Joey Levin, CEO, IAC.
Anjali Sundaram | CNBC
Barry Diller’s international aviation committee Said Monday its board approved the spinoff Enterhome improvement market company obtained 2017.
IAC said it expects the transaction to close in the second quarter of this year. Both companies will release their fourth-quarter results when IAC reports on February 11. Listed Listed on NASDAQ in 2011.
As part of the spinoff, IAC CEO Joey Levin will leave and serve as an advisor to the company. Levin will also serve as Angi’s executive chairman, joining CEO Jeff Kip as senior executive officer of the market, IAC said.
“Joey Levin has been an exemplary leader at IAC and has created tremendous value during his nearly ten-year tenure as IAC CEO,” IAC Chairman Diller said in a statement.
With Levine’s vacancy, IAC will operate without a new chief executive, the company said. IAC’s senior executives will report directly to Diller, as will publisher Dotdash Meredith, the company’s largest business. The remainder of IAC will report to Christopher Halpin, Director of Operations.
IAC has previously adopted a CEOless structure when reorganizing its business. Most recently in 2013, then-CEO Greg Blatt stepped down to serve as chairman of the newly formed Match Group unit.
“Both IAC and Angi have a dynamic future, and I hope to remain an active participant in it,” Levin said in a statement.
As part of the spin-off, IAC shareholders will receive direct ownership of Angi, IAC said.
international aviation committee announced first Last November, the company considered spinning off Angi. At the time, the company said Angi’s third-quarter revenue fell 16% annually to $296.7 million. The company attributed the decline to lower sales and marketing spending, which led to fewer service requests and fewer new professional hires.
IAC acquires Angie’s List in a deal valued at more than $500 million. it merge The website has partnered with HomeAdvisor to create a new public company. Angi’s current market capitalization is approximately $770 million, and IAC owns 85% of its shares.
A spinoff has been considered for several years, but IAC delayed the effort 2019 when it’s done competition group trade. Match owns dating services such as Tinder, Match and Hinge.
IAC is known for incubating businesses and spinning them off into independent companies. This is also done Expedia.comTicketmaster and LendingTree, etc.
watch: IAC CEO discusses M&A opportunities in spin-offs from ANGI and AI
