You need to se it like this: iPhoneApple is selling off it's charger operations to someone else (it is important that they are different shareholders). Once the companies are split up, iPhoneApple won't want chargerapple to have an exclusive contract, since their phones are worth more if chargers are cheaper. So the only reason they would want to give an exclusive contract to ChargerApple is to sell it for more money. Considering this, they might as well sell it first and then negotiate an exclusive contract. Or hell, maybe they find someone who will pay more for it than their spinnof. At this point, iPhoneApple will realize what every other smartphone maker in the industry realizes: Selling exclusive charger contracts is not worth it.