Hewlett-Packard will split into two companies on November 1st

Hewlett-Packard’s plans to split itself into two separate companies has been common knowledge for months, and now the company’s board of directors has given it the approval it needs to go through with the plan. The separation is expected to be completed on November 1st, at which point Hewlett-Packard as we know it will no longer exist. In its place will be HP and Hewlett Packard Enterprise

Hewlett-Packard on Thursday said its board has approved its split into two companies with one focused on the enterprise and the other on PCs and printers. The approval wasn’t surprising given HP outlined its split and financials for the HP Enterprise and HP Inc. last month. HP Enterprise will begin trading on November 2. Each HP shareholder will get one share of HP Enterprise for every share owned. Analysts have been mixed on the growth prospects for both companies with many noting that it’s not guaranteed that either can meet the pace of gross domestic product. In a statement, HP CEO Meg Whitman said the split will enable the companies to focus and drive innovation. HP Enterprise plans to layoff between 25,000 to 30,000 jobs and bet on the hybrid cloud. Shareholders of HP can expect to receive their shares of HP Enterprise on Nov. 1. HP will then become HP Inc.