Angi (ANGI) shares jumped 16% in recent Monday after-hours activity after IAC (IAC) said its board has approved a plan to spin off its full stake in Angi to IAC shareholders.
IAC shares were rising over 2% after hours.
Joey Levin will leave his position as IAC chief executive and become an adviser to the company, IAC said, adding the move is expected to happen upon the completion of the spin-off. Levin will also become executive chair of Angi, the home services company.
After Levin's transition to adviser, IAC doesn't plan to appoint a new chief executive, the company said. IAC Chief Financial and Operating Officer Christopher Halpin and Chief Legal Officer Kendall Handler will report directly to IAC Chair Barry Diller.
The spin-off deal will give IAC shareholders direct ownership of Angi, and will result in IAC and Angi becoming separate entities, IAC said. The spinoff is expected to close by Q2 2025.
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