The board of directors at Xperi Holding Corp. has approved the separation of its product and IP licensing businesses.
The plan had been announced previously.
The product company, which includes the broadcast-related technologies familiar to Radio World readers, will be called Xperi Inc. and will trade on the New York Stock Exchange under the symbol XPER.
The IP licensing business will be named Adeia Inc. and will trade on the Nasdaq under the symbol ADEA. Xperi recently appointed Paul Davis as president and Keith Jones as CFO of that entity.
The separation will be done through a “pro rata” distribution of Xperi Inc. shares of common stock to existing holders of Xperi common stock. For U.S. federal income tax purposes, the distribution is intended to be tax-free to Xperi shareholders.