1、Strategies for successful corporate separationsCONTENTSExecutive summaryWhy companies pursue corporate separationsHow to maximize value creation in corporate separations1.Reimagining NewCo and RemainCo during separation execution2.Deriving benefit from dedicated management focus 3.Tailoring capital

2、priorities to the unique profiles of the assets4.Managing the separation matters 5.Communicating with stakeholdersConclusion:Separation is a catalyst for transformationPage01020626Strategies for successful corporate separations|1Executive summaryDavid DubnerGlobal Head of M&A StructuringGoldman Sach

3、sSharath SharmaGlobal Vice Chair of Strategic TransformationsEY OrganizationCorporate separation activity has been growing at an outsized pace,especially in recent years.This increased activity is evident across companies of all sizes,industries and geographies.The allure of these transactions conti

4、nues to attract company executives,investors and other stakeholders.But what is prompting the increase and do corporate separations lead to an increase in long-term value?These are the questions Goldman Sachs and EY teams have sought to answer.As leading advisors in this space,our two organizations

5、have collaborated to develop comprehensive insights and data analytics on spin-offs and demergers:what corporate separations are;why a company would consider separating;when the optimal time is to execute;whom it impacts;and importantly,how a company can maximize value in a corporate separation.Our

6、research combines quantitative analysis of more than 160 global transactions from 20122022 in which the business being separated had a market capitalization greater than US$1 billion,as well as firsthand interviews with some of the worlds top executives who have experience with corporate separations