Spinoff Analysis - Fortive and Ralliant Begin When-Issued Trading
On June 25, 2025, Ralliant Corp, a spin-off of Fortive Corp (NYSE: FTV), commenced when-issued trading on the NYSE under the ticker ‘RAL WI’. The parent, Fortive Corp, also began when-issued trading under the ticker ‘FTV WI’. As part of the transaction, FTV (ex RAL) will receive $1.15 billion in dividend from Ralliant Corp. RAL will assume debt to pay the cash dividend to FTV and commence its journey as a standalone company with a leverage of 1.9x.Fortive designs, develops, services, manufactures and markets professional and engineered products, software and services. The company's segments are: Professional Instrumentation, which provides products, software and services, used to create actionable intelligence by measuring and monitoring physical parameters in industrial applications, including electrical current, radio frequency signals, distance, pressure, temperature, turbidity, radiation, and hazardous gases, and used to provide critical sterilization and disinfection solutions; and Industrial Technologies, which provides critical technical equipment, components, software and services for manufacturing, repair and transportation markets.
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