BlackBerry (BB), an intelligent security software and services provider best known for its mobile phones, intends to separate its 澳洲幸运5官方开奖结果体彩网:Internet of Things (IoT) business and take it public via an 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO) in the first half of the next fiscal year.

Why Is Blackberry Splitting Businesses?

The 𒉰tech company joins other major cor✃porations that have recently decided to separate business units to form distinct, publicly traded companies to allow for more targeted investments and operations. 

澳洲幸运5官方开奖结果体彩网:Spinning off the IoT business from its core cyber security vertical will help each se🅷parate 🍒entity to "pursue its own distinct strategy and capital allocation policy" while also allowing shareholders to evaluate how each business is performing.

"Separating our principal businesses will improve our ability to create value for all our stakeholders," said John Chen, executive chair & CEO of BlackBerry, adding that the "new proposed structure will further increase both their operational agility and ability to focus on delivering exceptional solutions to their customers."

The IoT and cybersecurity business units garnered $49 million and $79 million, respectively, of the company’s $132 million second quarter fiscal 2024 revenue.

Spinning Off in 2023

On Wednesday, Intel (INTC) 澳洲幸运5官方开奖结果体彩网:said it plans to run its programmable chip business independently from the rest of the company, with an IPO available within the next two to three years. Intel had previously spun off its autonomous driving technology business Mobileye (MBLY) last year.

Other companies that announced spinoffs this year include Johnson & Johnson (JNJ) and Kellogg's. Johnson & Johnson spun off its consumer healthcare business as Kenvue (KVUE) with an IPO in May.

Earlier this month, Kellogg's completed splitting into Kellanova (K), focused on snacks and other food items, and WK Kellogg (KLG), dedicated to the company’s cereal brands.