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IBM announced Tuesday that it will complete the spinoff of Kyndryl, its managed infrastructure services business, at the end of trading on Nov. 3.
As previously announced, IBM (ticker: IBM) will distribute 80.1% of its Kyndryl shares to current IBM holders. Each IBM holder will receive one Kyndryl shares for each five IBM shares held as of the record date of Oct. 25. The distribution will be tax-free to IBM holders. Kyndryl will trade on the NYSE under the symbol KD.