This is speculation based on past experience but I would say they would go in a "Profit Sharing" direction similar to what Joint Ventures do. This is usually set by the comp-to-comp ratio/allocation. They could also keep each other at arms distance by setting up contracts be more transitional. In my opinion the best approach is to have 1 or 2 strategic partnerships where intel is freely shared (profit sharing) and the remaining businesses to be through contracts/contract manufacturing/tolling. Thats what I would do, it maximizes your profit at lower risk.