A carve-out like no other

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February 2017

A complex multi-billion-dollar spin-off created two equally sized companies, each one well positioned to be a powerful competitor in its market.

A carve-out like no other

Client's challenge

Maximize shareholder value through the most beneficial spin-off strategy:

  • There was little synergy between the two sides of the business.
  • Company leaders had no experience in executing a spin-off.
  • No pre-carve-out financial information or analysis had been prepared.  

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PwC's solution

Helping to complete the financial, organizational, and regulatory work necessary to stand up a successful spin-off company by:

  • Preparing financial information and other related information for the potential spin-off.
  • Analyzing and addressing future management structure, human resources needs, and SEC
    filing demands.
  • Paying special attention to the critically important tax implications of the split.  

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Impact on client's business

  • The company successfully completed the spin-off, launching a new public company smoothly.
  • Share prices are up, delivering new value to shareholders, and the parent company has experienced the beneficial impact of a liquidity premium.
  • Both companies are now laser-focused on competing aggressively in their respective markets.

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The two companies are both billion-dollar-plus operations, each with several thousand employees operating multiple manufacturing facilities in several countries.

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Contact us

Curt  Moldenhauer

Curt Moldenhauer

Deals Research and Insights Leader, PwC US