Layoff with Exit Package or Keep Job with a Pay cut?

Basically title,

Have the option for an exit package with 1 year salary payout with health insurance vs keeping the job with a 20% pay cut. Project is being moved to sister company.

Only caveat is that the job with the paycut is with a sister company (think going from Chevrolet to Cadillac Engineering position) so exit package would not not apply if job taken!

I’m leaning towards accepting the exit pkg and venture into the Wild!!. Bad move in this economy? What to do you guys think!!??