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Definitions of carve-out

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.