Overview
- The spin-off, finalized in late May, sets a June 15 record date for a one-for-one distribution of Mobility Global shares to S&P Global shareholders and will begin trading on the NYSE as MBGL on July 1.
- Mobility was S&P Global’s smallest segment last quarter, producing about $454 million in revenue and $93 million in operating profit while showing year-over-year growth.
- S&P Global CEO Martina Cheung said the separation will let the company concentrate management attention and investment on its higher-priority businesses.
- Wall Street analysts have reacted positively with several firms, including Goldman Sachs, JPMorgan, Wells Fargo and Mizuho, raising price targets on S&P Global shares after the plan was finalized.
- The Mobility unit traces to S&P’s 2022 acquisition of IHS Markit and will operate independently while S&P’s Market Intelligence business remains a roughly $1.3 billion-quarter revenue engine.