Valvoline Inc. has announced that on May 12, Ashland Global Holdings Inc. completed the previously announced distribution of 170,000,000 shares of common stock of Valvoline as a pro rata dividend on shares of Ashland common stock outstanding at the close of business on the record date of May 5. Valvoline will join the S&P MidCap 400 Index effective May 16.

Based on the shares of Ashland common stock outstanding as of May 5, the date on record for the distribution, each share of Ashland common stock received 2.745338 shares of Valvoline common stock in the distribution.

Fractional shares of Valvoline common stock were not distributed to Ashland stockholders. Instead, the fractional shares of Valvoline common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in the form of cash payments to Ashland stockholders who would otherwise receive Valvoline fractional shares. The distribution was structured to qualify as a tax-free distribution to Ashland stockholders for U.S. federal income tax purposes. Cash received in lieu of fractional shares will, however, be taxable. Ashland stockholders should consult their tax advisers with respect to U.S. federal, state, local and foreign tax consequences of the distribution.

“Now, as both an independent company and an iconic 150-year-old brand, we are well-positioned for growth in the U.S. and around the world,” said Sam Mitchell, Valvoline’s CEO. “Our entire organization is very excited and focused on the opportunities that lie ahead of us as we build the world’s leading engine and automotive maintenance business.”