Payroll and benefits outsourcing concern Automatic Data Processing Inc. will spin off its massive brokerage-services unit, an arm that observers project would have a market cap of more than $3 billion.
ADP said that as a result of the spin off -- which should be completed by the end of fiscal 2007 -- it expects to receive a distribution of $500 million to $700 million from the business in the form of a tax-free dividend.
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