IAC (NASDAQ: IAC) and Angi (NASDAQ: ANGI) have announced the completion of the spin-off of IAC's full ownership stake in Angi. As a result of the spin-off, Angi has become an independent, publicly traded company. Joey Levin, the former IAC CEO, has transitioned to become the executive chairman of Angi, working in partnership with Angi CEO Jeff Kip and the senior management team to accomplish the company’s strategic objectives. Barry Diller, chairman and senior executive of IAC, stated that Angi is now focused on its own ambitions while IAC renews its focus on what's next.
The transaction has made Angi the 10th fully independent company to emerge from IAC's 30-year history of value creation. The spin-off has eliminated Angi’s dual-class voting structure, providing Angi with a more attractive equity currency to accelerate growth, whether through M&A, capital formation, or talent acquisition, and an undiluted focus on its strategic priorities. Meanwhile, a simplified IAC will continue to focus on the growth of its existing businesses and investments, as well as new growth opportunities.
Jeff Kip, CEO of Angi, expressed pride in the company's accomplishment, highlighting the significant improvements in customer experience, increased profitability, and cash flow over the last two and a half years. He also emphasized Angi’s mission of "jobs done well" and the strategy to return to revenue growth in 2026, with the company affirming full-year guidance for 2025.
The spin-off was approved by IAC’s board of directors on March 7, 2025, and a special dividend of all the shares of Angi capital stock held by IAC was declared and distributed to the holders of IAC common stock and IAC class B common stock. The dividend was paid on March 31, 2025, through the distribution of shares of Angi class A common stock to the holders of record of IAC stock as of the close of business on March 25, 2025, on a pro-rata basis. IAC no longer owns any shares of Angi capital stock.
Following the spin-off, approximately 0.5251 shares of Angi class A common stock were distributed in respect of each share of IAC stock held by IAC stockholders as of the record date, adjusted for the reverse stock split of the Angi class A common stock that occurred on March 24, 2025.
The press release notes that it may contain forward-looking statements within the meaning of the private securities litigation reform act of 1995. Today the company's shares have moved 3.8% to a price of $39.11. If you want to know more, read the company's complete 8-K report here.
