IAC Announces Plan to Spin Off Angi; Reorganizes Leadership
IAC has announced plans to spin off its complete stake in Angi, a leading home services platform, to IAC shareholders. The tax-free transaction is expected to close in the first half of 2025, no sooner than March 31. As part of this reorganization, Joey Levin will transition from IAC CEO to become Angi's Executive Chairman, working alongside Angi CEO Jeff Kip.
The spin-off will convert Angi's dual-class structure into one share/one vote common stock, with IAC shareholders receiving direct ownership. This move aims to provide Angi with greater independence and flexibility for growth through M&A, capital formation, and talent acquisition. IAC will not appoint a new CEO, with key executives reporting directly to Barry Diller, Senior Executive and Chairman.
Both companies affirmed their previous financial expectations for Q4 2024, with results to be posted on February 11, 2025, followed by a joint conference call on February 12.
IAC ha annunciato piani per scorporare la sua intera partecipazione in Angi, una piattaforma di servizi per la casa leader nel settore, agli azionisti di IAC. La transazione esentasse è prevista per concludersi nella prima metà del 2025, non prima del 31 marzo. Come parte di questa riorganizzazione, Joey Levin passerà da CEO di IAC a Presidente Esecutivo di Angi, collaborando con il CEO di Angi, Jeff Kip.
Lo scorporo trasformerà la struttura a doppia classe di Angi in un'azione/un voto in comune, con gli azionisti di IAC che riceveranno una proprietà diretta. Questa mossa mira a fornire ad Angi maggiore indipendenza e flessibilità per la crescita attraverso fusioni e acquisizioni, formazione di capitale e acquisizione di talenti. IAC non nominerà un nuovo CEO, con i dirigenti chiave che riporteranno direttamente a Barry Diller, Senior Executive e Presidente.
Entrambe le aziende hanno confermato le loro precedenti aspettative finanziarie per il quarto trimestre del 2024, con i risultati che saranno pubblicati l'11 febbraio 2025, seguiti da una conference call congiunta il 12 febbraio.
IAC ha anunciado planes para escindir su participación completa en Angi, una plataforma líder de servicios para el hogar, a los accionistas de IAC. Se espera que la transacción libre de impuestos se cierre en la primera mitad de 2025, no antes del 31 de marzo. Como parte de esta reorganización, Joey Levin pasará de CEO de IAC a Presidente Ejecutivo de Angi, trabajando junto al CEO de Angi, Jeff Kip.
La escisión convertirá la estructura de acciones de doble clase de Angi en una acción/un voto común, con los accionistas de IAC recibiendo propiedad directa. Este movimiento tiene como objetivo proporcionar a Angi una mayor independencia y flexibilidad para el crecimiento a través de fusiones y adquisiciones, formación de capital y adquisición de talento. IAC no nombrará un nuevo CEO, y los ejecutivos clave informarán directamente a Barry Diller, Ejecutivo Superior y Presidente.
Ambas compañías reafirmaron sus expectativas financieras previas para el cuarto trimestre de 2024, con resultados que se publicarán el 11 de febrero de 2025, seguidos de una conferencia telefónica conjunta el 12 de febrero.
IAC는 주주에게 Angi의 모든 지분을 분리할 계획을 발표했습니다. Angi는 주요 홈 서비스 플랫폼입니다. 세금 면제 거래는 2025년 상반기, 이른 시일 내에 3월 31일에 마무리될 것으로 예상됩니다. 이 reorganizzazione의 일환으로 Joey Levin은 IAC CEO에서 Angi의 전무 의장으로 전환하며 Angi의 CEO인 Jeff Kip와 협력하게 됩니다.
스핀오프는 Angi의 이중 클래스 구조를 하나의 주식/하나의 투표로 전환하며 IAC 주주에게 직접 소유권을 부여합니다. 이 조치는 Angi가 M&A, 자본 형성, 인재 확보를 통해 더 큰 독립성과 유연성을 갖도록 하기 위한 것입니다. IAC는 새로운 CEO를 임명하지 않으며 주요 경영진은 Barry Diller(수석 경영자 및 회장)에게 직접 보고합니다.
양사는 2024년 4분기에 대한 이전 재무 기대치를 재확인했으며, 그 결과는 2025년 2월 11일에 발표되고, 2월 12일에는 공동 전화 회의가 진행됩니다.
IAC a annoncé son intention de faire main basse sur l'intégralité de sa participation dans Angi, une plateforme de services à domicile de premier plan, à destination des actionnaires d'IAC. La transaction, exonérée d'impôt, devrait être finalisée dans la première moitié de 2025, au plus tôt le 31 mars. Dans le cadre de cette réorganisation, Joey Levin passera de PDG d'IAC à président exécutif d'Angi, collaborant avec le PDG d'Angi, Jeff Kip.
Ce démembrement transformera la structure à double classe d'Angi en une action/un vote commun, les actionnaires d'IAC recevant une propriété directe. Ce mouvement vise à donner à Angi une plus grande indépendance et flexibilité pour croître grâce aux fusions et acquisitions, à la formation de capital et à l'acquisition de talents. IAC ne nommera pas de nouveau PDG, et les cadres clés rendront directement compte à Barry Diller, cadre supérieur et président.
Les deux entreprises ont confirmé leurs attentes financières précédentes pour le quatrième trimestre 2024, avec des résultats à publier le 11 février 2025, suivis d'une conférence téléphonique conjointe le 12 février.
IAC hat Pläne angekündigt, seinen gesamten Anteil an Angi, einer führenden Plattform für Haushaltsdienstleistungen, an die IAC-Aktionäre auszugliedern. Die steuerfreie Transaktion wird voraussichtlich in der ersten Hälfte von 2025 abgeschlossen, frühestens jedoch am 31. März. Im Rahmen dieser Umstrukturierung wird Joey Levin von CEO von IAC zu Executive Chairman von Angi wechseln und mit dem Angi-CEO Jeff Kip zusammenarbeiten.
Die Abspaltung wird die duale Struktur von Angi in eine Aktie/eine Stimme umwandeln, wobei die IAC-Aktionäre Direktbesitz erhalten. Dieser Schritt zielt darauf ab, Angi mehr Unabhängigkeit und Flexibilität für das Wachstum durch M&A, Kapitalbildung und Talentakquise zu verleihen. IAC wird keinen neuen CEO ernennen, und die wichtigsten Führungskräfte berichten direkt an Barry Diller, Senior Executive und Vorsitzenden.
Beide Unternehmen bestätigten ihre vorherigen finanziellen Erwartungen für das 4. Quartal 2024, deren Ergebnisse am 11. Februar 2025 veröffentlicht werden, gefolgt von einer gemeinsamen Telefonkonferenz am 12. Februar.
- Tax-free spin-off structure benefits shareholders
- Elimination of dual-class structure improves corporate governance
- Enhanced ability for Angi to pursue M&A and growth opportunities
- Streamlined decision-making process for both companies
- Potential uncertainty during leadership transition
- No dedicated CEO replacement planned for IAC
Insights
The planned spin-off of Angi from IAC represents a major strategic restructuring with profound implications for both companies. The elimination of Angi's dual-class structure and conversion to one share/one vote common stock will significantly enhance corporate governance and potentially improve market valuation. This move follows IAC's proven playbook of incubating and spinning off successful businesses, as demonstrated with Match Group and Vimeo.
The strategic rationale is compelling: Angi gains independence for faster decision-making and access to capital markets, while IAC streamlines its structure to pursue new opportunities. The tax-free nature of the spin-off preserves shareholder value and the timing aligns with Angi's maturation as a business. Joey Levin's transition to Executive Chairman of Angi ensures continuity while bringing focused leadership to drive growth in the fragmented
This corporate restructuring could unlock significant shareholder value through multiple mechanisms. The elimination of the dual-class structure should reduce the 'holding company discount' typically applied to IAC's valuation, while giving Angi better access to capital markets for potential M&A or organic growth initiatives. With a market cap of
Historical precedent from IAC's previous spin-offs suggests potential upside for shareholders. The simplified ownership structure and dedicated management focus typically lead to improved operational execution and market multiples expansion. The timing of the spin-off in H1 2025 provides a clear catalyst for value realization, while maintaining tax efficiency for shareholders.
Angi Announces Joey Levin will guide Angi's next chapter as Executive Chairman
Following Mr. Levin's transition, IAC does not intend to appoint a new CEO. IAC Chief Financial Officer & Chief Operating Officer Christopher Halpin and Chief Legal Officer Kendall Handler will report directly to Barry Diller, Senior Executive and Chairman of IAC.
"Joey Levin has wanted a store of his own for some time and the spin-off of Angi affords him this opportunity. Although IAC will relinquish his services as CEO, we expect that he will continue to advise us for many years. As we approach yet another milestone, IAC does what it does best: evolves. Joey Levin has been an exemplary leader of IAC, creating significant value during his nearly decade-long tenure as IAC CEO," said Mr. Diller. "Over the last few years Joey has been deeply and personally invested in the transformation of Angi, and with its full independence can drive the company to expand any which way he, Jeff Kip and Angi's Board desire."
"I consider myself among the luckiest in the world to have spent the past two decades working with and learning from Barry Diller and the many brilliant minds he has always attracted to his orbit," said Mr. Levin. "Together we've accomplished remarkable things, and we start 2025 with each of our businesses executing winning growth plans, led by exceptionally talented teams. Each of IAC and Angi has a vigorous future, and I expect to remain an active participant in both. I am energized to partner with Jeff Kip and the leadership team he has organized at Angi to win a large, captivating category that has yet to be tamed."
The spin-off transaction, which is expected to be tax free, will give IAC shareholders direct ownership of Angi, resulting in IAC and Angi becoming wholly separate entities. IAC expects that the spin-off will be in the form of one share/one vote common stock of Angi, eliminating Angi's dual-class structure. Today, all of Angi's high vote shares are owned by IAC. The spin-off will allow IAC management to focus on its broader portfolio as well as new growth opportunities. A simplified IAC is also expected to benefit from an enhanced ability to use its stock to make acquisitions and incentivize employees. As a fully independent company, Angi will benefit from a more attractive equity currency to accelerate growth, whether through M&A, capital formation or talent acquisition, undiluted focus on its specific operating and strategic priorities, and streamlined decision-making. As a result of the spin-off, each of IAC and Angi is expected to benefit from the ability to allocate its resources to meet the unique needs of its respective business and to implement its optimal capital structure tailored to its strategy and business needs.
The completion of the proposed spin-off transaction is subject to a number of conditions including final approval by the IAC Board of Directors and receipt of a tax opinion. The transaction is expected to close in the first half of 2025 but no sooner than March 31, 2025.
IAC and Angi also announced that, after the close of market trading on Tuesday, February 11, 2025, they will post their respective fourth quarter results at https://ir.iac.com/quarterly-results (IAC) and ir.angi.com/quarterly-earnings (Angi). On Wednesday, February 12 2025, at 8:30 a.m. ET, IAC and Angi Inc. will host a conference call to answer questions regarding the companies' respective fourth quarter results. The live audiocast and replay will be open to the public through the investor relations section of the IAC site at https://ir.iac.com/quarterly-results and the Angi site at ir.angi.com/quarterly-earnings.
IAC and Angi also affirmed prior financial expectations for the fourth quarter of 2024.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipates," "estimates," "expects," "plans" and "believes," among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to: the reorganization of IAC's leadership, our ability to successfully manage our planned leadership transitions, the proposed spin-off of IAC's ownership in Angi Inc. and anticipated benefits, business prospects and strategy, the future financial performance of IAC and its businesses, the future financial performance of Angi Inc. as an independent organization, anticipated trends and prospects in the industries in which IAC's or Angi's businesses operate and other similar matters. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others: (i) our ability to market our products and services in a successful and cost-effective manner, (ii) the display prominence of links to websites offering our products and services in search results, (iii) changes in our relationship with (or policies implemented by) Google, (iv) our ability to compete with generative artificial intelligence technology and the related disruption to marketing technologies, (v) the failure or delay of the markets and industries in which our businesses operate to migrate online and the continued growth and acceptance of online products and services as effective alternatives to traditional products and services, (vi) our continued ability to develop and monetize versions of our products and services for mobile and other digital devices, (vii) unstable market and economic conditions (particularly those that adversely impact advertising spending levels and consumer confidence and spending behavior), either generally and/or in any of the markets in which our businesses operate, as well as geopolitical conflicts, (viii) the ability of IAC's Digital business to successfully expand the digital reach of its portfolio of publishing brands, (ix) our continued ability to market, distribute and monetize our products and services through search engines, digital app stores, advertising networks and social media platforms, (x) risks related to IAC's Print business (declining revenue, increased paper and postage costs, reliance on a single supplier to print its magazines and potential increases in pension plan obligations), (xi) our ability to establish and maintain relationships with quality and trustworthy professionals and caregivers, (xii) the ability of Angi Inc. to expand its pre-priced offerings, while balancing the overall mix of service requests and directory services on Angi platforms, (xiii) the ability of Angi Inc. to continue to generate leads for professionals given changing requirements applicable to certain communications with consumers, (xiv) our ability to access, collect, use and protect the personal data of our users and subscribers, (xv) our ability to engage directly with users, subscribers, consumers, professionals and caregivers on a timely basis, (xvi) the ability of IAC's Chairman and Senior Executive and certain members of his family to exercise significant influence over the composition of the IAC board of directors, matters subject to stockholder approval and IAC's operations, (xvii) risks related to our liquidity and indebtedness (the impact of our indebtedness on our ability to operate our business, our ability to generate sufficient cash to service our indebtedness and interest rate risk), (xviii) IAC's inability to freely access the cash of Dotdash Meredith and its subsidiaries, (xix) dilution with respect to investments in either IAC and Angi Inc., (xx) our ability to compete, (xxi) our ability to build, maintain and/or enhance our various brands, (xxii) our ability to protect our systems, technology and infrastructure from cyberattacks (including cyberattacks experienced by third parties with whom we do business), (xxiii) the occurrence of data security breaches and/or fraud, (xxiv) increased liabilities and costs related to the processing, storage, use and disclosure of personal and confidential user information, (xxv) the integrity, quality, efficiency and scalability of our systems, technology and infrastructure (and those of third parties with whom we do business), (xxvi) changes in key personnel and risks related to leadership transitions and (xxvii) risks related to the proposed spin-off of IAC's ownership in Angi Inc. Certain of these and other risks and uncertainties are described in IAC's and Angi's respective filings with the Securities and Exchange Commission (the "SEC"), including the most recent Annual Reports on Form 10-K filed by IAC and Angi with the SEC on February 29, 2024, and subsequent reports that IAC or Angi files with the SEC. Other unknown or unpredictable factors that could also adversely affect IAC or Angi's business, financial condition and results of operations may arise from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those expressed in any forward-looking statements we may make. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
About IAC
IAC (NASDAQ: IAC) builds companies. We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands. From the single seed that started as IAC over two decades ago have emerged 11 public companies and generations of exceptional leaders. We will always evolve, but our basic principles of financially-disciplined opportunism will never change. IAC is today comprised of category-leading businesses including Angi Inc. (NASDAQ: ANGI), Dotdash Meredith and Care.com, among many others ranging from early stage to established businesses. IAC is headquartered in
About Angi Inc.
Angi (NASDAQ: ANGI) helps homeowners get home projects done well and helps home professionals grow their business. We started in 1995 with a simple goal to help people find skilled home pros in their area. Now more than 25 years later, we've evolved to help people with everything from finding, booking and hiring a skilled pro, to researching costs, finding inspiration and discovering project possibilities. With an extensive nationwide network of skilled home pros, Angi has helped more than 150 million people maintain, repair, renovate and improve their homes and has helped hundreds of thousands of small local businesses grow.
Contact Us
IAC/Angi Inc. Investor Relations
Mark Schneider
(212) 314-7400
IAC Corporate Communications
Valerie Combs
(212) 314-7251
Angi Inc. Corporate Communications
Emily Do
(303) 963-8352
IAC
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Angi Inc.
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SOURCE IAC
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