Canadian technology company BlackBerry said this week it would separate its Internet of Things (IoT) and cybersecurity business units, and target a subsidiary initial public offering for the former business next fiscal year.
BlackBerry joins a number of companies that have split out their units in recent years, favouring a leaner corporate structure to help investors better evaluate their separate businesses.
The company had said in May it would consider strategic options for its portfolio of businesses that could include the possible separation of one or more of its businesses.
Earlier this week, the packaged food giant formerly known as Kellogg Co completed its spinoff.
Healthcare giant Johnson & Johnson and industrial conglomerate General Electric have also spun off some of their units.
US-listed shares of BlackBerry fell 1.84 per cent in trading after the bell.
Last year, the Waterloo Ontario-based company pulled the plug on its smartphones business and has since been trying to sell its legacy patents related to its mobile devices.
The company went public in 1997 and soon became popular for its ubiquitous business smartphones, which were toted by executives, politicians and legions of fans in the early 2000s.
