How to separate existing Clinet into Two New Clients

Need hlep, our requirement, Client is splitting its all ERP SCM business including SRM 4.0. Planning to copy all existing Configuration with no Data option into New Clients and then segregate Master data followed by transferring all Open items (SC's with few Follow-on documents created) into respective new systems. Can anybody had similar experience, how can we accomplish this, including copying Completed Workflows of those open SCu2019s , please let me know your valuable suggestions.

Thanks