Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

After graduating from Trinity College in Connecticut, I joined Eaton Vance full-time as an equity research associate. While at Eaton Vance, I completed the Chartered Financial Analyst program and earned the CFA designation. In 2013, I left Eaton Vance to join Citi Private Bank to work in the private equity research group.

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>The big news this week is Liberty’s spin-off GCI Liberty began trading</li><li>On July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse Morris Trust (RMT) spin-merger: BD will spin off its Biosciences &amp; Diagnostic Solutions (BDS) business into a new subsidiary (SpinCo) and immediately merge SpinCo with Waters Corporation (WAT).</li><li>Under the deal terms, Waters will pay ~$4.0B cash (funded by new debt) plus stock; BD shareholders receive the $4B cash and ~39.2% of the combined company (Waters shareholders ~60.8%).</li></ul>

The big news this week is Liberty’s spin-off GCI Liberty began tradingOn July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse Morris Trust (RMT) spin-merger: BD will spin off its Biosciences &amp; Diagnostic Solutions (BDS) business into a new subsidiary (SpinCo) and immediately merge SpinCo with Waters Corporation (WAT).Under the deal terms, Waters will pay ~$4.0B cash (funded by new debt) plus stock; BD shareholders receive the $4B cash and ~39.2% of the combined company (Waters shareholders ~60.8%).

GCI Liberty Class C

Weekly Update (GLIBK, BDX, WAT)