Sunday Spinoff Odds & Ends: ABB’s Robot Reversal, Coty Weighs Spinoff, Comcast’s Versant Loan

Group 1: ABB's Robotics Division Sale - ABB Ltd. has sold its robotics division to SoftBank Group for approximately $38 billion, marking a significant move in its multi-year simplification effort [1][2] - The sale reflects a trend where companies with valuable technology assets opt for outright sales instead of IPOs or spinoffs when market conditions are unfavorable [2][3] - This transaction provides ABB with immediate cash and balance-sheet flexibility, but eliminates the potential for shareholders to gain direct ownership in a high-growth unit [2] Group 2: Coty's Consideration of CoverGirl - Coty Inc. is exploring options to either sell or spin off its CoverGirl cosmetics brand as part of a strategy to simplify its beauty portfolio and reduce debt [4][5] - CoverGirl has faced challenges in maintaining relevance against digital-first and luxury competitors, and a sale could enhance Coty's balance sheet while a spinoff might unlock long-term brand value [5][6] - Coty has prior experience with divestitures, having previously reduced its stake in Wella, and investors are keen to see how much value can be extracted from CoverGirl [6] Group 3: Goldman Sachs and Versant Spinoff Loan - Goldman Sachs is seeking investors for a $2.1 billion loan related to Comcast's upcoming Versant spinoff, which will be part of a larger debt package including a bond offering [7] - The financing indicates that Versant is expected to pay a multi-billion dollar dividend to Comcast at the time of the spinoff, consistent with recent spinoff trends [7]