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team of the new company are from the same parent organization. Often, a spin-off offers the opportunity for a division to be backed by the company but not be affected by the parent company's image or history, giving potential to take existing ideas that had been languishing in an old environment and
274:
from the previous organizations and have independent sources of financing, products, services, customers, and other assets. In some cases, the spin-out may license technology from the parent or supply the parent with products or services; conversely, they may become competitors. Such spin-outs are
629:
New
Zealand Master Tax Guide (2013 edition) â p. 771 1775470024 CCH New Zealand Ltd â 2013 "Essentially, a 'spinout' involves the transfer by a parent company of shares in a wholly owned subsidiary to the shareholders in the parent. To the extent that there is a common interest in the old and new
571:
has helped create more than 70 spin-out companies, and now, on average, every two months a new company is spun out of "academic research generated within and owned by the
University of Oxford". Over ÂŁ266 million in external investment has been raised by spin-out companies since 2000, and five are
195:. However, shareholders may then buy and sell stocks from either company independently; this potentially makes investment in the companies more attractive, as potential share purchasers can invest narrowly in the portion of the business they think will have the most growth.
261:(HP) in 1999, the stockholders of HP received Agilent stock. A company not considered a spin-off in the SEC's definition (but considered by the SEC as a technology transfer or licensing of technology to the new company) may also be called a spin-off in common usage.
269:
A second definition of a spin-out is a firm formed when an employee or group of employees leaves an existing entity to form an independent start-up firm. The prior employer can be a firm, a university, or another organization. Spin-outs typically operate at
872:
167:
or creates a second incarnation, even if the first is still active. It is distinct from a sell-off, where a company sells a section to another company or firm in exchange for cash or securities.
300:
has dubbed the 2011 "starburst revival" is that "companies seeking buyers for parts of their business are not getting good offers from other firms, or from private equity". For example,
1109:
253:'s (SEC) definition of "spin-off" is more precise. Spin-offs occur when the equity owners of the parent company receive equity stakes in the newly spun off company. For example, when
861:
210:
help them grow in a new environment. Spin-offs also allow high-growth divisions, once separated from other low-growth divisions, to command higher valuation multiples.
847:
308:
beverage company, was prepared to sell its wine business. However, due to the lack of a decent offer, it decided to spin off the wine business, which is now called
1102:
898:
709:
Zahra, Shaker A. (1 December 1996). "Governance, Ownership, and
Corporate Entrepreneurship: The Moderating Impact of Industry Technological Opportunities".
687:
480:, the name of a predecessor company, while its contents and solution businesses were spun off as a new company using the Index Corporation name in 2013.
1095:
250:
1021:
RenĂ© Rohrbeck; Mario Döhler; Heinrich Arnold (20 April 2009). "Creating growth with externalization of R&D resultsâthe spinâalong approach".
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can also sever one business from another, but the assets are sold off rather than retained under a renamed corporate entity.
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17:
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86:
60:
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Spin-offs are divisions of companies or organizations that then become independent businesses with assets, employees,
1744:
814:
525:
Entertainment
Division) spun off its drama production and distribution division into a new subsidiary company called
282:
Terms such as hive-up, hive down or hive across are sometime used for transferring a business to a parent company, a
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All the support from the parent company is provided with the explicit purpose of helping the spin-off grow.
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In most cases, the parent company or organization offers support doing one or more of the following:
31:
778:"Division Of Corporation Finance Securities And Exchange Commission Staff Legal Bulletin No. 4 (CF)"
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1059:"Opening up for competitive advantage: How Deutsche Telekom creates an open innovation ecosystem"
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537:
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in 2013. The previous News
Corporation's remaining media properties were retained under the name
53:
100:
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1414:
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361:(HP) in 1999, formed from HP's former test-and-measurement equipment division. Later in 2014,
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8:
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449:'s publishing operations (and its broadcasting operations in Australia) were spun off as
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was in turn a spin-out of
Fairchild, as were many firms in the semiconductor industry
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in 2019, but most of its broadcast and cable properties were spun off to the new
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in the new company in order to compensate for the loss of equity in the original
324:, another driving force of the proliferation of spin-offs is what it calls the "
1608:
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184:
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862:"Burges Salmon Guide to group reorganisations and corporate simplifications"
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in 1994, formed from Lilly's
Medical Devices and Diagnostics Division.
1404:
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540:
was a spin-out of
Shockley Transistor; the founders were Shockley's "
518:
372:
305:
225:
1058:
806:
Spin-Outs: Creating
Businesses from University Intellectual Property
42:
1454:
1349:
1334:
748:"Spin-off Transactions: A Disaggregation Strategy Promises Rewards"
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while Disney retained the film and television production units.
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Some examples of spin-offs (according to the SEC definition):
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Being the first customer of the spin-off that helps create
27:
Action where a company splits off part as a separate entity
244:
497:
422:
187:. Shareholders of the parent company receive equivalent
1013:
EIRMA (2003) "Innovation
Through Spinning In and Out",
914:"Foster's to Separate Wine and Beer Businesses in May"
533:
Examples following the second definition of spin-out:
1057:Rohrbeck, R., Hölzle K. and H. G. GemĂŒnden (2009):
67:. Unsourced material may be challenged and removed.
837:
675:
230:Providing incubation space (desk, chairs, phones,
1721:
433:, as AOL had previously merged into Time Warner.
251:United States Securities and Exchange Commission
237:Providing legal, finance, or technology services
183:, or existing products that are taken from the
1103:
1023:Global Business and Organizational Excellence
476:'s video game operations were re-branded as
457:. In turn, 21st Century Fox was acquired by
1704:
1694:
1110:
1096:
891:"Practical Uses for Hive Up and Hive Down"
809:. Petersfield, Hampshire: Harriman House.
332:group at less than the sum of its parts".
912:Nicholson, Chris V. (February 15, 2011).
911:
506:, Envista and Veralto were spun off from
429:spin-off in 2009; this effectively was a
127:Learn how and when to remove this message
888:
802:
315:
289:
375:in 1999, with its eponymous subsidiary
365:was spun off from Agilent Technologies.
245:U.S. Securities and Exchange Commission
14:
1722:
745:
670:
668:
666:
1091:
708:
163:"splits off" a section as a separate
510:in 2016, 2019 and 2023 respectively.
264:
65:adding citations to reliable sources
36:
663:
630:holding companies, the spinout ..."
559:An example of companies created by
24:
1007:
878:from the original on Oct 22, 2022.
850:from the original on Nov 29, 2022.
170:
25:
1756:
1069:
901:from the original on Oct 2, 2022.
889:Bicknell, Steve (16 March 2012).
784:from the original on 8 March 2022
651:from the original on 9 April 2021
294:One of the main reasons for what
1703:
1693:
1075:
690:from the original on Aug 7, 2020
286:company or a fellow subsidiary.
41:
969:
935:
905:
882:
328:" â that "stockmarkets value a
52:needs additional citations for
1490:Debtor-in-possession financing
1015:Research Technology Management
854:
830:
796:
770:
739:
702:
633:
623:
415:was spun off from Encana (now
13:
1:
780:. US SEC. 16 September 1997.
712:Academy of Management Journal
616:
578:Alternative Investment Market
1430:Staggered board of directors
981:Oxford University Innovation
947:Oxford University Innovation
569:Oxford University Innovation
484:Mallinckrodt Pharmaceuticals
7:
1547:Accretion/dilution analysis
746:Wisler, Philip (May 2014).
584:
554:
335:
10:
1761:
1510:Leveraged recapitalization
29:
1689:
1681:Valuation using multiples
1666:Sum-of-the-parts analysis
1636:ModiglianiâMiller theorem
1537:
1495:Dividend recapitalization
1475:
1323:
1310:Secondary market offering
1213:
1202:
1129:
803:Richards, Graham (2008).
279:in high-tech industries.
1745:Types of business entity
1699:List of investment banks
1614:Free cash flow to equity
1440:Super-majority amendment
1365:Management due diligence
1305:Seasoned equity offering
641:"Definition of hive off"
572:currently listed on the
468:After being acquired by
1410:Shareholder rights plan
1400:Post-merger integration
1370:Managerial entrenchment
1340:Contingent value rights
1280:Initial public offering
839:"Hive up under FRS 102"
538:Fairchild Semiconductor
459:The Walt Disney Company
277:technological diffusion
1552:Adjusted present value
1415:Special-purpose entity
1253:Direct public offering
1223:At-the-market offering
1065:, Vol. 39, S. 420â430.
1567:Conglomerate discount
574:London Stock Exchange
349:Eli Lilly and Company
326:conglomerate discount
316:Conglomerate discount
310:Treasury Wine Estates
290:Reasons for spin-offs
275:important sources of
177:intellectual property
1589:Economic value added
1584:Discounted cash flow
1084:at Wikimedia Commons
985:University of Oxford
977:"Spin-out Companies"
957:on November 15, 2013
951:University of Oxford
752:Transaction Advisors
383:DreamWorks Animation
355:Agilent Technologies
255:Agilent Technologies
76:"Corporate spin-off"
61:improve this article
30:For other uses, see
18:Starburst (business)
1730:Corporate spin-offs
1174:Senior secured debt
1082:Corporate spin-offs
645:The Free Dictionary
561:technology transfer
387:DreamWorks Pictures
1709:Outline of finance
1621:Market value added
1604:Financial modeling
1562:Business valuation
1485:Debt restructuring
1263:Follow-on offering
1248:Corporate spin-off
1206:(terms/conditions)
1123:investment banking
1063:R&D Management
922:The New York Times
686:. March 24, 2011.
496:was spun off from
486:was spun off from
443:in September 2011.
439:was spun off from
407:Tyco International
405:was spun off from
397:Tyco International
395:was spun off from
385:was spun off from
371:was spun off from
347:was spun off from
257:was spun off from
143:, also known as a
141:corporate spin-off
1735:Corporate finance
1717:
1716:
1641:Net present value
1626:Minority interest
1557:Associate company
1533:
1532:
1500:Financial sponsor
1420:Special situation
1390:Pre-emption right
1380:Minority discount
1290:Private placement
1189:Subordinated debt
1144:Exchangeable debt
1131:Capital structure
1119:Corporate finance
1080:Media related to
1035:10.1002/JOE.20267
1017:, Vol. 46, 63â64.
611:Successor company
474:Index Corporation
265:Other definitions
137:
136:
129:
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16:(Redirected from
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1707:
1706:
1697:
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1599:Fairness opinion
1594:Enterprise value
1577:Weighted average
1505:Leveraged buyout
1360:Drag-along right
1258:Equity carve-out
1215:Equity offerings
1211:
1210:
1207:
1179:Shareholder loan
1164:Second lien debt
1159:Preferred equity
1139:Convertible debt
1112:
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1098:
1089:
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1079:
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1001:
1000:
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987:. Archived from
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953:. Archived from
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895:Steve J Bicknell
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754:. Archived from
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719:(6): 1713â1735.
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601:Equity carve-out
542:traitorous eight
455:21st Century Fox
447:News Corporation
205:Many times, the
157:corporate action
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1656:Residual income
1572:Cost of capital
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1525:Project finance
1515:High-yield debt
1471:
1450:Tag-along right
1375:Mandatory offer
1345:Control premium
1326:
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1295:Public offering
1243:Bought out deal
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1008:Further reading
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758:on Mar 29, 2016
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463:Fox Corporation
403:TE Connectivity
359:Hewlett-Packard
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259:Hewlett-Packard
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221:in the new firm
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171:Characteristics
155:, is a type of
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1520:Private equity
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1070:External links
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991:on Jul 7, 2014
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846:. 1 Dec 2015.
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725:10.2307/257076
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677:"Starbursting"
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413:Cenovus Energy
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357:spun off from
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302:Foster's Group
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