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| Spinoff Name | Spinoff Symbol | Announced Date | Spinoff Date | First Day Closing | Spinoff Last Price | Spinoff Performance | Spinoff Current Volume | Parent Name | Parent Symbol | Parent First Day Closing | Parent Last Price | Parent Performace | Parent Current Volume | Type | ||
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| detail | Biosciences and Diagnostic Solutions (combined with Waters Corp. (WAT)). | WAT | 02/05/2025 | 02/09/2026 | 328.14 | 315.49 | -3.86% | 1,032,025 | Becton, Dickinson and Company | BDX | 201.45 | 176.37 | -12.45% | 826,936 | Reverse Morris Trust | |
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Becton, Dickinson and Company, spinoff details: On February 5, 2025 BD (Becton, Dickinson and Company) (BDX), a global medical technology company, announced its board of directors has unanimously authorized BD management to pursue a plan to separate BD's Biosciences and Diagnostic Solutions business from the rest of BD to enhance strategic focus and growth-oriented investments and capital allocation for both BD and the separated business and enhance value creation for shareholders. Overview:
Post-Separation Structure:
Separation Plan & Timeline:
Advisors:
July 14, 2025: Waters Corporation (WAT) and BD (Becton, Dickinson and Company, NYSE: BDX) have announced a definitive agreement to combine BD’s Biosciences & Diagnostic Solutions (BDS) business with Waters through a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion. (Investor Presentation) Transaction Structure
Strategic Rationale & Synergies The merger creates a life science and diagnostics leader with: ~$6.5B pro forma revenue in 2025 ~$2.0B adjusted EBITDA Expanded total addressable market (TAM) to $40B High-quality ~70% recurring revenue Complementary platforms across liquid chromatography, mass spectrometry, flow cytometry, and diagnostics By 2030, the company is projected to reach: $9B revenue, $3.3B adjusted EBITDA, and 32% operating margin Synergy Details
Strategic Growth Acceleration
Leadership & Governance: Udit Batra (CEO, Waters) to lead the combined entity Amol Chaubal to serve as CFO Up to two BD designees will join the Waters Board Headquarters remains in Milford, MA, with continued presence at BD’s BDS facilities The combined company will continue under the Waters name and ticker (NYSE: WAT) BD’s BDS unit is expected to generate approximately $3.4 billion in revenue and $925 million in adjusted EBITDA in 2025, with strong positions in immunology, cancer research, molecular diagnostics, and point-of-care solutions. The transaction has been unanimously approved by both boards and is expected to close by the end of Q1 2026, subject to regulatory and shareholder approvals. Advisors include Barclays and Kirkland & Ellis LLP for Waters, and Citi, Evercore, and Wachtell Lipton for BD. January 27, 2026: BD said its board set February 5, 2026 as the record date for the spin-off of its Biosciences & Diagnostic Solutions unit, which will immediately merge with Waters (WAT) in a Reverse Morris Trust transaction expected to close on February 9, 2026. Under the deal, BD will receive $4 billion in cash, while BD shareholders will receive Waters shares representing 39.2% of the combined company (with existing Waters holders owning 60.8%), without needing to take any action and while retaining their BD shares; the exchange ratio will be set at closing. BD has received a favorable IRS ruling and Waters shareholders have approved the transaction, and BD shares will trade with due bills from Feb. 5 until closing and ex-distribution thereafter, with the stock price expected to adjust to reflect the divestiture. February 9, 2026: Becton, Dickinson and Company (BDX) announced the completion of the spin-off of its Biosciences & Diagnostic Solutions business and its combination with Waters Corporation (WAT). Distribution to Shareholders Transaction Valuation Capital Allocation Plans
Becton, Dickinson and Company Investor Relations Resources Separation Announcement Presentation Waters + BD Press Releases / Investor Presentation / Infographic | ||||||||||||||||
| detail | Versant | VSNT | 10/31/2024 | 01/05/2026 | 40.57 | 29.47 | -27.36% | 1,224,288 | Comcast Corporation | CMCSA | 28.13 | 31.74 | 12.83% | 10,045,564 | Spinoff | |
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Comcast Corporation, spinoff details: Comcast (CMCSA) is considering a spin-off of its cable network portfolio, which includes CNBC, MSNBC, Bravo, Oxygen True Crime, USA Network, E!, Syfy, Universal Kids, and Universo, as reported by Reuters. The move reflects broader industry challenges as traditional television faces declining viewership from consumers increasingly shifting to streaming options. (Announcement) The proposed spin-off would exclude NBC's main broadcast network and Comcast's streaming service, Peacock. However, Comcast is actively seeking a partner for Peacock, aiming to accelerate its growth in a highly competitive streaming market, Comcast President Mike Cavanagh noted during earnings call. Update(s): November 1, 2024: Bloomberg reported Comcast Corp. (CMCSA) is working with investment bank Morgan Stanley to evaluate options for its cable networks after announcing it’s considering divesting the business. Bloomberg reported Comcast Corp. (CMCSA) is working with investment bank Morgan Stanley to evaluate options for its cable networks after announcing it’s considering divesting the business. November 19, 2024: WSJ reports, Comcast (CMCSA) is expected to announce Wednesday that it is moving forward with a plan to spin off its NBCUniversal cable TV networks. November 20, 2024: Comcast announced its intent to create a new publicly traded company comprised of NBCUniversal’s cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with complementary digital assets including Fandango and Rotten Tomatoes, GolfNow and Sports Engine, through a tax-free spin-off. Comcast is targeting to complete the spin-off in approximately one year. (Press Release) January 9, 2025: Mark Lazarus, prospective CEO of Comcast's spin-off "SpinCo," announced key leadership appointments, including Anand Kini as CFO and COO, Val Boreland as President of Entertainment, and others. SpinCo will include networks like CNBC and SYFY, along with digital assets like Fandango and Rotten Tomatoes. March 6, 2025: Comcast‘s cable network “SpinCo” has appointed iHeartMedia and 21st Century Fox veteran Jordan Fasbender as Chief Legal Officer. March 19, 2025: Comcast (CMCSA) announced that David Novak will serve as Chairman of the Board for "SpinCo," its upcoming spin-off of select media brands and digital businesses. May 6, 2025: Comcast has announced that its upcoming spinoff consisting of most NBCUniversal cable networks will be called Versant. July 24, 2025: Comcast has announced the first board of directors for Versant Media Group, the upcoming NBCUniversal cable spinoff. The board features CEO Mark Lazarus, Chairman David Novak, and eight others with backgrounds in AI, governance, and dealmaking. August 18, 2025: MSNBC will rebrand as MS Now (My Source News Opinion World) later this year, unveiling a new logo as it prepares to spin off from NBCUniversal. Parent company Comcast is forming Versant, a separate publicly traded entity that will house MSNBC, CNBC, USA Network, Oxygen, E!, SYFY, and the Golf Channel. September 4, 2025: Comcast is on track to spin off Versant by year-end, with CFO Jason Armstrong saying the upcoming Form 10 filing will provide more details. He highlighted that Versant will debut with a conservative balance sheet, solid cash flow, and a dedicated management team, positioning it with “lots of options” as a standalone company. September 18, 2025: Comcast’s cable network spin-off Versant is preparing for a Nasdaq listing under the ticker “VSNT”. The filing showed declining revenue, with Versant’s assets generating $7 billion last year. September 28, 2025: Comcast has filed a registration statement to list Versant Media Group (VSNT) Class A shares on Nasdaq as it prepares to spin off its cable and digital networks, including MSNBC, CNBC, USA Network, Golf Channel, E!, SYFY, Oxygen, and platforms like Fandango and Rotten Tomatoes. Versant plans a $750M revolving credit facility and about $2.75B in term loans/notes, using part of the proceeds for a $2.25B cash payment to Comcast. The company will adopt a dual-class structure, with Brian L. Roberts holding all Class B shares controlling one-third of voting rights and key approval powers. September 29, 2025: Comcast announced that President Michael Cavanagh will be promoted to co-CEO as the company shifts to a dual chief executive structure. Beginning in January, Cavanagh will also join the board, sharing leadership with Brian Roberts, who will remain chairman and co-CEO. The move comes as Comcast prepares to spin off several NBCUniversal cable networks under a broader restructuring plan. October 7, 2025: Goldman Sachs Group is in early talks with investors to assess interest in a roughly $2.1 billion leveraged loan supporting Comcast Corp.’s planned spinoff of Versant Media Group October 17, 2025: Bloomberg reported that Banks led by Morgan Stanley have launched a $750 million leveraged loan to support Comcast Corp.’s planned spinoff of its cable-TV networks. The proceeds will be used by the new entity, Versant Media Group Inc., to make a distribution to Comcast and fund general corporate purposes, according to a source familiar with the matter. A lender call is scheduled for Friday, with commitments due by October 24. October 21, 2025: Comcast is reportedly evaluating the studio and streaming assets of Warner Bros. Discovery (WBD), which has begun exploring strategic alternatives following multiple unsolicited offers. Reuters reported that WBD rejected a nearly $24-per-share cash offer from Paramount Skydance (PSKY), while CNBC noted Netflix (NFLX) is also among the interested parties. October 31, 2025: Versant Form 10 registration statement November 5, 2025: Comcast’s planned spin-off of select media brands and digital businesses announced that VERSANT will host its inaugural Investor Day on Thursday, December 4, 2025. December 3, 2025: Comcast, the parent company of NBC, will spin off MSNBC, CNBC, and several other businesses into a new company called Versant on January 2, 2026. Comcast shareholders will receive one share of Versant Class A or Class B stock for every 25 shares of the corresponding Comcast stock they hold as of the December 16 record date. The distribution of Versant shares is expected to be completed after the close of trading on Nasdaq on January 2, 2026. January 5, 2026: Comcast Corporation announced it has completed the spin-off of Versant Media Group, Inc., effective on January 2, 2026. Versant began regular-way trading on Nasdaq under the ticker VSNT. Comcast shareholders received one share of Versant stock for every 25 shares of Comcast Class A or Class B stock held as of the December 16, 2025 record date, with the distribution completed after market close on January 2. Goldman Sachs, Morgan Stanley, and PJT Partners acted as financial advisers, with Davis Polk & Wardwell serving as legal counsel.
Resources October 31, 2024: Announcement October 31, 2024: Comcast Earnings Call Transcript: Q3 2024 - Discussion on Potential Cable Network Spinoff Strategy | ||||||||||||||||
| detail | The Magnum Ice Cream Company N.V. | MICC | 03/19/2024 | 12/08/2025 | 14.92 | 15.7 | 5.23% | 2,021,578 | Unilever | UL | 64.04 | 73.455 | 14.70% | 2,976,421 | Spinoff | |
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Unilever, spinoff details:
Unilever announced steps to accelerate its Growth Action Plan (GAP) through the separation of Ice Cream and the launch of a major productivity programme. Following separation, Unilever will become a simpler, more focused company, operating four Business Groups across Beauty & Wellbeing, Personal Care, Home Care and Nutrition. Full separation expected by the end of 2025. Unilever (UL) announced steps to accelerate its Growth Action Plan (GAP) through the separation of Ice Cream and the launch of a major productivity programme. Following separation, Unilever will become a simpler, more focused company, operating four Business Groups across Beauty & Wellbeing, Personal Care, Home Care and Nutrition. Full separation expected by the end of 2025. Unilever Investor Relations Update(s): October 24, 2024: Unilever announces that the separation of the ice cream business is on track to be completed by the end of 2025. November 22, 2024: Unilever will slim down but not spin off its food division, its chief executive has said, as the London-listed consumer goods group presses ahead with the listing of its ice-cream unit. January 31, 2025: Bloomberg reports that Unilever Plc (UL) is exploring an IPO for its ice cream business in the U.S., with potential listings also being considered in Amsterdam and London. The company aims to separate the unit, which includes brands like Ben & Jerry's and Breyers, by year-end. March 19, 2025: Ben & Jerry's accused Unilever of illegally ousting CEO Dave Stever over his support for the brand’s progressive activism, escalating their legal battle. Unilever denied wrongdoing and plans to spin off its ice cream unit later this year. May 27, 2025: Unilever guarantees 3-year employment terms for ice cream workers in Europe and the UK after spinning off its ice cream unit — triple the standard one-year guarantee under EU and UK law. June 17, 2025: Reuters reported, Unilever has named Peter ter Kulve as its preferred candidate to lead its soon-to-be-listed ice cream division, The Magnum Ice Cream Company (TMICC). Despite past criticism from Ben & Jerry’s board, ter Kulve is expected to receive TMICC board approval next month, ahead of the planned Amsterdam listing later this year. June 26, 2025: Ben & Jerry’s claims Unilever is censoring its activism and violating a deal meant to protect its social mission. The dispute intensifies ahead of Unilever’s ice cream spinoff into “The Magnum Ice Cream Company.” Unilever denies wrongdoing, citing business and reputational risks. July 23, 2025: Unilever’s ice cream unit, now called The Magnum Ice Cream Co., has named Vanessa Vilar as Chief Legal Officer and Natalia Cavaliere as Americas Regional General Counsel ahead of its spin-off later this year. Both have nearly 30 years of combined experience at Unilever. September 17, 2025: Ben & Jerry’s co-founder Jerry Greenfield has resigned, claiming that Unilever and its Magnum brand have stifled the ice-cream maker’s independent voice. October 21, 2025: Unilever is pushing back the planned spinoff of its ice-cream business, home to brands including Ben & Jerry’s and Magnum, blaming the listing delay on the U.S. government shutdown. The U.K.-based company said that the Securities and Exchange Commission was unable to declare the Magnum Ice Cream Company’s registration statement effective, which is needed to start trading on the New York Stock Exchange. Unilever said it still aimed to complete the spinoff of its ice cream business this year but stopped short of providing a new date. The company had initially planned to list Magnum on Euronext Amsterdam, the London Stock Exchange and the NYSE on November 10. October 23, 2025: Unilever CFO Srinivas Phatak said the company’s ice cream spin-off could take place in early December if The Magnum Ice Cream Company listing gains automatic SEC approval after its prospectus is published next month. The demerger was delayed by the U.S. government shutdown, but a new SEC rule could allow automatic effectiveness if the shutdown continues. November 5, 2025: Unilever said that it now expects to complete the spin-off of its Magnum Ice Cream business by December 6, following a delay caused by the U.S. government shutdown. November 24, 2025: Magnum to list in Amsterdam on December 8 November 26, 2025: The Magnum Ice Cream Company that it has completed a €3 billion ($3.48 billion) debut bond offering, which was oversubscribed seven times. The financing comes just weeks before the business is set to be spun off from Unilever and listed in Amsterdam. December 8, 2025: Magnum Ice Cream debuted with a €7.8B ($9.1B) market cap as the Unilever spinoff targets new investors in the snacking category. The stock was largely flat at around 12.8 euros a share. The debut marks Euronext’s largest listing of the year so far, the exchange said. Magnum also has secondary listings in London and New York. | ||||||||||||||||
| detail | Qnity Electronics | Q | 05/22/2024 | 11/03/2025 | 97.00 | 111.665 | 15.12% | 1,031,706 | DuPont de Nemours, Inc. | DD | 34.69 | 50.38 | 45.23% | 1,740,396 | Spinoff | |
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DuPont de Nemours, Inc., spinoff details: DuPont (DD) announced plans to separate into three distinct, publicly traded companies. The Electronics and Water businesses will be spun off tax-free to shareholders, with New DuPont remaining as a diversified industrial company. DuPont expects to complete the separations within 18 to 24 months. The separation transactions will not require a shareholder vote. DuPont Investor Relations
Update(s): July 31, 2024: DuPont (DD) announced its financial results for the second quarter ended June 30, 2024 Net Sales of $3.2 billion increased 2%; organic sales flat versus year-ago period GAAP Income from continuing operations of $176 million; operating EBITDA of $798 million GAAP EPS from continuing operations of $0.40; adjusted EPS of $0.97 Cash provided by operating activities from continuing operations of $527 million; adjusted free cash flow of $425 million Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS
Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS January 15, 2025: DuPont announced plans to accelerate the separation of its Electronics business, targeting completion by November 1, 2025, to maximize shareholder value.
February 11, 2025: CFO Antonella Franzen provided an update on the separation process, confirming that the timeline remains on track. Separation costs are now expected to be slightly below the initial $700 million estimate, as the water business will remain with DuPont. Additionally, projected dissynergies have been revised down from $60 million to approximately $40 million. (Transcript) March 17, 2025: DuPont announced Jon Kemp as CEO of the future Electronics public company and President & CEO of Avantor Michael Stubblefield as Chairman post-spin-off. The company plans to hire an external CFO, with the spin-off on track for November 1, 2025.
April 16, 2025: DuPont (DD) announced that Karin De Bondt and Anne Noonan will join the board of directors of the planned independent Electronics company, which is expected to be spun off from DuPont by November 1, 2025. April 25, 2025: DuPont has filed an initial Form 10 with the SEC for the planned spin-off of its Electronics business, currently listed as Novus SpinCo1, Inc. ("ElectronicsCo"). The spin-off, aimed at creating a pure-play leader in semiconductor and electronics materials, is expected to be completed by November 1, 2025, pending customary approvals. Information Statement April 29, 2025: DuPont announced Qnity Electronics as the name of the planned independent Electronics public company that will be created through the intended spin-off of its Electronics business. DuPont also announced that Matthew Harbaugh will join the company effective May 1, 2025, and will be the Chief Financial Officer of Qnity. Additional senior leaders of the planned Electronics company include:
Additionally, DuPont announced that Michael Stubblefield has decided not to assume the role of chairperson of the future Electronics Board of Directors. This decision will allow Mr. Stubblefield to focus on fully supporting Avantor’s transition to a new CEO. A new board member for the future independent Electronics public company and the future chairperson will be named at a later date. May 14, 2025: DuPont unveils "Qnity" as the name of its planned electronics spin-off, positioned as a leading pure-play materials provider for the semiconductor and electronics industries. June 11, 2025: uPont appoints Mark A. Blinn (Chair) and Dr. Yi Hyon Paik to the future board of Qnity Electronics, the planned independent electronics spin-off. August 12, 2025: DuPont secured $4.1B in financing for the planned November spin-off of Qnity Electronics, led by current electronics chief Jon Kemp. The package includes a $2.35B leveraged loan (L+200, 99.75 OID), $1.0B secured bonds at 5.75%, and $750M unsecured bonds at 6.25%. Proceeds will fund a $4.1B cash distribution to DuPont. Separately, DuPont is weighing sales of its Nomex and Kevlar brands after scrapping plans to divest its water unit. September 18, 2025: DuPont projected 2025 net sales of about $6.87 billion, updating its outlook to exclude the upcoming November 1 spin-off of Qnity Electronics and the divestiture of its Aramids business, which will be reported as discontinued operations starting Q3. October 15, 2025: DuPont announced that its Board has approved the separation of its Electronics business, Qnity Electronics with the spinoff set to occur on November 1, 2025. Shareholders of record as of October 22, 2025, will receive one Qnity share for every two DuPont shares held, with cash paid in lieu of fractional shares. As part of the transaction, Qnity’s Board declared a $4.12 billion cash dividend (plus accrued interest) payable to DuPont. Qnity shares will trade on the NYSE “when-issued” under the symbol “Q WI” from October 27–31, and begin regular trading under “Q” on November 3, 2025. During that period, DuPont stock will trade both “regular-way” (DD) with Qnity distribution rights and “ex-distribution” (DD WI) without them. The separation remains subject to customary conditions expected to be met by the distribution date. November 3, 2025: DuPont (DD) has completed the spin-off of its electronics business into Qnity Electronics (Q), effective Nov 1, 2025. Qnity begins regular-way trading today on the NYSE. DuPont shareholders received 1 Qnity share for every 2 DD shares held as of Oct 22, with ~209M Qnity shares distributed. Resources May 22, 2024: Announcement May 23, 2024: Investor Update Call - Investor Presentation , Transcript, Press Release June 14, 2024: DuPont Overview Presentation July 31, 2024: DuPont 2Q 2024 Earnings - Presentation, Transcript, Earnings Release | ||||||||||||||||
| detail | Solstice Advanced Materials | SOLS | 10/08/2024 | 10/30/2025 | 48.74 | 81.77 | 67.77% | 2,831,166 | Honeywell International Inc. | HON | 200.11 | 242.2437 | 21.06% | 1,374,524 | Spinoff | |
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Honeywell International Inc., spinoff details:
Honeywell (HON) announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026. Honeywell Investor Relations Honeywell announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026.
Update(s): February 6, 2025: Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders. Honeywell Automation
Honeywell Aerospace
Advanced Materials
Financial & Strategic Moves:
Separation Timings
March 25, 2025: Honeywell announced leadership appointments for its Advanced Materials business, which will be renamed Solstice Advanced Materials following its planned tax-free spin-off, expected by late 2025 or early 2026. The independent, publicly traded company will be headquartered in Morris Plains, New Jersey, and focus on sustainability-driven specialty chemicals and materials, generating nearly $4 billion in revenue last year. Key Leadership Appointments:
August 21, 2025: Honeywell announced the filing of its Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of Solstice Advanced Materials. Solstice will host an Investor Day on October 8, 2025. Honeywell announced the future Board of Directors for Solstice Advanced Materials, its specialty materials spin-off expected in Q4 2025. Dr. Rajeev Gautam, former Honeywell PMT CEO, will serve as Independent Chair, with David Sewell, Solstice’s CEO, also joining the 10-person board. Other directors include Peter Gibbons, Fiona Laird, Rose Lee, William Oplinger, Somasundaram “Soma” Somasundaram, Matthew Trerotola, Patrick Ward, and Brian Worrell, bringing extensive experience across industrial, technology, chemicals, and materials sectors. September 16, 2025: Honeywell announced that its spin-off unit Solstice Advanced Materials has launched a $1 billion private offering of senior notes due 2033, with final terms subject to market conditions. The Solstice spin-off is expected to close in Q4 2025. In connection with the separation, Solstice plans to arrange a senior secured term B loan, a revolving credit facility, and related letter-of-credit lines. Proceeds from the notes and term loan will fund a distribution to Honeywell and cover transaction costs, with any remainder used for general corporate purposes. Funds will remain in escrow until the spin-off closes; if conditions are not met by March 31, 2026, the notes will be redeemed at par plus accrued interest. October 1, 2025: Honeywell announced that its Board of Directors has set a record date of October 17, 2025 for the previously announced spin-off of Solstice Advanced Materials. Distribution expected to occur on October 30, 2025, with shareowners of record expected to receive one share of Solstice common stock for every four shares of Honeywell common stock owned. Solstice expected to begin trading on Nasdaq on October 30, 2025, under the ticker symbol "SOLS" October 16, 2025: Honeywell announced that its Board has approved the planned spin-off of Solstice Advanced Materials, set to be completed on October 30, 2025. Shareholders of record as of October 17, 2025, will receive one share of Solstice (SOLS) for every four Honeywell shares held. Solstice will begin “when-issued” trading on October 20 under the ticker SOLSV, and “regular-way” trading on October 30 under SOLS. During this period, Honeywell stock will trade in two markets: HON (with distribution rights) and HONIV (ex-distribution). October 30, 2025: Honeywell announced that it has completed the previously announced spin-off of its Advanced Materials business, now operating as Solstice Advanced Materials. Shares of Solstice common stock will begin trading "regular way" on the Nasdaq Stock Market under the ticker symbol "SOLS," effective at the market opening today. Honeywell will continue to trade "regular way" on the Nasdaq under the ticker symbol "HON." Shareholders received 1 SOLS share for every 4 HON shares (plus cash for fractions). Honeywell Investor Relations
Resources October 8, 2024: Announcement October 10, 2024: Honeywell Portfolio Update Presentation February 6, 2025: Portfolio Update: Separation of Automation and Aerospace October 8, 2025: Solstice Investor Day Presentation | ||||||||||||||||
| detail | Sony Financial Group Inc. | N/A | 05/14/2025 | 09/29/2025 | N/A | 0.00% | Sony Group Corp | SONY | 29.10 | 22.72 | -21.92% | 2,345,134 | Spinoff | |||
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Sony Group Corp, spinoff details:
Sony plans to spin off its financial services unit, SFGI, by distributing just over 80% of SFGI shares to shareholders (1:1 ratio). The spin-off is subject to SFGI’s listing on the Tokyo Stock Exchange Prime Market, with applications submitted in May 2025. Expected completion is October 2025, following Board approval in early September. Sony will retain just under 20% post-spin, with SFGI accounted for as an equity-method affiliate. Sony announced a partial spin off its financial services unit, Sony Financial Group Inc. SFGI, by distributing just over 80% of SFGI shares to shareholders (1:1 ratio). The spin-off is subject to SFGI’s listing on the Tokyo Stock Exchange Prime Market, with applications submitted in May 2025. Expected completion is October 2025, following Board approval in early September. Sony will retain just under 20% post-spin, with SFGI accounted for as an equity-method affiliate. (Press Release) (Investor Presentation) Update(s): May 27, 2025: Sony to make case for finance arm spin-off in latest corporate transformation. Sony will unveil its growth plan for Sony Financial Group on Thursday during its Investor Day, highlighting the latest step in its corporate transformation. The spin-off, slated for a direct listing on September 29, will be Japan’s first partial spin-off under a 2023 tax reform. August 8, 2025: Sony Group Corporation will partially spin off its wholly owned subsidiary, Sony Financial Group Inc., in October 2025. Following the Board’s approval on May 14, 2025, the Financial Services business has been reported as a discontinued operation from Q1 FY25. Post spin-off, Sony will use the equity method to account for its remaining stake in SFGI, with related profits or losses reflected in continuing operations’ operating income. September 3, 2025: Sony Group Corporation has approved the partial spin-off of Sony Financial Group Inc. (SFGI), effective October 1, 2025. The company has also received re-approval from Japan’s Minister of Economy, Trade and Industry for amendments to its Corporate Restructuring Plan. The spin-off remains subject to the Tokyo Stock Exchange’s approval of SFGI’s share listing. September 8, 2025: The Tokyo Stock Exchange said Monday that it has approved the listing of Sony Financial Group Inc. on its top-tier Prime section Sept. 29. September 17, 2025: Sony Group set the final distribution ratio at 0.206 for the October 1 spin-off of its wholly owned unit Sony Financial Group Inc., to be executed as a dividend in kind for Japanese tax purposes. September 28, 2025: Sony Financial Group Inc. jumped 37% above its reference price in its Tokyo market debut following its spin-off from Sony Group Corp. The stock opened at ¥205, well above the ¥150 reference price that valued the company at roughly ¥1 trillion ($6.7 billion), and climbed as high as ¥210 in early trading. The listing allows Sony Group to sharpen its focus on its entertainment and image sensor businesses. Sony Investor Relations
Resources May 14, 2025: Announcement / Investor Presentation | ||||||||||||||||
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| detail | Biosciences and Diagnostic Solutions (combined with Waters Corp. (WAT)). | 02/05/2025 | BDX | |||||||||||||
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Becton, Dickinson and Company, spinoff details: On February 5, 2025 BD (Becton, Dickinson and Company) (BDX), a global medical technology company, announced its board of directors has unanimously authorized BD management to pursue a plan to separate BD's Biosciences and Diagnostic Solutions business from the rest of BD to enhance strategic focus and growth-oriented investments and capital allocation for both BD and the separated business and enhance value creation for shareholders. Overview:
Post-Separation Structure:
Separation Plan & Timeline:
Advisors:
July 14, 2025: Waters Corporation (WAT) and BD (Becton, Dickinson and Company, NYSE: BDX) have announced a definitive agreement to combine BD’s Biosciences & Diagnostic Solutions (BDS) business with Waters through a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion. (Investor Presentation) Transaction Structure
Strategic Rationale & Synergies The merger creates a life science and diagnostics leader with: ~$6.5B pro forma revenue in 2025 ~$2.0B adjusted EBITDA Expanded total addressable market (TAM) to $40B High-quality ~70% recurring revenue Complementary platforms across liquid chromatography, mass spectrometry, flow cytometry, and diagnostics By 2030, the company is projected to reach: $9B revenue, $3.3B adjusted EBITDA, and 32% operating margin Synergy Details
Strategic Growth Acceleration
Leadership & Governance: Udit Batra (CEO, Waters) to lead the combined entity Amol Chaubal to serve as CFO Up to two BD designees will join the Waters Board Headquarters remains in Milford, MA, with continued presence at BD’s BDS facilities The combined company will continue under the Waters name and ticker (NYSE: WAT) BD’s BDS unit is expected to generate approximately $3.4 billion in revenue and $925 million in adjusted EBITDA in 2025, with strong positions in immunology, cancer research, molecular diagnostics, and point-of-care solutions. The transaction has been unanimously approved by both boards and is expected to close by the end of Q1 2026, subject to regulatory and shareholder approvals. Advisors include Barclays and Kirkland & Ellis LLP for Waters, and Citi, Evercore, and Wachtell Lipton for BD. January 27, 2026: BD said its board set February 5, 2026 as the record date for the spin-off of its Biosciences & Diagnostic Solutions unit, which will immediately merge with Waters (WAT) in a Reverse Morris Trust transaction expected to close on February 9, 2026. Under the deal, BD will receive $4 billion in cash, while BD shareholders will receive Waters shares representing 39.2% of the combined company (with existing Waters holders owning 60.8%), without needing to take any action and while retaining their BD shares; the exchange ratio will be set at closing. BD has received a favorable IRS ruling and Waters shareholders have approved the transaction, and BD shares will trade with due bills from Feb. 5 until closing and ex-distribution thereafter, with the stock price expected to adjust to reflect the divestiture. February 9, 2026: Becton, Dickinson and Company (BDX) announced the completion of the spin-off of its Biosciences & Diagnostic Solutions business and its combination with Waters Corporation (WAT). Distribution to Shareholders Transaction Valuation Capital Allocation Plans
Becton, Dickinson and Company Investor Relations Resources Separation Announcement Presentation Waters + BD Press Releases / Investor Presentation / Infographic | ||||||||||||||||
| detail | Versant | 10/31/2024 | CMCSA | |||||||||||||
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Comcast Corporation, spinoff details: Comcast (CMCSA) is considering a spin-off of its cable network portfolio, which includes CNBC, MSNBC, Bravo, Oxygen True Crime, USA Network, E!, Syfy, Universal Kids, and Universo, as reported by Reuters. The move reflects broader industry challenges as traditional television faces declining viewership from consumers increasingly shifting to streaming options. (Announcement) The proposed spin-off would exclude NBC's main broadcast network and Comcast's streaming service, Peacock. However, Comcast is actively seeking a partner for Peacock, aiming to accelerate its growth in a highly competitive streaming market, Comcast President Mike Cavanagh noted during earnings call. Update(s): November 1, 2024: Bloomberg reported Comcast Corp. (CMCSA) is working with investment bank Morgan Stanley to evaluate options for its cable networks after announcing it’s considering divesting the business. Bloomberg reported Comcast Corp. (CMCSA) is working with investment bank Morgan Stanley to evaluate options for its cable networks after announcing it’s considering divesting the business. November 19, 2024: WSJ reports, Comcast (CMCSA) is expected to announce Wednesday that it is moving forward with a plan to spin off its NBCUniversal cable TV networks. November 20, 2024: Comcast announced its intent to create a new publicly traded company comprised of NBCUniversal’s cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with complementary digital assets including Fandango and Rotten Tomatoes, GolfNow and Sports Engine, through a tax-free spin-off. Comcast is targeting to complete the spin-off in approximately one year. (Press Release) January 9, 2025: Mark Lazarus, prospective CEO of Comcast's spin-off "SpinCo," announced key leadership appointments, including Anand Kini as CFO and COO, Val Boreland as President of Entertainment, and others. SpinCo will include networks like CNBC and SYFY, along with digital assets like Fandango and Rotten Tomatoes. March 6, 2025: Comcast‘s cable network “SpinCo” has appointed iHeartMedia and 21st Century Fox veteran Jordan Fasbender as Chief Legal Officer. March 19, 2025: Comcast (CMCSA) announced that David Novak will serve as Chairman of the Board for "SpinCo," its upcoming spin-off of select media brands and digital businesses. May 6, 2025: Comcast has announced that its upcoming spinoff consisting of most NBCUniversal cable networks will be called Versant. July 24, 2025: Comcast has announced the first board of directors for Versant Media Group, the upcoming NBCUniversal cable spinoff. The board features CEO Mark Lazarus, Chairman David Novak, and eight others with backgrounds in AI, governance, and dealmaking. August 18, 2025: MSNBC will rebrand as MS Now (My Source News Opinion World) later this year, unveiling a new logo as it prepares to spin off from NBCUniversal. Parent company Comcast is forming Versant, a separate publicly traded entity that will house MSNBC, CNBC, USA Network, Oxygen, E!, SYFY, and the Golf Channel. September 4, 2025: Comcast is on track to spin off Versant by year-end, with CFO Jason Armstrong saying the upcoming Form 10 filing will provide more details. He highlighted that Versant will debut with a conservative balance sheet, solid cash flow, and a dedicated management team, positioning it with “lots of options” as a standalone company. September 18, 2025: Comcast’s cable network spin-off Versant is preparing for a Nasdaq listing under the ticker “VSNT”. The filing showed declining revenue, with Versant’s assets generating $7 billion last year. September 28, 2025: Comcast has filed a registration statement to list Versant Media Group (VSNT) Class A shares on Nasdaq as it prepares to spin off its cable and digital networks, including MSNBC, CNBC, USA Network, Golf Channel, E!, SYFY, Oxygen, and platforms like Fandango and Rotten Tomatoes. Versant plans a $750M revolving credit facility and about $2.75B in term loans/notes, using part of the proceeds for a $2.25B cash payment to Comcast. The company will adopt a dual-class structure, with Brian L. Roberts holding all Class B shares controlling one-third of voting rights and key approval powers. September 29, 2025: Comcast announced that President Michael Cavanagh will be promoted to co-CEO as the company shifts to a dual chief executive structure. Beginning in January, Cavanagh will also join the board, sharing leadership with Brian Roberts, who will remain chairman and co-CEO. The move comes as Comcast prepares to spin off several NBCUniversal cable networks under a broader restructuring plan. October 7, 2025: Goldman Sachs Group is in early talks with investors to assess interest in a roughly $2.1 billion leveraged loan supporting Comcast Corp.’s planned spinoff of Versant Media Group October 17, 2025: Bloomberg reported that Banks led by Morgan Stanley have launched a $750 million leveraged loan to support Comcast Corp.’s planned spinoff of its cable-TV networks. The proceeds will be used by the new entity, Versant Media Group Inc., to make a distribution to Comcast and fund general corporate purposes, according to a source familiar with the matter. A lender call is scheduled for Friday, with commitments due by October 24. October 21, 2025: Comcast is reportedly evaluating the studio and streaming assets of Warner Bros. Discovery (WBD), which has begun exploring strategic alternatives following multiple unsolicited offers. Reuters reported that WBD rejected a nearly $24-per-share cash offer from Paramount Skydance (PSKY), while CNBC noted Netflix (NFLX) is also among the interested parties. October 31, 2025: Versant Form 10 registration statement November 5, 2025: Comcast’s planned spin-off of select media brands and digital businesses announced that VERSANT will host its inaugural Investor Day on Thursday, December 4, 2025. December 3, 2025: Comcast, the parent company of NBC, will spin off MSNBC, CNBC, and several other businesses into a new company called Versant on January 2, 2026. Comcast shareholders will receive one share of Versant Class A or Class B stock for every 25 shares of the corresponding Comcast stock they hold as of the December 16 record date. The distribution of Versant shares is expected to be completed after the close of trading on Nasdaq on January 2, 2026. January 5, 2026: Comcast Corporation announced it has completed the spin-off of Versant Media Group, Inc., effective on January 2, 2026. Versant began regular-way trading on Nasdaq under the ticker VSNT. Comcast shareholders received one share of Versant stock for every 25 shares of Comcast Class A or Class B stock held as of the December 16, 2025 record date, with the distribution completed after market close on January 2. Goldman Sachs, Morgan Stanley, and PJT Partners acted as financial advisers, with Davis Polk & Wardwell serving as legal counsel.
Resources October 31, 2024: Announcement October 31, 2024: Comcast Earnings Call Transcript: Q3 2024 - Discussion on Potential Cable Network Spinoff Strategy | ||||||||||||||||
| detail | The Magnum Ice Cream Company N.V. | 03/19/2024 | UL | |||||||||||||
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Unilever, spinoff details:
Unilever announced steps to accelerate its Growth Action Plan (GAP) through the separation of Ice Cream and the launch of a major productivity programme. Following separation, Unilever will become a simpler, more focused company, operating four Business Groups across Beauty & Wellbeing, Personal Care, Home Care and Nutrition. Full separation expected by the end of 2025. Unilever (UL) announced steps to accelerate its Growth Action Plan (GAP) through the separation of Ice Cream and the launch of a major productivity programme. Following separation, Unilever will become a simpler, more focused company, operating four Business Groups across Beauty & Wellbeing, Personal Care, Home Care and Nutrition. Full separation expected by the end of 2025. Unilever Investor Relations Update(s): October 24, 2024: Unilever announces that the separation of the ice cream business is on track to be completed by the end of 2025. November 22, 2024: Unilever will slim down but not spin off its food division, its chief executive has said, as the London-listed consumer goods group presses ahead with the listing of its ice-cream unit. January 31, 2025: Bloomberg reports that Unilever Plc (UL) is exploring an IPO for its ice cream business in the U.S., with potential listings also being considered in Amsterdam and London. The company aims to separate the unit, which includes brands like Ben & Jerry's and Breyers, by year-end. March 19, 2025: Ben & Jerry's accused Unilever of illegally ousting CEO Dave Stever over his support for the brand’s progressive activism, escalating their legal battle. Unilever denied wrongdoing and plans to spin off its ice cream unit later this year. May 27, 2025: Unilever guarantees 3-year employment terms for ice cream workers in Europe and the UK after spinning off its ice cream unit — triple the standard one-year guarantee under EU and UK law. June 17, 2025: Reuters reported, Unilever has named Peter ter Kulve as its preferred candidate to lead its soon-to-be-listed ice cream division, The Magnum Ice Cream Company (TMICC). Despite past criticism from Ben & Jerry’s board, ter Kulve is expected to receive TMICC board approval next month, ahead of the planned Amsterdam listing later this year. June 26, 2025: Ben & Jerry’s claims Unilever is censoring its activism and violating a deal meant to protect its social mission. The dispute intensifies ahead of Unilever’s ice cream spinoff into “The Magnum Ice Cream Company.” Unilever denies wrongdoing, citing business and reputational risks. July 23, 2025: Unilever’s ice cream unit, now called The Magnum Ice Cream Co., has named Vanessa Vilar as Chief Legal Officer and Natalia Cavaliere as Americas Regional General Counsel ahead of its spin-off later this year. Both have nearly 30 years of combined experience at Unilever. September 17, 2025: Ben & Jerry’s co-founder Jerry Greenfield has resigned, claiming that Unilever and its Magnum brand have stifled the ice-cream maker’s independent voice. October 21, 2025: Unilever is pushing back the planned spinoff of its ice-cream business, home to brands including Ben & Jerry’s and Magnum, blaming the listing delay on the U.S. government shutdown. The U.K.-based company said that the Securities and Exchange Commission was unable to declare the Magnum Ice Cream Company’s registration statement effective, which is needed to start trading on the New York Stock Exchange. Unilever said it still aimed to complete the spinoff of its ice cream business this year but stopped short of providing a new date. The company had initially planned to list Magnum on Euronext Amsterdam, the London Stock Exchange and the NYSE on November 10. October 23, 2025: Unilever CFO Srinivas Phatak said the company’s ice cream spin-off could take place in early December if The Magnum Ice Cream Company listing gains automatic SEC approval after its prospectus is published next month. The demerger was delayed by the U.S. government shutdown, but a new SEC rule could allow automatic effectiveness if the shutdown continues. November 5, 2025: Unilever said that it now expects to complete the spin-off of its Magnum Ice Cream business by December 6, following a delay caused by the U.S. government shutdown. November 24, 2025: Magnum to list in Amsterdam on December 8 November 26, 2025: The Magnum Ice Cream Company that it has completed a €3 billion ($3.48 billion) debut bond offering, which was oversubscribed seven times. The financing comes just weeks before the business is set to be spun off from Unilever and listed in Amsterdam. December 8, 2025: Magnum Ice Cream debuted with a €7.8B ($9.1B) market cap as the Unilever spinoff targets new investors in the snacking category. The stock was largely flat at around 12.8 euros a share. The debut marks Euronext’s largest listing of the year so far, the exchange said. Magnum also has secondary listings in London and New York. | ||||||||||||||||
| detail | Qnity Electronics | 05/22/2024 | DD | |||||||||||||
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DuPont de Nemours, Inc., spinoff details: DuPont (DD) announced plans to separate into three distinct, publicly traded companies. The Electronics and Water businesses will be spun off tax-free to shareholders, with New DuPont remaining as a diversified industrial company. DuPont expects to complete the separations within 18 to 24 months. The separation transactions will not require a shareholder vote. DuPont Investor Relations
Update(s): July 31, 2024: DuPont (DD) announced its financial results for the second quarter ended June 30, 2024 Net Sales of $3.2 billion increased 2%; organic sales flat versus year-ago period GAAP Income from continuing operations of $176 million; operating EBITDA of $798 million GAAP EPS from continuing operations of $0.40; adjusted EPS of $0.97 Cash provided by operating activities from continuing operations of $527 million; adjusted free cash flow of $425 million Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS
Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS January 15, 2025: DuPont announced plans to accelerate the separation of its Electronics business, targeting completion by November 1, 2025, to maximize shareholder value.
February 11, 2025: CFO Antonella Franzen provided an update on the separation process, confirming that the timeline remains on track. Separation costs are now expected to be slightly below the initial $700 million estimate, as the water business will remain with DuPont. Additionally, projected dissynergies have been revised down from $60 million to approximately $40 million. (Transcript) March 17, 2025: DuPont announced Jon Kemp as CEO of the future Electronics public company and President & CEO of Avantor Michael Stubblefield as Chairman post-spin-off. The company plans to hire an external CFO, with the spin-off on track for November 1, 2025.
April 16, 2025: DuPont (DD) announced that Karin De Bondt and Anne Noonan will join the board of directors of the planned independent Electronics company, which is expected to be spun off from DuPont by November 1, 2025. April 25, 2025: DuPont has filed an initial Form 10 with the SEC for the planned spin-off of its Electronics business, currently listed as Novus SpinCo1, Inc. ("ElectronicsCo"). The spin-off, aimed at creating a pure-play leader in semiconductor and electronics materials, is expected to be completed by November 1, 2025, pending customary approvals. Information Statement April 29, 2025: DuPont announced Qnity Electronics as the name of the planned independent Electronics public company that will be created through the intended spin-off of its Electronics business. DuPont also announced that Matthew Harbaugh will join the company effective May 1, 2025, and will be the Chief Financial Officer of Qnity. Additional senior leaders of the planned Electronics company include:
Additionally, DuPont announced that Michael Stubblefield has decided not to assume the role of chairperson of the future Electronics Board of Directors. This decision will allow Mr. Stubblefield to focus on fully supporting Avantor’s transition to a new CEO. A new board member for the future independent Electronics public company and the future chairperson will be named at a later date. May 14, 2025: DuPont unveils "Qnity" as the name of its planned electronics spin-off, positioned as a leading pure-play materials provider for the semiconductor and electronics industries. June 11, 2025: uPont appoints Mark A. Blinn (Chair) and Dr. Yi Hyon Paik to the future board of Qnity Electronics, the planned independent electronics spin-off. August 12, 2025: DuPont secured $4.1B in financing for the planned November spin-off of Qnity Electronics, led by current electronics chief Jon Kemp. The package includes a $2.35B leveraged loan (L+200, 99.75 OID), $1.0B secured bonds at 5.75%, and $750M unsecured bonds at 6.25%. Proceeds will fund a $4.1B cash distribution to DuPont. Separately, DuPont is weighing sales of its Nomex and Kevlar brands after scrapping plans to divest its water unit. September 18, 2025: DuPont projected 2025 net sales of about $6.87 billion, updating its outlook to exclude the upcoming November 1 spin-off of Qnity Electronics and the divestiture of its Aramids business, which will be reported as discontinued operations starting Q3. October 15, 2025: DuPont announced that its Board has approved the separation of its Electronics business, Qnity Electronics with the spinoff set to occur on November 1, 2025. Shareholders of record as of October 22, 2025, will receive one Qnity share for every two DuPont shares held, with cash paid in lieu of fractional shares. As part of the transaction, Qnity’s Board declared a $4.12 billion cash dividend (plus accrued interest) payable to DuPont. Qnity shares will trade on the NYSE “when-issued” under the symbol “Q WI” from October 27–31, and begin regular trading under “Q” on November 3, 2025. During that period, DuPont stock will trade both “regular-way” (DD) with Qnity distribution rights and “ex-distribution” (DD WI) without them. The separation remains subject to customary conditions expected to be met by the distribution date. November 3, 2025: DuPont (DD) has completed the spin-off of its electronics business into Qnity Electronics (Q), effective Nov 1, 2025. Qnity begins regular-way trading today on the NYSE. DuPont shareholders received 1 Qnity share for every 2 DD shares held as of Oct 22, with ~209M Qnity shares distributed. Resources May 22, 2024: Announcement May 23, 2024: Investor Update Call - Investor Presentation , Transcript, Press Release June 14, 2024: DuPont Overview Presentation July 31, 2024: DuPont 2Q 2024 Earnings - Presentation, Transcript, Earnings Release | ||||||||||||||||
| detail | Solstice Advanced Materials | 10/08/2024 | HON | |||||||||||||
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Honeywell International Inc., spinoff details:
Honeywell (HON) announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026. Honeywell Investor Relations Honeywell announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026.
Update(s): February 6, 2025: Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders. Honeywell Automation
Honeywell Aerospace
Advanced Materials
Financial & Strategic Moves:
Separation Timings
March 25, 2025: Honeywell announced leadership appointments for its Advanced Materials business, which will be renamed Solstice Advanced Materials following its planned tax-free spin-off, expected by late 2025 or early 2026. The independent, publicly traded company will be headquartered in Morris Plains, New Jersey, and focus on sustainability-driven specialty chemicals and materials, generating nearly $4 billion in revenue last year. Key Leadership Appointments:
August 21, 2025: Honeywell announced the filing of its Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of Solstice Advanced Materials. Solstice will host an Investor Day on October 8, 2025. Honeywell announced the future Board of Directors for Solstice Advanced Materials, its specialty materials spin-off expected in Q4 2025. Dr. Rajeev Gautam, former Honeywell PMT CEO, will serve as Independent Chair, with David Sewell, Solstice’s CEO, also joining the 10-person board. Other directors include Peter Gibbons, Fiona Laird, Rose Lee, William Oplinger, Somasundaram “Soma” Somasundaram, Matthew Trerotola, Patrick Ward, and Brian Worrell, bringing extensive experience across industrial, technology, chemicals, and materials sectors. September 16, 2025: Honeywell announced that its spin-off unit Solstice Advanced Materials has launched a $1 billion private offering of senior notes due 2033, with final terms subject to market conditions. The Solstice spin-off is expected to close in Q4 2025. In connection with the separation, Solstice plans to arrange a senior secured term B loan, a revolving credit facility, and related letter-of-credit lines. Proceeds from the notes and term loan will fund a distribution to Honeywell and cover transaction costs, with any remainder used for general corporate purposes. Funds will remain in escrow until the spin-off closes; if conditions are not met by March 31, 2026, the notes will be redeemed at par plus accrued interest. October 1, 2025: Honeywell announced that its Board of Directors has set a record date of October 17, 2025 for the previously announced spin-off of Solstice Advanced Materials. Distribution expected to occur on October 30, 2025, with shareowners of record expected to receive one share of Solstice common stock for every four shares of Honeywell common stock owned. Solstice expected to begin trading on Nasdaq on October 30, 2025, under the ticker symbol "SOLS" October 16, 2025: Honeywell announced that its Board has approved the planned spin-off of Solstice Advanced Materials, set to be completed on October 30, 2025. Shareholders of record as of October 17, 2025, will receive one share of Solstice (SOLS) for every four Honeywell shares held. Solstice will begin “when-issued” trading on October 20 under the ticker SOLSV, and “regular-way” trading on October 30 under SOLS. During this period, Honeywell stock will trade in two markets: HON (with distribution rights) and HONIV (ex-distribution). October 30, 2025: Honeywell announced that it has completed the previously announced spin-off of its Advanced Materials business, now operating as Solstice Advanced Materials. Shares of Solstice common stock will begin trading "regular way" on the Nasdaq Stock Market under the ticker symbol "SOLS," effective at the market opening today. Honeywell will continue to trade "regular way" on the Nasdaq under the ticker symbol "HON." Shareholders received 1 SOLS share for every 4 HON shares (plus cash for fractions). Honeywell Investor Relations
Resources October 8, 2024: Announcement October 10, 2024: Honeywell Portfolio Update Presentation February 6, 2025: Portfolio Update: Separation of Automation and Aerospace October 8, 2025: Solstice Investor Day Presentation | ||||||||||||||||
| detail | Sony Financial Group Inc. | 05/14/2025 | SONY | |||||||||||||
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Sony Group Corp, spinoff details:
Sony plans to spin off its financial services unit, SFGI, by distributing just over 80% of SFGI shares to shareholders (1:1 ratio). The spin-off is subject to SFGI’s listing on the Tokyo Stock Exchange Prime Market, with applications submitted in May 2025. Expected completion is October 2025, following Board approval in early September. Sony will retain just under 20% post-spin, with SFGI accounted for as an equity-method affiliate. Sony announced a partial spin off its financial services unit, Sony Financial Group Inc. SFGI, by distributing just over 80% of SFGI shares to shareholders (1:1 ratio). The spin-off is subject to SFGI’s listing on the Tokyo Stock Exchange Prime Market, with applications submitted in May 2025. Expected completion is October 2025, following Board approval in early September. Sony will retain just under 20% post-spin, with SFGI accounted for as an equity-method affiliate. (Press Release) (Investor Presentation) Update(s): May 27, 2025: Sony to make case for finance arm spin-off in latest corporate transformation. Sony will unveil its growth plan for Sony Financial Group on Thursday during its Investor Day, highlighting the latest step in its corporate transformation. The spin-off, slated for a direct listing on September 29, will be Japan’s first partial spin-off under a 2023 tax reform. August 8, 2025: Sony Group Corporation will partially spin off its wholly owned subsidiary, Sony Financial Group Inc., in October 2025. Following the Board’s approval on May 14, 2025, the Financial Services business has been reported as a discontinued operation from Q1 FY25. Post spin-off, Sony will use the equity method to account for its remaining stake in SFGI, with related profits or losses reflected in continuing operations’ operating income. September 3, 2025: Sony Group Corporation has approved the partial spin-off of Sony Financial Group Inc. (SFGI), effective October 1, 2025. The company has also received re-approval from Japan’s Minister of Economy, Trade and Industry for amendments to its Corporate Restructuring Plan. The spin-off remains subject to the Tokyo Stock Exchange’s approval of SFGI’s share listing. September 8, 2025: The Tokyo Stock Exchange said Monday that it has approved the listing of Sony Financial Group Inc. on its top-tier Prime section Sept. 29. September 17, 2025: Sony Group set the final distribution ratio at 0.206 for the October 1 spin-off of its wholly owned unit Sony Financial Group Inc., to be executed as a dividend in kind for Japanese tax purposes. September 28, 2025: Sony Financial Group Inc. jumped 37% above its reference price in its Tokyo market debut following its spin-off from Sony Group Corp. The stock opened at ¥205, well above the ¥150 reference price that valued the company at roughly ¥1 trillion ($6.7 billion), and climbed as high as ¥210 in early trading. The listing allows Sony Group to sharpen its focus on its entertainment and image sensor businesses. Sony Investor Relations
Resources May 14, 2025: Announcement / Investor Presentation | ||||||||||||||||