By Alistair Barr

Google Inc. said its reorganization into a holding company called Alphabet Inc. will happen after the close of trading on Friday, a move that the Internet giant hopes will highlight the profitability of its main online advertising businesses while giving more speculative new projects more freedom to grow.

Google's Class A and C stocks will begin trading as Alphabet Class C Capital Stock and Alphabet Class A Common Stock, respectively, on the Nasdaq Global Select Market on Monday. They will retain the same ticker symbols GOOG and GOOGL and the same shareholder rights, the company said.

Google, with online advertising businesses including Search, Android and YouTube, will be a wholly owned subsidiary of Alphabet. Other "moonshot" initiatives will eventually be set up under Alphabet, including health-care units Google Life Sciences and Calico, Sidewalk Labs, Nest, Google Ventures, Google Capital and the research lab Google X, the company said.

Google co-Founder Larry Page hopes the restructuring will turbocharge the company's big bets in industries such as health care and transportation. People familiar with the plan said the autonomy already gained by the Nest connected home division is a model for how the new businesses will be run more independently.

Write to Alistair Barr at alistair.barr@wsj.com

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(END) Dow Jones Newswires

October 02, 2015 12:12 ET (16:12 GMT)

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