IAC, Angi rise after IAC says will spin off home services unit

People Incorporated

13/01/2025 22:10

** Shares of Angi Inc  ANGI.O  rise 16% to $1.81, while IAC
 IAC.O  shares up 3.62% at $43 in after-hours trading
    ** IAC's CEO Joey Levin to step down, after company spins
off majority stake in home services marketplace Angi
    ** Company looking to slim down portfolio and focus on its
biggest asset, Dotdash Meredith
    ** Levin to become an advisor for IAC and executive chairman
of Angi
    ** IAC does not intend to appoint a new CEO and its
leadership will answer to chairman Barry Diller 
    ** Spin off is expected to close in the first half of 2025
    ** In 2024, ANGI had fallen 33.3%, and IAC 17.6%

 (Reporting by Juby Babu in Mexico City)
 ((Juby.Babu@thomsonreuters.com;))