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Continuing to take strategic steps to maximize shareholder value, AECOM (ACM) has announced the separation of its Management Services segment, a top-20 government services provider with a >$30bn pipeline of opportunities. Post-Spin, AECOM will continue to focus on its Design & Consulting Services and Construction Services businesses, while the Spin will offer intelligence, operations & maintenance, cybersecurity, nuclear remediation, and information technology services.
19 Jun 2019
We released an early alert on Masco Corp. (MAS) on June 7 with our views on the company's strategic review of its Cabinetry and Windows segments, which we believed were prime Spinoff candidates given the wildly successful 2015 listing of TopBuild Corp. (BLD). The company has opted to seek sales of the segments instead, therefore nullifying our anticipated value creation opportunities.
18 Jun 2019
The Edge continues to believe Corteva, Inc. (CTVA) is the jewel of the recent break-ups at DWDP, and the marrying of old-school agriculture with a vastly under-exposed area of technology make this a worthy investment at current levels. Check out our full analysis on CTVA's Spinoff from DuPont de Nemours, Inc. (DD) for more details.
14 Jun 2019
Today's (June 10) major news of United Technologies Corp.'s (UTX) merger with Raytheon Co. (RTN) will create one of the biggest and most powerful aerospace companies in the country, and will pair UTX's Pratt & Whitney jet engines and Collins Aerospace businesses with RTN's missile defense systems and cybersecurity solutions. Critically, the merger does not disrupt the plans for UTX's three-way break-up of its Otis Elevators and Carrier Corp. segments, scheduled for 1H 2020.
10 Jun 2019
KAR Auction Services, Inc. (KAR) has set the date for its Spinoff of Insurance Auto Auctions, Inc. (IAA) for the end of June with a new filing and updated guidance for the post-Spin entities. Given how IAA will be the first publicly listed pure-play insurance auction business on the market, we expect this split to perform well for shareholders, and will publish updated analysis ahead of the break-up. In the meantime, we'll take a stake in the Model Portfolio to participate in the Spin.
07 Jun 2019
Almost three years ago, as President-elect Donald Trump was courting technology chiefs before taking over the White House, Amazon founder and CEO Jeff Bezos was more than happy to accept an invitation to Trump Tower to talk tech. But now, given the richest man on the planet has made a very powerful enemy in the President, Bezos could come down to earth with a bump as his plans to land the coveted Pentagon cloud-computing contract could go up in smoke.
07 Jun 2019