Netgear has announced that its Board of Directors has approved plans to separate its Arlo security camera business. The separation will happen through an initial public offering (IPO) of newly issued shares of Arlo Technologies.
NETGEAR expects Arlo to issue less than 20% of its common stock in the IPO, with NETGEAR to retain the remaining interest. NETGEAR expects Arlo to confidentially submit a draft registration statement with the Securities and Exchange Commission (SEC) in the first half of 2018, with the IPO expected to be completed in the second half of 2018.
The company intends to distribute shares of Arlo to NETGEAR stockholders in a manner generally intended to qualify as tax-free for U.S. federal income tax purposes.
Matthew McRae is set to serve as Arlo’s CEO upon the completion of the IPO. McRae joined NETGEAR approximately four months ago as SVP of Strategy. Prior to this he was at Vizio, where he was the Chief Technology Officer and Head of Marketing.
The separation of the Arlo business, including the IPO and distribution, will be subject to market, tax and legal considerations, final approval by the NETGEAR board of directors and other customary requirements.
Netgear's selection of wireless security cameras include the Arlo Pro 2, the Arlo Baby Smart HD with HomeKit support, the Arlo Q, and others.
NETGEAR expects Arlo to issue less than 20% of its common stock in the IPO, with NETGEAR to retain the remaining interest. NETGEAR expects Arlo to confidentially submit a draft registration statement with the Securities and Exchange Commission (SEC) in the first half of 2018, with the IPO expected to be completed in the second half of 2018.
The company intends to distribute shares of Arlo to NETGEAR stockholders in a manner generally intended to qualify as tax-free for U.S. federal income tax purposes.
Matthew McRae is set to serve as Arlo’s CEO upon the completion of the IPO. McRae joined NETGEAR approximately four months ago as SVP of Strategy. Prior to this he was at Vizio, where he was the Chief Technology Officer and Head of Marketing.
The separation of the Arlo business, including the IPO and distribution, will be subject to market, tax and legal considerations, final approval by the NETGEAR board of directors and other customary requirements.
Netgear's selection of wireless security cameras include the Arlo Pro 2, the Arlo Baby Smart HD with HomeKit support, the Arlo Q, and others.