HP Enterprise shares jump 8% after announcing spin off plan for services business

HP Enterprise shares are up 8% in after hours trading on Tuesday after the company announced plans to spin off its enterprise services unit.

In a statement, HPE said that it will spin-off and merge its enterprise services business with CSC, creating a combined entity that would potentially generate $26 billion in annual revenue.

CSC CEO Mike Lawrie will be the CEO and president of the combined company, while HPE CEO Meg Whitman will join the company’s board.

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