The HP board has approved the split of HP into two independent companies, with the separation expected to take place on November 1.The two companies will comprise Hewlett Packard Enterprise Company, comprising HP’s enterprise technology infrastructure, software and services businesses, and HP Inc, made up of HP’s personal systems and printing businesses.
HP originally announced the split last October.
Stockholders will receive one share of Hewlett Packard Enterprise common stock for every one share of HP common stock held as of October 21.
Meg Whitman, HP chairman, president and chief executive officer, stated the the separation will enable HP to “accelerate the turnaround” it began four years ago.
“As two independent, industry-leading companies, Hewlett Packard Enterprise and HP Inc can drive more focused business strategies, innovation roadmaps and go-to-market models,” Whitman commented.
“The separation will also present better choices for investors by creating two distinct and attractive investment profiles.”