NEW YORK (AP) — ADT Corp., which is being spun off from Tyco International Ltd., and Pentair Ltd. are going to join the S&P 500.
Tyco is also spinning off its flow control business, which is joining with Pentair Inc. and forming a new business called Pentair Ltd. The spinoffs are expected to be complete after the market closes on Friday.
ADT will replace Lexmark International Inc., which is going to replace consumer electronics company RadioShack Corp. in the S&P MidCap 400. Pentair will take educational services provider DeVry Inc.'s spot, which will take Pentair's position in the S&P MidCap 400.
DeVry is based in Downers Grove, Ill.
ADT, which is based in Boca Raton, Fla., provides electronic security services and monitoring services for homes and businesses. Pentair, based in Switzerland, is a diversified industrial company.
Lexmark, of Lexington, Ky., develops, makes and supplies printing, imaging and other services.
S&P Dow Jones Indices LLC, a McGraw-Hill Cos. subsidiary, said Tuesday that Lexmark and DeVry's market capitalizations make them a better fit with the mid cap index, while RadioShack's market capitalization makes it no longer appropriate for it to be part of the S&P 1500. RadioShack is based in Fort Worth, Texas.
Elsewhere, New York-based electronic trading platform operator MarketAxess Holdings Inc. will replace Par Pharmaceuticals Inc. in the S&P SmallCap 600, as Par is being taken private in a deal that is targeted to close on Friday.
The changes to the S&P 500, S&P Midcap 400 and S&P Smallcap 600 indices will occur after the market closes on Friday.