This week, Hewlett Packard Enterprise Co HPE 0.59% announced it will once again be spinning off parts of its business. This time, the company is shedding its application delivery management, big data and enterprise security units.

Those units will be combining with units from Micro Focus International to form a brand new company. HP Enterprise will receive a $2.5 billion cash payment, and shareholders will get a 50.1 percent stake in the new company.

HP Enterprise itself was spun off from Hewlett Packard less than one year ago. The former Hewlett Packard split into HP Enterprise and HP Inc HPQ 0.21%.

If Hewlett Packard’s last split is any indication, shareholders should be cheering the move. In the three quarters since the HPE spin-off, HP has grown EPS by a third and HPE has upped EPS by 19.5 percent. Since the November split, both stocks have outperformed the S&P 500, and HPE shares have shot up 47.3 percent, making it one of the hottest plays on the market.

HP Enterprise CEO Meg Whitman is…

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