Carve-out

A carve-out is when a large company separates a specific part of its business—such as a division, product line, or unit—into a separate entity. This can happen through a sale, spin-off, or creating an independent company. The goal is often to focus on core operations, unlock value, or make the separated part easier to manage or sell. Essentially, it's like extraction: isolating and managing a specific segment separately from the rest of the company.