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IBM Completes Spin-Off of Kyndryl
- Client News
- November 3, 2021
Paul, Weiss advised IBM in the spin-off of its managed infrastructure services business into a new public company, Kyndryl Holdings, Inc. Under the terms of the spin-off, each holder of IBM common stock received one share of Kyndryl common stock for every five shares of IBM common stock held on October 25, 2021, the record date for the distribution. IBM retained 19.9% of the shares of Kyndryl common stock, with the intention of exchanging those shares for IBM debt during the 12-month period following the distribution, subject to market considerations. Kyndryl began trading on the New York Stock Exchange under the symbol “KD” on November 4.
The Paul, Weiss team included, among others, corporate partners Scott Barshay, Steven Williams, Laura Turano, John Kennedy, Caith Kushner, Manuel Frey and Andrew Foley and counsel David Sobel, Frances Mi, Jason Tyler and Gabriella Toossi; tax partners Jeffrey Samuels, Scott Sontag and Brian Krause and counsel Alyssa Wolpin; intellectual property partner Jonathan Ashtor and counsel Michael Kurzer; executive compensation partners Jarrett Hoffman, Lawrence Witdorchic and Jean McLoughlin and counsel Jake Glazeski; real estate partner Peter Fisch and counsel Barry Langman; restructuring partner Alice Eaton; litigation partners Yahonnes Cleary and Lorin Reisner and counsel Paul Paterson, Steven Herzog and Daniel Mason; and environmental counsel William O'Brien.