Kenvue Inc (KVUE)

[DewDiligence]

JNJ will “split off” 90%_stake_in KVUE via—(voluntary)—tax-free exchange of KVUE shares for JNJ shares:

https://www.businesswire.com/news/home/20230720974196/en (4th bullet point)

This is the same method PFE used to distribute its shares of ZTS following ZTS’ IPO. A split-off is a more shareholder-friendly process than a spin-off in that only those shareholders who want the split-off company end up with shares of that company.

JNJ did include the proviso that the split-off is subject to market conditions, but I think only the timing of the transaction—not the split-off decision per se—will be affected by market conditions.