Before trade war news jumped to the front pages, China was making headlines for cracking down on its financial firms’ leverage by forcing them to unload some of their overseas holdings. Anbang and its CEO received a lot of headlines, but other companies, such as HNA, were impacted as well. A few years ago, HNA went on a… Read More »
There is just something exciting about a three-way split. It’s just such a radical transformation and in some ways it’s hard to believe that a company like hotelier Hilton Worldwide (HLT) could pull it off. ITT sure, but Hilton? January 3rd is the day though when Hilton will officially spin off a) Hilton Grand Vacations, its timeshare business… Read More »
Earlier this year, the WSJ reported that ATM maker NCR Corp (NCR) was considering its strategic options, including a possible spinoff. A little digging revealed a spinoff to be a low probability choice and that a buyback or dividend seemed more likely to be in the cards as a new ‘shareholder friendly’ activity. Shortly thereafter though, the company… Read More »
We failed to note it at the time, but on October 1, Blackstone(BX) completed the spinoff of several advisory businesses which combined with PJT Capital to form PJT Partners(PJT). Blackstone unit holders received one PJT share for every forty units of Blackstone held. The spinoff was structured to be tax free to unit holders. PJT Partners begins operations… Read More »
Betting on distressed residential real estate became extraordinarily popular post-crisis and the space even attracted some big money names including Blackstone (BX) and Colony Capital (CLNY). Barry Sternlicht’s Starwood Property Trust (STWD) was another entrant and in early 2014 the company spun off its single family residential real estate assets into the Starwood Waypoint Residential Trust (SWAY). The macro trends… Read More »
Sometimes rumors and hints actually turn into reality. We noted last May that real estate wizard Barry Sternlicht, Chairman of Starwood Property Trust (STWD), hinted at a possible spinoff of a residential REIT during a company conference call. Just a few months later the company made it official and announced that its board of directors approved the spin off… Read More »