IAC exploring spinoff of home improvement marketplace Angi
The company said there's no specific timeline for when the spinoff will take place, but a transaction would likely occur by the end of IAC's second quarter.
IAC said Monday it's exploring a spinoff of Angi, an online platform that connects consumers with a marketplace of home improvement service providers, such as electricians and landscapers, in their area.
IAC said Monday it's exploring a spinoff of Angi, an online platform that connects consumers with a marketplace of home improvement service providers, such as electricians and landscapers, in their area.
Angi stock price was down nearly 4% in after-hours trading Monday. IAC shares gained more than 1%.
The holding company is considering a spinoff of Angi that would result in its stake being distributed to shareholders, IAC CEO Joey Levin wrote in a letter to shareholders that coincided with the company's third-quarter earnings release. IAC owns 85% of Angi, which also includes home services marketplaces Handy and HomeAdvisor.
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this will bring more value for both companies. The timeline is still uncertain but the move seems like a strategic step to sharpen focus on their core businesses. Smart shit