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.