The best replacement for spin off is split off.

The best alternatives to spin off are rated as following:
★★★★★  split off
★★★  carve out
★★★  sale
★★  spin out
★★  divestiture
★★  sell off
★★  ipo
★  demerger
★  stock split
★  startup
★  sequel
  spin off
  split up
  spin-off
  split
  hive off
  tracking stock

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spin off
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