IAC (NASDAQ: IAC) and Angi (NASDAQ: ANGI) have completed the spin-off of Angi from IAC, making Angi an independent, publicly traded company. As a result of the spin-off, IAC's former interest in Angi is now held directly by IAC's shareholders.
Joey Levin, formerly the CEO of IAC, has transitioned to become the Executive Chairman of Angi, while Angi CEO Jeff Kip and the senior management team will work in partnership with him to accomplish the company’s strategic objectives.
Angi has affirmed its full-year guidance for 2025, and Jeff Kip, the CEO of Angi, stated that the company is intensely focused on delivering on its strategy to return to revenue growth in 2026.
On March 31, 2025, a special dividend of shares of Angi Class A common stock was distributed to the holders of record of IAC stock as of the close of business on March 25, 2025, on a pro rata basis. Approximately 0.5251 shares of Angi Class A common stock have been distributed in respect of each share of IAC stock held by IAC stockholders as of the record date.
The transaction eliminates Angi’s dual-class voting structure, with IAC converting all of its high vote shares to low vote shares prior to the distribution to shareholders. Angi is expected to benefit from a more attractive equity currency to accelerate growth, whether through M&A, capital formation, or talent acquisition, and undiluted focus on its strategic priorities.
IAC and Angi are now distinct and separate companies positioned for growth, with IAC focusing on the growth of its existing businesses and investments, as well as new growth opportunities.
The market has reacted to these announcements by moving the company's shares -3.0% to a price of $14.95. For more information, read the company's full 8-K submission here.
