IAC (IAC) Completes Spin-off of Angi (ANGI)

IAC (NASDAQ: IAC) and Angi (NASDAQ: ANGI), a leading platform for home services, announced today the successful completion of the spin-off of IAC's full ownership stake in Angi. As a result of the spin-off, IAC's former interest in Angi is now held directly by IAC's shareholders, and Angi is an independent, publicly traded company.

Today also marks Joey Levin's transition from IAC CEO. Effective on the spin-off, Mr. Levin became Executive Chairman of Angi, where, as senior executive, he will work in partnership with Angi CEO Jeff Kip and the Angi senior management team to accomplish the company's strategic objectives. Mr. Levin will remain an advisor to IAC.

"Like many before it, Angi is off to pursue its own ambitions and likewise, IAC renews our focus on what's next. Opportunity abounds," said Barry Diller, Chairman and Senior Executive of IAC.

IAC and Angi are today distinct and separate companies positioned for growth and prepared to build for the future, with Angi becoming the 10^th fully independent company borne from IAC's unique 30-year history of value creation. The transaction eliminates Angi's dual class voting structure, with IAC converting all of its high vote shares to low vote shares prior to the distribution to shareholders. As an independent company, Angi is expected to benefit from a more attractive equity currency to accelerate growth, whether through M&A, capital formation or talent acquisition, and undiluted focus on its strategic priorities. A simplified IAC will continue to focus on the growth of its existing businesses and investments–including Dotdash Meredith and its stake in MGM–as well as new growth opportunities.

"The team at Angi has worked very hard to earn the right to stand on its own as an independent public company and we are proud of this accomplishment," said Jeff Kip, CEO, Angi. " Over the last two and a half years, we have significantly improved our customer experience and driven increased profitability and cash flow while focusing on the right things to capture the long-term opportunity ahead. With a healthy balance sheet, we are intensely focused on our mission of Jobs Done Well and delivering on our strategy to return to revenue growth in 2026."

IAC and Angi also each affirmed full year guidance for 2025.

Transaction Details

On March 7, 2025, IAC's board of directors approved the planned spin-off of Angi Inc. and declared a special dividend (the "Distribution") of all of the shares of Angi capital stock held by IAC to the holders of IAC common stock, par value $0.0001 per share (the "IAC common stock"), and IAC Class B common stock, par value $0.0001 per share (the "IAC Class B common stock" and together with the IAC common stock, "IAC Stock").

The dividend was paid March 31, 2025, through the distribution of shares of Angi Class A common stock, par value $0.001 per share (the "Angi Class A common stock"), to the holders of record of IAC Stock as of the close of business on March 25, 2025 (the "Record Date"), on a pro rata basis. IAC no longer owns any shares of Angi capital stock.

Based on the number of shares of IAC Stock issued and outstanding and the number of shares of Angi capital stock owned by IAC as of the Record Date and adjusted for the reverse stock split of the Angi Class A common stock that occurred on March 24, 2025, approximately 0.5251 shares of Angi Class A common stock have been distributed in respect of each share of IAC Stock held by IAC stockholders as of the Record Date.

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