY2025.
• Entire business—including employees, product portfolio, pipeline, IP, partnerships, and global manufacturing—will transfer to New Diabetes Company.

Advisors

• Financial Advisors: Goldman Sachs & Co. LLC and BofA Securities
• Legal Counsel: Cleary Gottlieb, Baker McKenzie (Medtronic); Davis Polk (advisors)
• Tax Counsel: Skadden, Arps, Slate, Meagher & Flom LLP

Update(s):

June 12, 2025: Medtronic plc announced MiniMed as the name for the planned New Diabetes Company following the intended separation. 

July 8, 2025: Medtronic has named Chad Spooner CFO of its diabetes business, beginning July 14.

December 19, 2025: Medtronic plc announced that its Diabetes business, to be renamed MiniMed, has filed a Form S-1 with the U.S. Securities and Exchange Commission for a proposed IPO. The separation is expected to occur via an IPO followed by a split-off, subject to market conditions. MiniMed plans to list on the Nasdaq Global Select Market under the ticker MMED.

February 24, 2026: MiniMed, the diabetes business being separated from Medtronic plc, has launched its IPO roadshow and plans to offer 28 million shares at an expected price range of $25-$28 per share, with underwriters holding an option to purchase an additional 4.2 million shares.

The company intends to list on Nasdaq under the ticker MMED.

Following the offering, Medtronic will retain roughly 90% ownership (about 88.7% if the over-allotment is exercised). Proceeds from the IPO will be used for general corporate purposes, repayment of intercompany debt, and payments to Medtronic for assets transferred as part of the separation, marking a key step toward establishing MiniMed as an independent public company.

March 5, 2026: MiniMed Group, a subsidiary of Medtronic plc, priced its IPO of 28M shares at $20 per share. The stock is expected to begin trading March 6, 2026 on the Nasdaq Global Select Market under ticker “MMED,” with the offering expected to close March 9, 2026.

Ownership & Use of Proceeds: Medtronic will retain about 90.03% ownership (or 88.70% if the underwriters’ 4.2M-share over-allotment option is fully exercised). Proceeds will be used for general corporate purposes, repayment of intercompany debt to Medtronic, and consideration for assets transferred in the separation.

March 6, 2026: Medtronic plc announced that MiniMed Group, Inc. (MMED) will begin trading on the Nasdaq Global Select Market under the ticker symbol "MMED" in connection with its initial public offering ("IPO").

Medtronic Investor Relations

Resources

May 21, 2025: Announcement Press Release / Separation Investor Presentation

McKesson Corporation announced plans to spin off its Medical-Surgical Solutions unit into a standalone company, a move aimed at streamlining operations and intensifying focus on its core pharmaceutical distribution business. 

Update(s):

September 18, 2025: McKesson Corporation will implement a new reporting structure effective Q2 FY2026 to improve strategic alignment, transparency, and capital allocation. The reorganization reflects a shift toward higher-margin growth areas, including oncology, multispecialty, and biopharma services.

New reportable segments include:

• North American Pharmaceutical: combined U.S. and Canada drug distribution platform
• Oncology & Multispecialty: integrated specialty care, distribution, and practice management services
• Prescription Technology Solutions: connectivity platform across patients, providers, and biopharma
• Medical-Surgical Solutions (MMS): medical supply distribution business (planned separation)

MMS remains designated for separation into an independent company, reinforcing McKesson’s broader portfolio simplification strategy The “Other” segment (Norway operations) is being divested, further streamlining the portfolio.

The changes are aimed at enhancing visibility into segment performance and supporting long-term value creation.

Additional details and long-term strategy updates will be provided at Investor Day on September 23, 2025

September 23, 2025: Investor Day Presentation / Transcript

• Based on prior company guidance and investor updates, the current target window is broadly around 2H 2027, subject to market conditions and execution progress 

November 5, 2025: McKesson Corporation announced results for the second quarter ended September 30, 2025.

Medical-Surgical Solutions Segment Revenues were $2.9 billion, flat to the prior year, driven by higher volumes of specialty pharmaceuticals, offset by lower contributions from illness season products and testing. Segment Operating Profit was $220 million. Adjusted Segment Operating Profit was $249 million, an increase of 2%, driven by operational efficiencies from cost optimization initiatives, partially offset by lower contributions from illness season products and testing.

April 20, 2026: McKesson Corporation has agreed to sell approximately 13% minority stake in its Medical-Surgical Solutions (MMS) business to funds managed by Apollo Global Management for $1.25 billion in convertible preferred equity, implying a total enterprise valuation of approximately $13 billion.

The transaction is part of McKesson’s strategy to separate MMS ahead of a planned IPO, while retaining majority ownership, operational control, and financial consolidation of the business, subject to regulatory approvals.

McKesson Corporation Investor Relations

S&P Global has announced its intention to separate its Mobility segment into an independent public company. The planned spin-off is expected to be completed within 12 to 18 months, subject to regulatory approvals, board consent, and the successful filing of a Form 10 registration statement with the SEC. 

S&P Global Post-Separation

Following the spin-off, S&P Global will continue to operate its four synergistic core segments:

• S&P Global Market Intelligence
• S&P Global Ratings
• S&P Global Commodity Insights
• S&P Dow Jones Indices

This streamlined structure will support simplified operations, stronger strategic alignment, and enhanced momentum in areas like AI, data analytics, and product innovation. The company believes it will be better positioned to serve both public and private markets with an integrated approach.

S&P Global will share further details about its multi-year strategic roadmap at its Investor Day on November 13, 2025.

Mobility

S&P Global Mobility is a leading automotive data and technology provider focused on delivering insights across the entire vehicle lifecycle. It operates through three divisions:

• Used Vehicle Sales & Service (including CARFAX)
• Strategy & Product Planning
• New Vehicle Sales & Marketing

Key brands under Mobility include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. The business generated $1.6 billion in revenue in FY 2024, marking a ~8% year-over-year increase.

The separation, subject to customary closing conditions and approvals, is intended to be structured as a tax-free distribution to existing S&P Global shareholders. 

December 4, 2025: S&P Global announced new executive appointments as it prepares to separate its Mobility business into an independent public company.

Larissa Cerqueira has been named Chief People Officer, effective January 1, 2026.

Tasha Matharu has been appointed Chief Legal Officer, also effective January 1, 2026.

Joseph “Joedy” Lenz has joined as Chief Information Officer, effective immediately.

The company expects to complete the separation within 12–18 months of the original announcement.

December 16, 2025: S&P Global announced the appointment of Matt Calderone as Chief Financial Officer (CFO) of the Mobility business, joining the company by March 1, 2026.

May 7, 2026: S&P Global announced the public filing of a Form 10 registration statement with the SEC for the planned spin-off of its Mobility division into an independent public company, Mobility Global Inc. The filing outlines Mobility Global’s business, strategy, and historical financials. CEO Bill Eager said the company aims to build on brands including CARFAX, Polk, and automotiveMastermind. S&P Global expects to complete the separation in mid-2026, subject to regulatory approvals and board approval.

May 8, 2026: S&P Global announced the board of directors for Mobility Global Inc. ahead of the planned mid-2026 separation of its Mobility division into an independent public company. Former CSX CEO Joe Hinrichs will serve as Chairman of the eight-member board, while Bill Eager will also join as CEO-designate. Other directors include Eric Aboaf, Heather Lavallee, Monique Leroux, Mark Peek, Shilpa Ranganathan, and Alexander Taussig.

May 18, 2026:

S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business, launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility.

Following the planned spin-off, Mobility Global intends to use the net proceeds to fund a cash payment to S&P Global tied to the transfer of certain assets, liabilities, and entities, with remaining proceeds allocated toward fees, expenses, and general corporate purposes. Proceeds will remain in escrow until separation-related conditions are satisfied.

May 21, 2026: S&P Global approved the previously announced spin-off of its Mobility division into standalone public company. Shareholders of record as of June 15, 2026 will receive one share of Mobility Global common stock for every S&P Global share held. The distribution is expected to become effective on July 1, 2026. “When-issued” trading under ticker “MBGL WI” is expected to begin around June 26 and continue through June 30, while regular-way trading is anticipated to commence on July 1.

May 27, 2026: Mobility Global updated its Form 10 filing, adding details on its planned debt financing, capital structure, executive compensation arrangements, and separation agreements ahead of its spin-off from S&P Global.

S&P Global Investor Relations

Resources

Press Release

Form 10-12B

Germany's Continental plans to turn its ContiTech rubber and plastics division into an independent entity, setting the company up to be a pure-play tire maker after the planned spin-off of its automotive segment.

The separation is to be implemented after the spin-off of its automotive unit, which its supervisory board formally approved last month and is due to take place this year.

ContiTech could become independent during 2026.

Press Release

Continental AG Investor Relations

On March 12, 2025 Vivani Medical, a clinical-stage biopharmaceutical company developing miniature, ultra long-acting drug implants,  announced that it intends to spin off Cortigent, a division that develops brain implant devices to help people recover critical body functions, as an independent publicly-traded company.

Vivani to concentrate on NanoPortal™ drug implants, while Cortigent advances neurostimulation technology.

Cortigent’s Focus: Advancing precision neurostimulation technology, including:

• Orion® Cortical Visual Prosthesis System for treating blindness, with FDA Breakthrough Device designation.
• Expansion into stroke recovery and other neuromodulation applications.

Leadership Continuity: CEO Jonathan Adams will continue leading Cortigent post-spin-off.

Update(s):

May 29, 2025: Vivani Medical files Form 10 for planned Q3 2025 spin-off of Cortigent as a standalone Nasdaq-listed neurostimulation company.

September 17, 2025: Vivani Medical announced that its board has set October 8, 2025 as the record date for the planned spin-off of its subsidiary Cortigent, Inc., which develops brain implant devices using advanced neuromodulation technology. Shareholders of Vivani common stock as of the record date will receive shares of Cortigent, which intends to list on Nasdaq under the ticker “CRGT”, pending regulatory approvals. The distribution date and share ratio will be disclosed later.

October 3, 2025: Vivani Medical has temporarily withdrawn the record date for the planned spin-off of its subsidiary Cortigent, citing delays from the ongoing U.S. federal government shutdown. The company plans to set and announce a new record date soon.

Vivani Medical Investor Relations

Cortigent Website

Resources

Announcement - Press Release

May 2025: Form 10-12B

July 2025: Form 10-12B/A 

August 2025: Form 10-12B/A

September 2025: Form 10-12B/A

Teleflex announced that following a comprehensive business portfolio evaluation, its Board of Directors has authorized Teleflex management to pursue a plan to separate the company’s Urology, Acute Care, and OEM businesses into a new, independent, publicly traded company via a distribution of newly issued shares of NewCo to shareholders that is tax-free for U.S. tax purposes.

Teleflex RemainCo (Projected $2.1B revenue in 2024)

• Focuses on high-growth hospital-based markets (ICU, OR, Cath Lab, ED)
• Key segments: Vascular Access, Interventional, Surgical
• Gains operational efficiencies by reducing from 19 to 7 manufacturing sites
• Targets 6%+ revenue growth, double-digit EPS growth post-spin
• Led by CEO Liam Kelly, with continued investment in innovation and M&A

NewCo (Projected $1.4B revenue in 2024)

• Specializes in Urology (UroLift, Barrigel, Rüsch), Acute Care (Anesthesia, Respiratory), and OEM
• Aims for low to mid-single-digit revenue growth over time
• Will benefit from a dedicated management team and tailored capital strategy
• Executive leadership to be announced soon

 Expected completion: Mid-2026

Teleflex Investor Relations

Resources

Strategic Transaction Investor Presentation

The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies:

• Middleby Food Processing: Specializes in industrial food markets, offering end-to-end solutions for protein, bakery, and snack processing.
• Middleby RemainCo: Focused on commercial foodservice and residential kitchen equipment, enhancing automation, digital tech, and IoT solutions.

Update(s):

February 26, 2026: The Middleby Corporation announced leadership appointments ahead of the planned spin-off of its Food Processing business. Mark Salman, currently President of Middleby Food Processing Group, will become CEO of the new company upon completion of the spin-off, while Mark Bowie will serve as COO. The Food Processing segment generated $850M in revenue in 2025. The spin-off remains on track for completion in Q2 2026.

March 25, 2026: The Middleby Corporation appointed Brittany Cerwin as Chief Financial Officer effective immediately, the company announced in a press release. Cerwin succeeds Bryan Mittelman, who served as CFO since 2019 and will transition to Special Advisor to the Chief Executive Officer. In his new role, Mittelman will focus on completing the previously announced spin-off of the company’s Food Processing business, expected by the end of the second quarter of 2026.

May 4, 2026: The Middleby Corporation (MIDD) announced that it has filed a Form 10 registration statement with the SEC for the planned spin-off of its Middleby Food Processing business.

May 11, 2026: The Middleby Corporation announced that its Food Processing business will operate under the name Midera Food Processing, Inc. (Midera). Middleby and Midera will host an Investor Day on May 12, 2026. The separation of Midera into a standalone public company is expected to be completed on July 6, 2026.

Under the terms of the distribution, Middleby stockholders will receive one share of Midera common stock for each share of Middleby common stock held on the record date. Following the separation, Midera intends to list on the Nasdaq Global Select Market under the ticker symbol “MFP.”

May 27, 2026: Midera Food Processing filed an amended Form 10, adding executive compensation plans, severance arrangements, subsidiary disclosures as it advances its planned spin-off from Middleby. (Form 10-12B/A)

June 17, 2026: Middleby (MIDD) set June 26, 2026, as the record date for the planned spin-off of Midera Food Processing following the SEC's effectiveness of Midera's Form 10. Shareholders will receive one Midera share for each Middleby share held, with the distribution expected to be completed on July 6, 2026, subject to customary conditions.

June 22, 2026: The Middleby Corporation formally approved the spin-off of its Food Processing business, Midera Food Processing, with the separation set to be completed on July 6, 2026. Middleby shareholders of record as of June 26, 2026, will receive one share of Midera for each Middleby share held. Midera is expected to begin trading on a when-issued basis under ticker "MFPVV" on or about June 26, with regular-way trading under ticker "MFP" commencing on July 7, 2026. Middleby shares will continue trading under "MIDD", while an ex-distribution market under ticker "MIDDV" will operate from June 26 through the distribution date. The transaction is expected to be tax-free to U.S. shareholders.

The Middleby Corporation Investor Relations

Resources

February 25, 2025: Spinoff Presentation

Liberty Media Corporation (FWONA, FWONK, LLYVA, LLYVK)  announced that it is pursuing a plan to split off the Liberty Live Group. 

Immediately prior to effecting the Split-Off, Liberty Media’s subsidiary Quint would be reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets. (Announcement)

Quint Reattribution: Before the split, Liberty Media's subsidiary Quint will be moved from the Formula One Group to Liberty Live Group in exchange for private assets, with any cash consideration set later based on valuation.

CEO Statement: Greg Maffei, Liberty Media’s CEO, noted the split-off will simplify Liberty’s structure, potentially reduce Liberty Live’s discount to NAV, and improve trading liquidity.

Ownership Post Split-Off:

Liberty Live, Inc. will hold ~69.6 million shares of Live Nation, Quint, other private assets, and certain debt.

Liberty Media will retain Formula 1, MotoGP (upon acquisition), other Formula One Group assets, and related debts.

Trading & Approvals: Liberty Media will remain on Nasdaq; Liberty Live is expected to trade on Nasdaq or OTC. The split-off, expected to complete in the second half of 2025, requires shareholder and regulatory approvals and aims to be tax-free.

December 8, 2025: Liberty Media (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) and Liberty Live Holdings announced that holders of Liberty Media’s Series A and Series B Liberty Live stock approved the planned split-off of Liberty Live Holdings at a virtual special meeting on December 5, 2025.

The split-off will occur at 4:05 p.m. ET on December 15, 2025, when Liberty Media will redeem each outstanding Liberty Live share for one corresponding share of Liberty Live Holdings.

After the transaction, Liberty Live Holdings is expected to have ~25.6M Series A, 2.5M Series B, and 63.8M Series C Liberty Live Group shares outstanding.

Liberty Media will voluntarily delist the existing Liberty Live shares (Series A/C from Nasdaq, Series B from OTC), with trading expected to cease after market close on December 15. Liberty Live Holdings’ new shares will begin trading December 16, 2025, under the same symbols: LLYVA and LLYVK on Nasdaq and LLYVB on OTC.

Ahead of the split-off, Liberty Media’s board approved the final terms of a reattribution of assets between the Formula One Group and Liberty Live Group, effective 8:00 a.m. ET on December 15. The exchange involves $421.7M in net asset value moving in each direction:

To Liberty Live Group:

• Interests in QuintEvents, LLC

• Interests in Meyer Shank Racing LLC

• ~$171.7M cash

To Formula One Group:

• Interests in Kroenke Arena Company, LLC

• Interests in Overtime Sports, Inc.

• Interests in Griffin Gaming Partners II, L.P.

Liberty Media Investor Relations

Resources

November 13, 2024: Announcement

OLB Group a diversified FinTech e-commerce and business management solutions provider, announced it has filed a Form S-1 with the SEC relating to the proposed spinoff of its wholly owned subsidiary, DMint, a Bitcoin mining facility, to OLB shareholders. The shareholder record date for the spinoff has yet to be determined and will be announced at a future date. (Press Release)

Update(s):

January 20, 2026: OLB Group (OLB) said its crypto mining unit DMint has refiled its Form S-1 with the SEC on January 15, 2026. OLB shareholders will receive 100% of DMint shares on a pro-rata basis via a dividend, with a record date to be announced. DMint also plans to raise capital through the IPO to fund mining expansion.

February 3, 2026: The OLB Group said it plans to spin off DMint, separating its digital asset mining business from its core fintech operations. OLB shareholders will receive DMint shares on a pro rata basis following a record date, with no action required. DMint will also complete a public offering under Form S-1, after which remaining shares will be distributed to OLB shareholders. Following the transaction, OLB will focus on payments and e-commerce services, while DMint will operate as a standalone bitcoin miner, using IPO proceeds to expand mining capacity.

OLB Group Investor Relations

Resources

October 21, 2024: Announcement

Form S-1 filing

Nixxy (NIXX) is advancing with its restructuring plan to consolidate select assets and liabilities into Atlantic Energy Solutions (OTC: AESO), which will be rebranded as CognoGroup. (Press Release)

CognoGroup’s portfolio will feature various ventures, including CandidatePitch, an automated talent marketing tool; Mediabistro, a job board for the media industry; AI Exchange, a thriving AI community with over one million members; and PrimeGPU, an early-stage AI venture currently in stealth mode.

• Record Date: Tentatively set for October 28, 2024, for shareholders eligible to receive CognoGroup shares (final date pending).
• Distribution Date: Expected around January 15, 2025.

Nixxy Investor Relations

Update(s):

November 1, 2024: Nixxy announced that November 15, 2024 would be the record date for its previously-announced spin-off of its shares of Atlantic Energy Solutions (OTC:AESO), which will be renamed CognoGroup following the spin-off. Only shareholders of record as of November 15, 2024, will be eligible to receive the distribution of CognoGroup shares as part of the upcoming spin-off.

The payable date for the spin-off is expected to be in January 2025.

December 4, 2024: Nixxy announced that it is withdrawing the previously announced record date or its planned spin-off of its subsidiary, Atlantic Energy Solutions or CognoGroup, the anticipated future name of the company following the spinoff. The spinoff date and distribution ratio remain to be determined.

• Original Record Date: November 15, 2024
• Spin-Off Date: TBD
• Distribution Ratio: TBD

Reason for Withdrawal:
The record date was withdrawn to allow for:

• Further strategic evaluation of corporate structure
• Completion of additional regulatory reviews
• Optimization of shareholder value
• Alignment with broader strategic goals

Next Steps:

• An updated timeline will be shared in future announcements.
• Shareholders are advised to await further updates.
• All prior disclosures remain under review.

Management Commentary:
Granger Whitelaw, CEO, stated:
"Withdrawing the record date provides time to better align with corporate objectives, ensure an orderly share distribution, and maximize shareholder value."

Additional Notes:

• The spin-off remains a strategic priority.
• The company is committed to enhancing shareholder value.
• Further details will be announced as available.

Resources

October 18, 2024: Announcement

Scilex Holding Company is considering a spinoff or public listing of Scilex Pharmaceuticals in or outside of the U.S., including Hong Kong.  (Press Release)

Scilex Holding Company Investor Relations

Resources

October 16, 2024: Announcement

According to Reuters, CVS Health is exploring options that could include a break-up of the company to separate its retail and insurance units, as the struggling healthcare services company looks to turn around its fortunes amid pressure from investors.

Resources

September 30, 2024: Announcement (Reuters)

Safety Shot is divesting its wellness consumer products segment into a standalone entity, Caring Brands under a Separation and Exchange Agreement. Caring Brands will take over all related assets, intellectual property, and liabilities.

Caring Brands’ Focus & IPO Plans

Caring Brands specializes in natural therapeutics for hair growth, psoriasis, vitiligo, and eczema. The company plans to go public via an IPO within three months.

As part of the deal, Safety Shot will receive three million shares of Caring Brands, with two million shares to be distributed as a dividend to Safety Shot shareholders. Caring Brands will also assume full financial responsibility for its operations.

Update(s):

March 28, 2025: Safety Shot has set April 7, 2025, as the record date for the spinoff of Caring Brands, granting one CABR common share for every 45 Safety Shot shares held or underlying certain warrants. Fractional shares will be rounded down by ClearTrust, LLC.

The distribution is expected on August 9, 2025, subject to SEC approval of CABR’s Form S-1, Nasdaq listing approval, and other regulatory requirements. If these conditions are not met, the spinoff will not proceed as planned.

CABR is anticipated to begin trading on Nasdaq on April 11, 2025.

April 18, 2025: Safety Shot (SHOT) announced that the record date for the planned spin-off and share distribution of Caring Brands, a current subsidiary, has been postponed from the originally scheduled date of April 7, 2025.

The distribution was initially expected to occur around August 9, 2025, contingent on the effectiveness of Caring Brands’ registration statement (Form S-1 No. 333-285964), approval for listing on the Nasdaq Capital Market, and other regulatory approvals. 

However, since Nasdaq has not yet approved CABR’s listing, the spin-off has been delayed. Safety Shot plans to continue pursuing listing approval, after which the distribution will proceed.

Safety Shot Investor Relations

According to Bloomberg Intel Corp. is discussing various scenarios, including a split of its product-design and manufacturing businesses, as well as which factory projects might potentially be scrapped, said the people.

Update(s):

September 16, 2024: In a memo to employees dated September 16, Intel CEO Patrick Gelsinger announced that Intel Foundry will be established as an independent subsidiary, equipped with its own board of directors and the capacity to secure external funding.

December 12, 2024: Intel's interim leaders acknowledged the potential sale of its manufacturing operations if next year's chipmaking technology fails. Zinsner said Intel Foundry, as the division is known, is already run separately from Intel's other businesses and is setting up a separate operational board and business process software system.

The Board of Directors announced that it has submitted a proposed spin-off application to the Stock Exchange on July 12, 2024, for the potential separate listing of Smithfield Foods, Inc.'s U.S. and Mexico operations on the NYSE or Nasdaq. Smithfield Foods, currently a wholly-owned subsidiary, is expected to remain a subsidiary post-spin-off, with its financial results consolidated into the Company’s.

The company announced the details of the spin-off are not yet finalized, and it may or may not proceed.

WH Group Ltd. Investor Relations

Updates:

December 6, 2024:  WH Group announced that its shareholders had approved spinning off Smithfield Foods into a listed company in the United States. 

Januaru 6, 2025: Smithfield Foods has filed for its initial public offering in the US. The company and an indirectly-owned subsidiary of its owner, Hong Kong-listed WH Group Ltd., are both offering shares in the listing, according to a filing with the US Securities and Exchange Commission on Monday. WH Group will maintain control of the company after the listing.

The company is planning to go public on the Nasdaq Global Select Market under the symbol SFD.

Resources:

July 14, 2024: Announcement

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

It is intended that VivoPower shareholders receive a special dividend in the form of stock in the spin off entity.

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

VivoPower International PLC Investor Relations

Update(s):

November 29, 2024: VivoPower International announced it would host a presentation on December 5, 2024, in relation to its annual results and key strategic developments including Caret Digital's Dogecoin mining spin-off, the Tembo merger, and other significant updates. 

December 5, 2024: VivoPower announced that its subsidiary, Caret Digital, will begin Dogecoin mining operations in January 2025, utilizing renewable-powered facilities in Wisconsin and Oregon. Caret Digital is also developing a 55MW renewable-powered mining facility, capable of generating up to $150 million annually from Dogecoin mining. VivoPower shareholders previously approved a potential spin-off of Caret Digital, including a special dividend, and further updates on the spin-off via a reverse merger will be provided.

March 20, 2025: VivoPower announced plans to spin off its subsidiary, Caret Digital, via a direct listing on Nasdaq.

Shareholders on a future record date will receive five (5) Caret Digital shares per VivoPower share.  Caret Digital to focus on Dogecoin (DOGE) mining, converting to Bitcoin (BTC) for optimized returns. The spin-off was approved at VivoPower’s 2023 AGM, with further shareholder authorization granted in 2024.  

June 16, 2025: VivoPower has engaged advisors to accelerate the planned IPO spin-off of its digital asset subsidiary, Caret Digital, on NASDAQ. The six-month DOGE mining trial is nearing completion, and VivoPower sees strong scalability potential. The proposed spin-off implies a $308M valuation (subject to market conditions), with up to $50M in strategic funding sought, primarily from partners in the Middle East and Asia. 

June 24, 2025: VivoPower International announced that it has set the record date as July 9, 2025, for the purpose of determining eligibility to receive a special dividend relating to the spin-off of Caret Digital.

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

Society Pass Investor Relations

NusaTrip Inc.

The chief executive of Vale SA (VALE) said, the Brazilian iron ore miner is reconsidering a near-term spin-off of its base metals business and an eventual public listing.

Update(s):

February 8, 2023: According to Bloomberg, General Motors Co. (GM) is competing for a stake in Brazilian mining giant Vale SA’s base metals unit.

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

September 27, 2024:

Vale (VALE) is exploring a potential public listing for its base metals unit, Vale Base Metals (VBM), by late 2026, according to VBM Chair Mark Cutifani.

The company previously separated its nickel, copper, and cobalt operations from its iron ore business and sold a 10% stake to Saudi Arabia, valuing the unit at approximately $40 billion.

Speaking at the FT Mining Summit, Cutifani stated, "Our objective for an IPO is by the end of 2026 going into 2027," emphasizing a pathway to further enhance the unit's value.

Cutifani also highlighted that even without an IPO, VBM would be "a very different company by the end of 2026. 

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. 

Spectrum Brands will acquire Tristar Products' Appliance and Cookware business and integrate it with its Home and Personal Care segment. This new combined business is set to be separated from Spectrum Brands, forming a standalone global company, while Spectrum Brands will focus on its Global Pet Care and Home & Garden businesses.

Update(s):

August 12.2022: Spectrum Brands announced the completion of the internal separation of its Home & Personal Appliances business, paving the way for a potential spin-off or other transaction.

February 8, 2024: David Maura, CEO of Spectrum Brands, highlighted the company's improved efficiency, reduced debt, and increased shareholder returns through dividends and buybacks. The company is also accelerating efforts to separate its Home & Personal Care business while restoring its profitability.

May 9, 2024: Spectrum Brands has secured a new agreement with Stanley Black & Decker to license the Black & Decker name through 2035. The company is also pursuing strategic alternatives for its Home and Personal Care (HPC) business, including a potential sale, joint venture, or spinoff, with plans to file an initial Form 10 this summer.

July 2. 2024: Spectrum Brands Holdings announced that it has filed a confidential Form 10 registration statement with the U.S. Securities and Exchange Commission for the spin-off of its home and personal care (“HPC”) business.

November 2025: During the Q4 2025 earnings call (November 2025), CEO David Maura acknowledged that the $450 million tariff headwind sidelined the strategic process, saying the company had "a very robust process about a year ago" that "got derailed by trade policy out of the United States."  The company pivoted to running HPC for cash and restructuring its supply chain away from China.

February 2026: Maura stated the company's focus for HPC is "on increasing profitability and finding a strategic solution for the business."He also said the company is "committed to the vision of finding a strategic solution for our HPC business"  and is working to improve profitability first. Analysts are watching for a concrete spin-off value unlock and potential strategic transaction announcement by Q3 2026.

The spin-off/separation has not been completed or cancelled, but it has been materially delayed. The company is still pursuing a separation (via spin-off, sale, or merger) but has deprioritized the timeline while it stabilizes HPC's operations, reduces tariff exposure, and improves the segment's profitability to make it more attractive for a transaction. No specific timeline has been provided for when the separation will occur.

Spectrum Brands Holdings Investor Relations

Resources

July 2, 2024: Confidential Form 10 Registration Announcement

July 2, 2024: Announcement

August 8, 2024: Presentation