Barry Diller\u2019s\u00a0IAC\u00a0said Monday that its board approved the spinoff of\u00a0Angi, the home improvement marketplace the company\u00a0acquired\u00a0in 2017.<\/p>\n
IAC said it expects the transaction to close in the second quarter of the year. The two companies will post their respective fourth-quarter results when IAC reports on Feb. 11. Angi was founded in 1995 as Angie\u2019s List, which\u00a0went public\u00a0on the Nasdaq in 2011.<\/p>\n
As part of the spinoff, IAC CEO Joey Levin will leave his role and become an advisor to the company. Levin will also take on a new role as Angi\u2019s executive chairman, serving as the marketplace\u2019s senior executive alongside CEO Jeff Kip, IAC said.<\/p>\n
\u201cJoey Levin has been an exemplary leader of IAC, creating significant value during his nearly decade-long tenure as IAC CEO,\u201d Diller, IAC\u2019s chairman, said in a statement.<\/p>\n
Upon Levin\u2019s vacancy, IAC will operate without a new CEO, the company said. IAC\u2019s top execs will report directly to Diller, as will publisher Dotdash Meredith, the company\u2019s largest business. The rest of IAC\u2019s units will report to operating chief Christopher Halpin.<\/p>\n
IAC has previously used no-CEO structures when reorganizing its businesses. Most recently, in 2013, then-CEO Greg Blatt stepped down from the role to become chairman of the newly formed Match Group division.<\/p>\n
\u201cEach of IAC and Angi has a vigorous future, and I expect to remain an active participant in both,\u201d Levin said in a statement.<\/p>\n
As part of the spinoff, IAC shareholders will get direct ownership of Angi, IAC said.<\/p>\n
IAC\u00a0first announced\u00a0it was considering a spinoff of Angi in November. At the time, the company said Angi\u2019s revenue declined 16% year over year to $296.7 million during the third quarter. The company attributed the slide to reduced sales and marketing spend, which led to a decrease in service requests and lower acquisition of new professionals.<\/p>\n
IAC acquired Angie\u2019s List in a deal valued at more than $500 million. It\u00a0merged\u00a0the site with HomeAdvisor, creating a new public company. Angi currently has a market cap of about $770 million, and IAC owns 85% of it.<\/p>\n
The spinoff has been under consideration for several years, but IAC postponed the effort\u00a0in 2019\u00a0as it completed the\u00a0Match Group\u00a0transaction. Match owns dating services including Tinder, Match and Hinge.<\/p>\n
IAC has become known for incubating businesses and spinning them off into separate companies. It\u2019s done the same with\u00a0Expedia, Ticketmaster and LendingTree, among others.<\/p>\n<\/p>\n
Barry Diller\u2019s\u00a0IAC\u00a0said Monday that its board approved the spinoff of\u00a0Angi, the home improvement marketplace the company\u00a0acquired\u00a0in 2017. IAC said it expects the transaction to close in the second quarter of the year. The two companies will post their respective fourth-quarter results when IAC reports on Feb. 11. Angi was founded in 1995 as Angie\u2019s List, […]<\/p>\n","protected":false},"author":0,"featured_media":13906,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/13905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=13905"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/13905\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/13906"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=13905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=13905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=13905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}