United Online Inc. on Friday said that it has completed the separation of FTD Companies Inc. from United Online through a tax-free dividend of shares to its shareholders.
The Woodland Hills internet services provider also completed a one-for-seven reverse stock split of United Online shares.
In the all-stock deal, United Online shareholders received one share of FTD common stock for every five shares of United Online common stock they hold.
United Online acquired FTD in August 2008 in a deal valued at $441 million. FTD now will operate as an independent floral and gifts products company trading under the symbol FTD on the Nasdaq exchange. United Online will continue to operate its Internet service provider and social media businesses.