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  5. > Two's company: eBay, Symantec, and Hewlett-Packard to restructure

Introduction

In the space of just 10 days in late September/early October 2014, eBay, Hewlett-Packard, and Symantec all announced that they are to split into two independent, publicly traded companies. This case study analyzes the three companies' recent financial performance, looks at the details of the splits and what they will mean, and also examines the reasons behind such a bold move.

Features and benefits

* Provides an in-depth analysis of each company's recent financial performance
* Examines the logistics of the three splits
* Analyzes and explains the factors driving the three companies' split strategies

Highlights

In September 2014, e-commerce giant eBay announced that it is to spin off PayPal in a move that will see the two become what the company calls 'pure play industry leaders.' PayPal's growth has reached a level that easily outstrips that of eBay and its reliance on eBay has reduced in recent years, leading the company's management to decide to split
In October 2014, Symantec announced a split of its business to create two companies, one with a focus on security, the other on information management. The recent performance of its storage and backup business lends weight to investors' claims that the two areas of the business are not mutually beneficial and that a split is the best solution.
On October 6, 2014, Hewlett-Packard declared its intention to split its business and form two independent companies, one with a focus on personal systems and printing, the other on enterprise services. The company's financial performance has disappointed in recent years and management has decided that a division is the best way to proceed.

Your key questions answered

* How and why is eBay Inc. spinning off PayPal?
* How and why is Symantec splitting into two independent companies?
* How and why is Hewlett-Packard dividing its business?
* What are the differences and similarities between the three companies' split strategies?

Table Of Contents

Two's company: eBay, Symantec, and Hewlett-Packard to restructure
OVERVIEW
Catalyst
Summary
EBAY TO SPIN OFF PAYPAL IN SEPARATION MOVE
eBay's recent financial performance is strong
eBay's financial performance: the headline numbers
eBay's financial performance by segment
eBay's share price performance
eBay: The split
eBay split: What is happening?
eBay split: When is it happening?
eBay split: How will it be done?
Why is eBay splitting?
Financial reasons for the split
Operational reasons for the split
Two smaller companies are more agile than one
Separation pleases investors
SYMANTEC: TWO IS BETTER THAN ONE
Symantec's financial performance paints a mixed picture
Symantec's financial performance: the headline numbers
Symantec's financial performance by segment
Symantec's share price performance
Symantec: The split
Symantec split: What is happening?
Symantec split: When is it happening?
Symantec split: How will it be done?
Why is Symantec splitting?
Financial reasons for the split
Operational reasons for the split
Nimble a necessary trait in security
More palatable to potential buyers
HEWLETT-PACKARD'S COMPLEX SPLIT
Hewlett-Packard's financial performance underwhelming
Hewlett-Packard's financial performance: the headline numbers
Hewlett-Packard's financial performance by segment
Hewlett-Packard's share price performance
Hewlett-Packard: The split
Hewlett-Packard split: What is happening?
Hewlett-Packard split: When is it happening?
Hewlett-Packard split: How will it be done?
Why is Hewlett-Packard splitting?
Financial reasons for the split
Operational reasons for the split
'Nimble' and 'lean' - highly sought after business characteristics
CONCLUSIONS
Split strategies justified but for different reasons
APPENDIX
Definitions
Sources
Further Reading
Ask the analyst
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