split-off

noun
\ˈsplit-ˌȯf, -ˌäf\

Legal Definition of split-off 

: a transfer of corporate assets to a subsidiary involving the surrender of a part of the stock owned by the corporation's shareholders in exchange for controlling stock of the subsidiary : a D reorganization involving a distribution of part but not all of a corporation's stock for a subsidiary's stock also : a new company created by such a distribution — compare spin-off, split-up

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