Carve-outs, Spin-offs, and Split-offs

Representative experience

3M on its US$1bn acquisition of the Separations Media business of Polypore International, Inc.

Affinia Group's divestiture of its Chinese brake business to its People's Republic of China joint venture partner.

Allergan on the US$40.5bn divestiture of its generic business division to Teva.

Alstom on the US$12.4bn disposal of its energy business to General Electric.

Cobham PLC on its divestiture to Chinese management of the Aeroflex insulation business in China.

Darden Restaurants Inc. on its US$843m spin-off of its real estate and restaurant assets into a separate listed company.

Dell on the spin-off of its cybersecurity arm, SecureWorks.

GE on its US$9bn sale of its financial services business to Capital One.

Hi-Media SA on the spin-off of its payment and advertising activities to HiPay Group as an independent publicly traded company on Euronext.

JBG Companies on its US$8.4bn proposed merger with Vornado Realty Trust to create JBG Smith Properties.

Liberty Global plc on the US$1bn sale of its international content division Chellomedia to AMC Networks Inc.

Lockheed Martin on the US$5bn agreement to separate and combine its Information Systems & Global Solutions business with Leidos Holdings through a Reverse Morris Trust structure.

Mitsubishi Motors on its sale of the NedCar business in The Netherlands, the largest (and only large-scale) car manufacturer in The Netherlands.

NextEra Energy on the US$1.5bn sale of its FiberNet business to Crown Castle.

Robin Ali and Stuart Naylor on the biotechnology spin-out from University College London of a gene therapy ophthalmology business and subsequent investment by Kadmon Corporation.

SABMiller plc on the €2.55bn disposal of the Peroni, Grolsch, and Meantime businesses to Asahi.

Novartis on its US$5.4bn sale of its animal health division to Eli Lilly.