Divested" is a legal term that means relinquished or dispossessed. The term usually refers to the surrender or forfeiture of the property or authority.
A divestiture is the partial or full disposal of a business unit through sale, exchange, closure or bankruptcy. Divestiture may result from a management decision to no longer operate a business unit because it is not part of a core competency. It may also occur if a business unit is deemed redundant after a merger or acquisition.