NCR has announced that it will formally spin-off its Teradata data warehousing division on September 14, which pushes the date forward by 16 days.
The Dayton, Ohio-based maker of cash registers had previously said the software unit would be spun-off on September 30.
In May NCR filed documents with the US Securities and Exchange Commission to spin off Teradata as a separate publicly-traded company, which will be headquartered in Miami Township, Ohio.
Under the terms of the deal, NCR shareholders will get one Teradata share for each NCR share they own. The deal has been ruled a tax-free distribution for income tax for NCR shareholders by the US Internal Revenue Service.
We are delighted to have reached this milestone in the process of creating an independent Teradata, said Mike Koehler, who will be president and CEO of Teradata.
In a statement, NCR said that it expects Teradata’s stock to start trading via a when issued public market shortly before the September 14 record date, and will continue up to the distribution date.
Normal trading of Teradata under the symbol TDC will commence on the New York Stock Exchange on October 1.
NCR announced its intent to split Teradata into an independent firm at the beginning of this year. Bill Nuti, CEO of NCR, said at the time that the move was a logical step and would allow each business to better focus on its own strategy, operational needs and customer base.