In a world where merger and acquisition activity is still relatively subdued,

companies are turning to spin-offs, sales, and divestitures.

But what factors are driving this trend?

And what does this trend tell us about the broader deal-making environment.

There's been a change in corporate sentiment

over the past decade.

So if you rewind the tape to the global financial crisis, 2008,

there was a focus on portfolio diversification, consolidation, increasing complexity.

That is changing and shifting sentiment towards one of simplification, where there is enhanced

focus across the portfolio and also unlocking

some of the discounts that may exist within a portfolio. I'm Allison Nathan and

this is exchanges at Goldman Sachs.

A new report co-authored by Goldman Sachs and EY explains how and why companies are leaning into corporate

separations. Joining us today to walk through those findings are Goldman Sachs's David Dubner,

global head of M&A structuring within Global Vice Chair at EY.

David Charest, welcome the program.

Thank you, Allison.

Thank you.

So the pace of corporate separations is on the rise.

More than 30 global separations

were announced in 2022 alone.

So before we jump into the drivers

...