CNH Industrial N.V. (NYSE:CNHI) announced the spin-off of the On-Highway Business on September 3, 3019. The transaction will be effected through distribution of CNH Industrial N.V.'s equity interest in the "On-Highway" business to CNH Industrial N.V. shareholders. The newly listed ‘On-Highway' company will have a legal structure based on that of CNH Industrial N.V. Under the terms of the transaction, each shareholder of CNH Industrial N.V. will receive one common share of IVG for every five CNHI common shares it holds. The record date is November 25, 2021. As of June 11, 2021, CNH Industrial N.V. has named Gerrit Marx as the designated Chief Executive Officer of the On-Highway. Effective, October 1, 2021, Annalisa Stupenengo will assume global responsibility for Operations, directly overseeing all activities related to manufacturing, quality, logistics and purchasing of the new On-Highway business. Annalisa Stupenengo currently serves as President Powertrain, overseeing all Powertrain business activities and the FPT Industrial brand within CNH Industrial. As of September 14, 2021, CNH Industrial had appointed Francesco Tanzi as chief financial officer of its commercial vehicle unit Iveco (Iveco Group business) which will begin independent operations early next year after its planned spin-off early next year. Tanzi's appointment takes effect on January 1, 2022, once the spin-off of Iveco is completed. CNH Industrial approved the appointment of two new non-executive directors, Catia Bastioli and Åsa Tamsons, who will replace Tufan Erginbilgic and Lorenzo Simonelli. The transaction is subject to approval of CNH Industrial shareholders, at extraordinary general meeting anticipated to be held in second half 2020. As of November 12, 2021, the extraordinary meeting of CNH Industrial N.V., is scheduled to be held on December 23, 2021. Francesco Tanzi will join the Company and will serve as Chief Financial Officer of Iveco Group once the spin-off is achieved. As of December 23, 2021, shareholders of CNH Industrial approved the transaction. On December 27, 2021, Borsa Italiana S.p.A admitted Iveco Group N.V. common shares to listing on Euronext Milan. IVG also submitted to Borsa Italiana the application for admission to trading of its common shares on Euronext Milan. It is expected that such common shares will start trading on January 3, 2022. The transaction is expected to be completed in January 2021. As of April 17, 2021, transaction is expected to complete in early 2022. Transaction is expected to close on December 31, 2021 with an effective date of January 1, 2022. Intesa Sanpaolo S.p.A. and UniCredit Bank AG, Milan Branch acted as sponsors. Legance-Avvocati Associati and Freshfields Bruckhaus Deringer LLP acted as the legal advisors to IVG, while Cleary Gottlieb Steen & Hamilton advised the sponsors. The independent auditor of IVG is Ernst & Young. Morgan Stanley & Co. LLC, BofA Securities, and Barclays Bank Ireland PLC acted as the financial advisors to CNH Industrial. Citigroup Inc. (NYSE:C) and BNP Paribas SA (ENXTPA:BNP) acted as the financial advisors to Iveco Group on the transaction. Goldman Sachs & Co. LLC provided financial advice. Fitch Ratings has upgraded CNH Industrial rating to BBB+. J.P. Morgan Securities LLC acted as financial advisor to CNH Industrial.

CNH Industrial N.V. (NYSE:CNHI) completed the spin-off of the On-Highway Business on December 30, 2021.