Hewlett-Packard Files With SEC For Spin-off

(RTTNews) - Hewlett-Packard Co (HPQ) on Wednesday said Hewlett Packard Enterprise Co has filed an initial Registration Statement on Form 10 with the Securities and Exchange Commission, thereby fulfilling an important step in HP's plans to separate into two companies.

HP is separating into two companies effective November 1. Hewlett-Packard Enterprise Co will comprise HP's enterprise technology infrastructure, software and services businesses; while HP Inc will focus on personal systems and printing.

The filing provides information on the business and historical financial results of Hewlett Packard Enterprise.

"Today, I'm more convinced than ever that this separation will create two compelling companies well positioned to win in the marketplace and to drive value for our stockholders," said HP Chief Executive Officer Meg Whitman. "Since we announced our plan to separate in October, we've made significant progress and remain on track to complete the separation by the end of the fiscal year 2015."

Hewlett Packard Enterprise will provide the cutting-edge technology solutions customers need to optimize their traditional IT while helping them build the secure, cloud-enabled, mobile-ready future that is uniquely suited to their needs.

With net revenue of about $55 billion in fiscal year 2014, Hewlett Packard Enterprise will include HP's best-in-class portfolio and innovation capability across our Enterprise Group, Enterprise Services, Software, and Financial Services businesses.

HP Inc will own and operate the printing and personal systems businesses, which currently hold the number one position in printing, the number one position in the profitable commercial personal systems segment, and the number two position in the consumer personal systems segment (by units shipped).

HP Inc will have a portfolio and a strong innovation pipeline across areas such as multi-function printing, Ink in the Office, graphics, notebooks, mobile and desktop workstations, tablets and phablets.

The separation will be effected through a pro rata distribution of Hewlett Packard Enterprise's common stock to HP's stockholders.

The separation remains subject to certain conditions, including, among others, obtaining final approval from the HP Board of Directors, receipt of a favorable IRS ruling and opinions of HP's tax advisors regarding certain U.S. federal income tax matters and the effectiveness of the Form 10.