a small company created from a larger one: Carve-outs often involve the creation of a subsidiary company to take advantage of the parent company's goodwill
Fantele created a carve-out following over fifteen years of successful trading.
an exception to a rule, especially one governing some aspect of business
The rules are intended to prevent firms from routing business offshore in order to take advantage of the foreign business carve-out.
when a parent company sells a minority stake in a subsidiary
Fantele raised capital for the project by means of an 18% carve-out of its shares in Elefant.