split-off

noun

ˈsplit-ˌȯf, -ˌäf

: a transfer of corporate assets to a subsidiary involving the surrender of a part of the stock owned by the corporation's shareholders in exchange for controlling stock of the subsidiary : a D reorganization involving a distribution of part but not all of a corporation's stock for a subsidiary's stock

also : a new company created by such a distribution compare spin-off, split-up