Alphabet is approaching its final form. After evolving from Google into a corporate parent with distinct arms in far-flung fields like health care and self-driving cars, it is now forming a new holding company called XXVI Holdings Inc. Bloomberg reports: The new structure legally separates Google from other units such as Waymo, its self-driving car business, and Verily, a medical device and health data firm. Google co-founder Larry Page announced Alphabet two years ago to foster new businesses that operate independently from Google. Technically, however, those units, called the “Other Bets,” were still subsidiaries of Google. The new structure, unveiled Friday, enables the Other Bets to become subsidiaries of Alphabet on the same legal footing as Google. “We’re updating our corporate structure to implement the changes we announced with the creation of Alphabet in 2015,” Gina Weakley Johnson, an Alphabet spokeswoman, said. She called the process a legal formality that won’t affect ultimate shareholder control, operations, management or personnel at the 75,606 person company. Google is also changing from a corporation to a limited liability company, or LLC. This won’t alter the way the business pays taxes, Johnson said. The switch is partly related to Google’s transformation from a listed public company into a business owned by a holding company. Now, it’s owned by Alphabet, so it effectively has only one investor and no public disclosure obligations. An LLC structure is better suited to this situation. XXVI, the name of the new holding entity, is the number of letters in the alphabet expressed in Roman numerals.
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