IAC COMPLETES SPIN-OFF OF ANGI, NOW AN INDEPENDENT COMPANY
Angi (NASDAQ: ANGI) has completed its spin-off from IAC (NASDAQ: IAC), becoming the 10th independent company to emerge from IAC's 30-year history. The transaction, completed on April 1, 2025, eliminates Angi's dual-class voting structure and positions both companies for independent growth.
As part of the transition, Joey Levin has stepped down as IAC CEO to become Executive Chairman of Angi, working alongside Angi CEO Jeff Kip. The distribution was completed on March 31, 2025, with IAC shareholders receiving approximately 0.5251 shares of Angi Class A common stock for each share of IAC stock held as of March 25, 2025.
Under its independence, Angi aims to leverage its improved customer experience and enhanced profitability to pursue strategic growth opportunities. The company maintains its focus on returning to revenue growth in 2026, supported by a healthy balance sheet.
Angi (NASDAQ: ANGI) ha completato la sua scissione da IAC (NASDAQ: IAC), diventando la decima azienda indipendente a emergere dalla storia trentennale di IAC. La transazione, conclusa il 1° aprile 2025, elimina la struttura di voto a doppia classe di Angi e posiziona entrambe le aziende per una crescita indipendente.
Come parte della transizione, Joey Levin si è dimesso da CEO di IAC per diventare Presidente Esecutivo di Angi, lavorando insieme al CEO di Angi, Jeff Kip. La distribuzione è stata completata il 31 marzo 2025, con gli azionisti di IAC che hanno ricevuto circa 0,5251 azioni di azioni ordinarie di classe A di Angi per ogni azione di IAC posseduta al 25 marzo 2025.
Sotto la sua indipendenza, Angi mira a sfruttare la sua migliorata esperienza del cliente e la redditività potenziata per perseguire opportunità di crescita strategica. L'azienda mantiene il suo focus sul ritorno alla crescita dei ricavi nel 2026, supportata da un bilancio sano.
Angi (NASDAQ: ANGI) ha completado su escisión de IAC (NASDAQ: IAC), convirtiéndose en la décima empresa independiente en surgir de la historia de 30 años de IAC. La transacción, finalizada el 1 de abril de 2025, elimina la estructura de votación de doble clase de Angi y posiciona a ambas compañías para un crecimiento independiente.
Como parte de la transición, Joey Levin ha renunciado como CEO de IAC para convertirse en Presidente Ejecutivo de Angi, trabajando junto al CEO de Angi, Jeff Kip. La distribución se completó el 31 de marzo de 2025, con los accionistas de IAC recibiendo aproximadamente 0.5251 acciones de acciones ordinarias de clase A de Angi por cada acción de IAC que poseían hasta el 25 de marzo de 2025.
Bajo su independencia, Angi tiene como objetivo aprovechar su mejorada experiencia del cliente y su rentabilidad mejorada para perseguir oportunidades de crecimiento estratégico. La empresa mantiene su enfoque en regresar al crecimiento de ingresos en 2026, respaldada por un balance saludable.
Angi (NASDAQ: ANGI)는 IAC(NASDAQ: IAC)에서 분사하여 독립적인 10번째 회사가 되었습니다. 이 거래는 2025년 4월 1일에 완료되었으며, Angi의 이중 클래스 투표 구조를 제거하고 두 회사를 독립적인 성장으로 위치시킵니다.
전환의 일환으로, Joey Levin은 IAC CEO에서 Angi의 집행 의장으로 자리이탈하고 Angi CEO인 Jeff Kip와 함께 일하게 됩니다. 배분은 2025년 3월 31일에 완료되었으며, IAC 주주들은 2025년 3월 25일 기준으로 보유한 IAC 주식 1주당 약 0.5251주의 Angi 클래스 A 보통주를 받았습니다.
독립적인 상태에서 Angi는 개선된 고객 경험과 향상된 수익성을 활용하여 전략적 성장 기회를 추구할 계획입니다. 이 회사는 2026년 수익 성장으로 돌아가는 데 집중하고 있으며, 건전한 재무 상태를 지원받고 있습니다.
Angi (NASDAQ: ANGI) a finalisé sa scission d'IAC (NASDAQ: IAC), devenant la dixième entreprise indépendante à émerger de l'histoire de 30 ans d'IAC. La transaction, achevée le 1er avril 2025, élimine la structure de vote à double classe d'Angi et positionne les deux entreprises pour une croissance indépendante.
Dans le cadre de la transition, Joey Levin a démissionné de son poste de PDG d'IAC pour devenir Président Exécutif d'Angi, travaillant aux côtés du PDG d'Angi, Jeff Kip. La distribution a été finalisée le 31 mars 2025, les actionnaires d'IAC recevant environ 0,5251 actions des actions ordinaires de classe A d'Angi pour chaque action d'IAC détenue au 25 mars 2025.
Dans son indépendance, Angi vise à tirer parti de son expérience client améliorée et de sa rentabilité accrue pour poursuivre des opportunités de croissance stratégique. L'entreprise maintient son objectif de revenir à la croissance des revenus en 2026, soutenue par un bilan sain.
Angi (NASDAQ: ANGI) hat seine Abspaltung von IAC (NASDAQ: IAC) abgeschlossen und ist das zehnte unabhängige Unternehmen, das aus der 30-jährigen Geschichte von IAC hervorgeht. Die Transaktion, die am 1. April 2025 abgeschlossen wurde, beseitigt die doppelte Stimmenstruktur von Angi und positioniert beide Unternehmen für ein unabhängiges Wachstum.
Im Rahmen des Übergangs hat Joey Levin als CEO von IAC zurückgetreten, um Exekutivvorsitzender von Angi zu werden, und arbeitet zusammen mit Angi-CEO Jeff Kip. Die Verteilung wurde am 31. März 2025 abgeschlossen, wobei die IAC-Aktionäre für jede am 25. März 2025 gehaltene IAC-Aktie etwa 0,5251 Aktien von Angi-Klasse A Stammaktien erhielten.
Unter seiner Unabhängigkeit beabsichtigt Angi, seine verbesserte Kundenerfahrung und die gesteigerte Rentabilität zu nutzen, um strategische Wachstumschancen zu verfolgen. Das Unternehmen konzentriert sich darauf, im Jahr 2026 wieder zu Umsatzwachstum zurückzukehren, unterstützt durch eine gesunde Bilanz.
- Elimination of dual-class voting structure improves corporate governance
- Independence provides more attractive equity currency for M&A and capital formation
- Improved customer experience and increased profitability reported
- Healthy balance sheet position maintained
- Simplified corporate structure enables focused growth strategy
- Revenue growth not expected until 2026
- Potential dilution risk for shareholders through future capital raising
- Transition in leadership structure may create temporary operational challenges
Insights
The IAC-Angi spin-off represents a significant corporate restructuring that fundamentally transforms Angi's market position and governance structure. The completion of this transaction creates three immediate benefits for Angi:
First, the elimination of the dual-class voting structure removes a common institutional investor deterrent, potentially broadening Angi's appeal to a wider investor base. This governance improvement typically commands higher valuation multiples in public markets.
Second, as an independent entity, Angi gains strategic flexibility to pursue growth through M&A without competing for capital allocation attention within IAC's portfolio. The company specifically cites a "more attractive equity currency" - signaling potential acquisition strategy.
Third, the leadership transition bringing Joey Levin as Executive Chairman provides continuity while maintaining high-level expertise from IAC's leadership team. This hybrid approach balances fresh perspective with institutional knowledge.
However, investors should note the revealing language about "return to revenue growth in 2026," acknowledging current growth challenges. Despite this, management highlights improved customer experience, increased profitability and strong cash flow generation - suggesting the foundation for future growth is being established.
This transaction follows IAC's proven playbook of incubating, scaling, and ultimately spinning off businesses - marking Angi as the 10th such company in IAC's 30-year history of creating independent public companies.
Today also marks Joey Levin's transition from IAC CEO. Effective on the spin-off, Mr. Levin became Executive Chairman of Angi, where, as senior executive, he will work in partnership with Angi CEO Jeff Kip and the Angi senior management team to accomplish the company's strategic objectives. Mr. Levin will remain an advisor to IAC.
"Like many before it, Angi is off to pursue its own ambitions and likewise, IAC renews our focus on what's next. Opportunity abounds," said Barry Diller, Chairman and Senior Executive of IAC.
IAC and Angi are today distinct and separate companies positioned for growth and prepared to build for the future, with Angi becoming the 10th fully independent company borne from IAC's unique 30-year history of value creation. The transaction eliminates Angi's dual class voting structure, with IAC converting all of its high vote shares to low vote shares prior to the distribution to shareholders. As an independent company, Angi is expected to benefit from a more attractive equity currency to accelerate growth, whether through M&A, capital formation or talent acquisition, and undiluted focus on its strategic priorities. A simplified IAC will continue to focus on the growth of its existing businesses and investments–including Dotdash Meredith and its stake in MGM–as well as new growth opportunities.
"The team at Angi has worked very hard to earn the right to stand on its own as an independent public company and we are proud of this accomplishment," said Jeff Kip, CEO, Angi. " Over the last two and a half years, we have significantly improved our customer experience and driven increased profitability and cash flow while focusing on the right things to capture the long-term opportunity ahead. With a healthy balance sheet, we are intensely focused on our mission of Jobs Done Well and delivering on our strategy to return to revenue growth in 2026."
IAC and Angi also each affirmed full year guidance for 2025.
Transaction Details
On March 7, 2025, IAC's board of directors approved the planned spin-off of Angi Inc. and declared a special dividend (the "Distribution") of all of the shares of Angi capital stock held by IAC to the holders of IAC common stock, par value
The dividend was paid March 31, 2025, through the distribution of shares of Angi Class A common stock, par value
Based on the number of shares of IAC Stock issued and outstanding and the number of shares of Angi capital stock owned by IAC as of the Record Date and adjusted for the reverse stock split of the Angi Class A common stock that occurred on March 24, 2025, approximately 0.5251 shares of Angi Class A common stock have been distributed in respect of each share of IAC Stock held by IAC stockholders as of the Record Date.
Cautionary Statement Regarding Forward-Looking Information
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, IAC's ability to successfully manage its planned leadership transitions, the completion of the spin-off of IAC's ownership in Angi and its anticipated benefits, business prospects and strategy of IAC and Angi, the future financial performance of IAC and its businesses, the future financial performance of Angi 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) IAC's ability to market its products and services in a successful and cost-effective manner, (ii) the display prominence of links to websites offering IAC products and services in search results, (iii) changes in IAC's relationship with (or policies implemented by) Google, (iv) IAC's 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 IAC's 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) IAC's continued ability to develop and monetize versions of its 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 IAC's 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) IAC's continued ability to market, distribute and monetize its 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) IAC's ability to establish and maintain relationships with quality and trustworthy professionals and caregivers, (xii) the ability of Angi 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 to continue to generate leads for professionals given changing requirements applicable to certain communications with consumers, (xiv) IAC's ability to access, collect, use and protect the personal data of its users and subscribers, (xv) IAC's 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 IAC's liquidity and indebtedness (the impact of IAC's indebtedness on IAC's ability to operate its business, IAC's ability to generate sufficient cash to service its 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 or Angi, (xx) IAC's ability to compete, (xxi) IAC's ability to build, maintain and/or enhance its various brands, (xxii) IAC's ability to protect its systems, technology and infrastructure from cyberattacks (including cyberattacks experienced by third parties with whom IAC does 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 IAC's systems, technology and infrastructure (and those of third parties with whom IAC does business), (xxvi) changes in key personnel and risks related to leadership transitions and (xxvii) risks related to the spin-off of IAC's ownership in Angi. 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 28, 2025, 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 management to predict all risks, nor can IAC assess the impact of all factors on its 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 IAC may make. Except as required by law, IAC undertakes 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 IAC's 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 30 years ago have emerged 10 independent, publicly-traded 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 Dotdash Meredith (DDM) and Care.com among others and holds strategic equity positions in businesses across several industries, including MGM Resorts International and Turo Inc. 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 and Angi Inc.
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