PE companies do it with very little regard for if any of the pieces are viable and survive after the fact, so their model isn't one I'd suggest following.
replyFrom a public policy perspective it doesn't matter if some pieces are unviable and fail to survive. Across the entire economy, this creative destruction allows for quickly reallocating resources to more productive uses. Most of the companies that take PE investments do so because they're badly managed and unable to obtain capital from other sources; they would likely fail anyway. At least the PE investment gives them a chance to survive and brings in more financially disciplined management.
replyMaybe if a large company is anticompetitive and the parts would not survive on their own, we should be letting those pieces fail
replyits not unheard of for large public companies to do spinoff. a few examples that seem to have worked out fairly well
replyPhillip Morris / Altria / Kraft / Mondelez
HP / HPE / Agilent / Keysight