IAC (IAC.US) announced Monday that its board approved the demerger of its home improvement business Angi (ANGI.US), acquired in 2017, with the split expected to be completed in the second quarter of this year. Angi shares rose 16% after closing.
As part of the split, IAC Chief Executive Joey Levin will step down and serve as a corporate consultant, while Levin will serve as Angi's executive chairman.
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