Spin-off
Separating part of a company into a new independent company owned by the same shareholders.
In a spin-off, a company separates part of itself into a new entity and distributes that entity's shares to its existing shareholders. Nobody buys anything: the shareholders own the same assets in two companies instead of one.
Spin-offs change brand ownership as decisively as acquisitions. Kellogg split into Kellanova and WK Kellogg Co in 2023, which is why the North American rights to Corn Flakes and the international rights now sit in different companies. Unilever demerged its ice cream business as The Magnum Ice Cream Company in December 2025, which is why Ben & Jerry's is no longer a Unilever brand.