It has been three years since Fortive Corp. (FTV) was separated from its former Parent, Danaher (DHR). During that time, the billionaire Rales brothers (founders of DHR and major shareholders of FTV) have separated FTV’s Automation & Specialty (A&S) via a split-off in Oct 2018, announced another Spinoff of DHR’s Dental business (IPO by Sep 15 and Spin by Q2 2020) and have now decided it was right to break-up FTV again, this time by 2H 2020.
13 Sep 2019
Naspers Ltd (NPN SJ) finally devised a way to stem the intermittent selling pressure and narrow its valuation discount to the 31% stake in Chinese internet giant Tencent by Spinning off Prosus NV (PRX NA) onto the Euronext Amsterdam and Johannesburg Stock Exchanges. The separation also served as an opportunity for NPN to offload its entire debt with net cash balances on both companies for further acquisitions, and NPN retained a 73% stake in PRX to benefit from future growth.
12 Sep 2019
Having experienced a subpar performance last year, yesterday’s (Sep 11th) Reverse Morris Trust (RMT) marked the catalyst needed for EchoStar Corp. (SATS), which allowed the company to Spinoff its declining BSS segment and merging it with DISH Network (DISH) and helping to create a leaner balance sheet (leverage at 0.1x) for SATS and allowing the management to focus on its core profitable segment (Hughes) with healthy top-line growth. Click here for more.
12 Sep 2019
The Agnelli family is at it again with the break-up of CNH Industrial NV (CNHI IM), Spinning off its trucks, buses and powertrain businesses into a separately listed entity. Previous Spinoffs instigated by the Agnelli family (through their investment vehicle Exor NV) include the Fiat SpA / Fiat Industrial and Fiat Chrysler / Ferrari situations, which have created value for shareholders over time. This split is CNHI's next step to adapt in a rapidly changing auto industry.
11 Sep 2019
In an exclusive interview with The Edge, 40-year-old Per Johansson (CIO and founder of Sweden's Bodenholm Capital AB) keeps a piece of advice in mind that Charlie Munger of Berkshire Hathaway gave him 10 years ago when he is picking staff, and tells why Bodenholm is active in Spinoffs and spends a good proportion of their time researching them.
09 Sep 2019
Click inside to read our initial ideas from back in December 2018 when AT&T, Inc. (T) was at $30 and we examined a break-up opportunity. AT&T soared Monday after Paul Singer's Elliott Management announced it owns $3.2bn in the underperforming telecom giant's stock, and said in a letter that it hopes to help the company trim unneeded assets.
09 Sep 2019