We are pleased to share that Skrine acted for International Business Machines Corporation (IBM) with respect of all Malaysian aspects of the global separation and transfer of its managed infrastructure services business to Kyndryl Inc which, following the completion of the separation, was listed on the New York Stock Exchange on 4 November.  The spin-off of the MIS Business into Kyndryl involves over a quarter of IBM’s 350,000 staff, operations in over 100 countries generating USD$19 billion in annual revenue, and an order backlog of around USD$62 billion
 
The Skrine deal team was led by Partner Fariz Abdul Aziz who was supported by Senior Associate Tan Wei Xian. The deal team were further supported by Selvamalar Alagaratnam (Partner, Employment), Sheba Gumis (Partner, M&A), Jesy Ooi (Partner, Real Estate), Sara Lau (Partner, Employment), Melissa Long (Partner, Intellectual Property).

Media coverage of the transaction can be accessed at:
 
https://fortune.com/2021/11/04/ibm-it-services-spin-off-kyndryl-hits-market-ceo-daily/
 
https://finance.yahoo.com/news/ibms-independent-managed-infrastructure-services-120100130.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABM4Q7R1LKrUXpEY6kP4P6lJ6ObSQPX2WlJKedT5VihzixcgmMhB3kROuQTCuou4hPkgjDTc-OA9PXJtsv9JuknJsBAeAEiY_mSTDB6lLiFI-5L5WsuSarpYxCNsjzgPzToh4CHtCcbcvjaQ5__fr5XtteFJNHiGqWQ8Y3xhwc5l
 
https://www.forbes.com/sites/joecornell/2020/10/21/ibm-corporation-to-spin-off-managed-infrastructure-services-unit-by-end-of-2021/?sh=5006878145a4