The Firm is representing ITT Corporation in connection with its plan, announced on January 12, to separate the company’s businesses into three distinct, publicly traded companies. Under the plan, ITT would execute tax-free spinoffs of its water-related businesses and its Defense & Information Solutions segment. Following the completion of the transaction, ITT shareholders will own shares in all three corporations. ITT expects to finalize and execute the plan before the end of the year.
Following completion of the spinoff, each company is expected to be listed on the New York Stock Exchange. ITT Corporation will continue to be a diversified global manufacturer of highly engineered industrial products and high-tech solutions; a standalone water technology corporation with a new corporate brand name will be formed through the combination of three of ITT’s current businesses; and the existing Defense & Information Solutions segment will be renamed and rebranded as a new standalone company.
The Simpson Thacher team includes: Gary Sellers (M&A and Capital Markets), Caroline Gottschalk, Valentina Casella, Kate Renaud, Ravi Purushotham, Qinghong Cai and Bharat Kejriwal (M&A), Alexander Coedo (Capital Markets), Mark Thompson and Samantha Braunstein (Banking and Credit), Alvin Brown and Craig Katerberg (Executive Compensation and Employee Benefits), Gary Mandel, Noah Beck and Andrew Purcell (Tax), Lori Lesser (Intellectual Property), Adeeb Fadil (Environmental), Mary Beth Forshaw and Elisa Alcabes (Litigation) and paralegal Desiree Wiggins.