Mallinckrodt Plc (MNK), former 2013 Spinoff from Covidien Plc (COV), has concluded the two-year strategic review of its generic pharmaceuticals segment and determined it will be separated via Spinoff by the second half of 2019. Current CFO Matthew Harbaugh will step down and facilitate the split, and will take office as CEO of the new business post-Spin, which will take the Mallinckrodt name and ticker. The Parent ex-Spin will be renamed closer to the transaction's completion.
06 Dec 2018
US Telecom infrastructure business Zayo Group Holdings, Inc. (ZAYO) is parting ways with its Enterprise operations by the end of 2019 via taxable Spinoff, as announced in November. The company made this announcement alongside its Q3FY18 earnings, and claimed the separation was the next step in its evolution as an infrastructure player in the United States and Western Europe. The Spinoff company will be comprised of the Enterprise Networks, Allstream and parts of the Transport segments.
04 Dec 2018
The distribution of BGC Partners, Inc.'s (BGCP) remaining 58% stake in Newmark Group, Inc. (NMRK) was completed after market on November 30, with their first day of fully separated trading yesterday (December 3). There are significant benefits to both companies moving forward, including the monetized NDAQ shares remitted to NMRK over the next several years and the removal of BGCP's Negative Watch rating from Fitch.
04 Dec 2018
Industrial and retail conglomerate Wesfarmers Ltd (WES AU) has completed the Spinoff of its supermarkets business Coles Group Ltd (COL AU) as of November 30, 2018. In order to revitalize and overhaul the Spinoff, Steven Cain (known as Mr. Ruthless) has been reinstated as CEO to bring the same strategic reforms to the company that got him fired in the first place back in 2003.
03 Dec 2018
Following a trend of large industrial conglomerate break-ups (like Honeywell, DowDuPont, and GE), United Technologies Corp. (UTX) announced plans on November 27 for a three-way split to be completed by 2020 into distinct Aerospace, Elevators and Building companies. This is a long-anticipated break-up that has been on The Edge's radar since 2016 and has gained increasingly frequent attention from the market in recent months.
03 Dec 2018
After its initial IPO (15.8% stake) on August 3, 2018, the remaining 84.2% stake in Arlo Technologies, Inc. (ARLO) has received a distribution date from parent NETGEAR, Inc. (NTGR). According to its S1 filing, the company had a 145-day lock-up period between ARLO's IPO and the distribution of the remaining stake, rather than the more typical 180-day period. Inside are our thoughts on the separation.
30 Nov 2018