BlackBerry to separate IoT and cybersecurity businesses, plans IPO
Canadian technology company BlackBerry (BB.TO), said on Wednesday it would separate its Internet of Things (IoT) and cybersecurity business units and target a subsidiary initial public offering for the IoT business next fiscal year.
BlackBerry joins a number of companies that have split their units in recent years, favoring a leaner corporate structure to help investors better evaluate their separate businesses.
Earlier this week, the packaged food giant formerly known as Kellogg Co completed its spinoff. Healthcare giant Johnson & Johnson (JNJ.N) and industrial conglomerate General Electric (GE.N) have also spun off some of their units. "Both the IoT and Cyber businesses ... address large and growing market opportunities. This new proposed structure will further increase both their operational agility and ability to focus on delivering exceptional solutions," said BlackBerry CEO John Chen.
