CVS, Siemens Healthineers, and Kraft Heinz Push Separation Into the Operating Model
Major companies are treating separation as an operating-model build, not just a transaction structure, forcing earlier work on TSA, tax, and standalone readiness.
Updated
What is this trend?
Companies are building carve-outs, spins, and partial sales into the operating model early, so separation work on systems, people, tax, and contracts happens before any deal closes.
- Separation planning is moving upstream, before the transaction path is fixed.
- Intercompany agreements and TSAs are now core to preserving value post-close.
- Deals are blending spin, sale, and retained-stake structures to keep optionality.
- Standalone R&D, sales, branding, and support functions must be mapped early.
- Corporate development teams need parallel scenarios for tax, debt, and stranded costs.
What’s the latest?
CVS set a 1H28 tax-free separation of its retail pharmacy business into two public companies, with intercompany agreements expected to keep commercial ties in place for 15–18 months.
How it developed
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