Hewlett Packard Enterprise Company, a provider of technology solutions, said late Thursday that its board of directors has set a record date of March 20 for the proposed spin-off of its enterprise services business, which will be called Everett SpinCo, Inc.
Under the terms of the spin-off, Hewlett Packard Enterprise will distribute on a pro rata basis all of the shares of Everett common stock it holds to its shareholders entitled to receive stock in the spin-off as of the record date. Immediately following the spin-off, a wholly-owned subsidiary of Everett will merge with and into Computer Sciences Corporation (CSC), whereby the separate corporate existence of the wholly-owned subsidiary will cease, and Computer Sciences will continue as the surviving company and a wholly-owned subsidiary of Everett.
In the merger, Computer Sciences stockholders will receive one share of Everett common stock for every one share of Computer Sciences common stock held immediately prior to the merger. Stockholders of Everett immediately prior to the merger will continue to hold the shares of Everett common stock they received in the spin-off.