Separations & IPOs

When regulatory remedies, or strategy, require divestures, we help clients accelerate and manage these separations smoothly. We assist in assessing portfolios, requirements, and market timing to ensure that all separations—including the sale of carved-out businesses to corporate or financial buyers, a spin-off to current investors, or a sale in public markets to new investors—reflect an end-to-end plan that advances long-term strategy.

  • Divestiture strategy. We help clients prepare for divestitures by reviewing their portfolio and asset boundaries and by developing an equity-value story for the transaction. We also help clients shape the governance and organization of the new enterprise.
  • Divestiture management. We help set up the SteerCo, create a Divestiture Management Office and communications and change-management plans—working with advisers, as needed.
  • Separation execution. We help drive the disentanglement plan, create transition-services agreements, and prepare the organizations and leadership teams for the separation.
  • NewCo design. For spin-offs and IPOs, we help create a NewCo operating model and organizational design, work on talent retention and selection, and create a plan to shape internal communications and the culture of the new enterprise during and after the separation.
  • Transaction enablement. We support overall planning and execution processes, while meeting any necessary technical requirements.
  • Public offerings. From start-ups to privatizations and carve-outs, we help clients in several ways:
    • formulate and communicate a compelling strategy to maximize value
    • develop capital-market strategies and determine the best IPO timing and structure
    • prepare for financial markets, including IPO project management, business plans, valuations, financing strategies, listing documents, and analyst and road-show presentations
    • build capabilities needed for long-term success in capital markets

Featured insights

Article

Divesting with agility

– Research shows that active, efficient reallocation of resources creates better returns for companies than simply standing pat does. Here’s how to make portfolio decisions faster.
Article

What’s keeping you from divesting?

– Active portfolio management can create significant competitive advantages. Still, executives routinely shy away from separations. Here are six common roadblocks and some tips for breaking through.
Article

Through a different lens: A McKinsey perspective on separations

– To succeed, companies need to view divestitures in a way that goes beyond the traditional M&A approaches.

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