How the calendar is built

What is included

A separation is listed when a parent company distributes shares of another company to its own shareholders and those shares are admitted to trading on an exchange or a multilateral trading facility. Initial public offerings, carve-out IPOs where shares are sold, sales to third parties and internal reorganisations with no listing are excluded.

Spin-off

The parent distributes all or most of the shares of the new company pro rata to its shareholders.

Partial spin

The parent distributes part of the shares and keeps a stake, as thyssenkrupp did with TKMS.

Split-off

Shareholders choose to exchange parent shares for shares of the new company, usually at a discount.

Spin-merge

The business is spun off and combined with another listed company in the same transaction, often a Reverse Morris Trust.

Stake distribution

The parent distributes shares of a company that is already listed, as Balder did with Norion Bank.

Shell spin-off

A small listed vehicle distributed to shareholders so that an unlisted company can take it over. Common on Spotlight in Sweden.

Coverage

United States: spin-offs, split-offs and spin-mergers of US-listed companies since 2015, built from Form 10 registrations on SEC EDGAR and company releases. The aim is complete coverage; missing deals are added as they are found. Europe: spin-offs and demergers since 2023 in the United Kingdom, the European Union, Switzerland, Norway and the Nordic markets, of any size, plus major earlier demergers such as Prosus, Alcon and Haleon. Coverage of the smallest companies is best-effort, because there is no central register equivalent to EDGAR. A few separations listed outside both regions are marked "Other markets". Missing deals are welcome.

Sources

Dates and terms come from company releases, exchange notices, SEC filings and regulator-approved prospectuses. Documents are linked where they are published, never copied. Where the original is not yet on file, the link points to the EDGAR search for the company or, for European deals, to the company's investor page (both shown in grey), and news reports or exchange notices that confirm the transaction are listed as "Source".

Dates

For completed deals the date is the distribution date or the first day of regular-way trading. For upcoming deals the date reflects company guidance until the board declares the distribution; "within 12 to 18 months" is converted into a calendar window. The 2-year mark approximates the end of the Section 355(e) presumption period under US tax law, after which an acquirer can generally buy the company without threatening the tax-free status of the spin-off. It does not apply to European deals.

Updates

The calendar is checked every Monday and Thursday against new SEC registrations, exchange corporate-action notices, Eurex and Euronext derivatives adjustments and company announcements in local languages. Each update is logged with its date.

Corrections

Reply to any Every Spin-Off email or send a message on Substack. Corrections are made at the next update.