Alphabet, Google's parent company, will form a new holding company intended to finalize the evolution of its reorganization as its subsidiaries move further away from search and advertising.
The new company, called XXVI Holdings Inc., will own the equity of each Alphabet company -- including Google. The structure legally separates Google from Verily, Nest, Waymo and "other" bets. It takes the subsidiaries out from under Google's wing and place them in the holding company to become directly under Alphabet.
Google cofounder Larry Page announced Alphabet nearly two years ago. It wasn't quite clear at the time why he left the smaller companies under Google, until now. The name -- XXVI -- in Roman numerals represents the 26 letters in the alphabet.
Google also is changing from a corporation to an LLC. Search, Gmail and YouTube will remain with Google.
First reported by Bloomberg, Alphabet's new structure was disclosed in a filing on Friday with the Federal Communications Commission, which is required by companies that hold FCC licenses such as Waymo and its fiber Internet businesses.