A running index of corporate divestitures and asset sales covered in the Special Situations Digest. Below are recent divisional sales, subsidiary divestitures, and non-core asset disposals across global markets, with each item linked to the underlying filing. Below: the 100 most recent situations spanning 18 countries. Earlier coverage includes 196+ additional situations from prior issues.
Divestitures are the quieter counterpart to spin-offs: instead of distributing a unit to shareholders, the parent sells it to a strategic or financial buyer. The catalysts are similar — portfolio rationalization, debt reduction, capital reallocation — but the value-unlock paths differ. Divesting parents often see a re-rating once non-core operations are gone, while strategic buyers occasionally overpay for synergy assumptions. Both ends of the trade can be investable.
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United States 34 situations
Yum Brands YUM (US) · $147.95 · MCAP $40.8B · EV $53.2B
Fwd P/E: 21.8x · EV/EBITDA: 16.7x · EV/Sales: 5.8x · EV/GP: 12.5x (FY2026)
Yum Brands is a global quick-service restaurant operator whose primary brands include KFC, Taco Bell, and Pizza Hut, with over 60,000 locations worldwide.
Yum! Brands, Inc. (YUM) is in exclusive negotiations to sell its Pizza Hut unit to private equity firm LongRange Capital following a strategic review initiated last year. The segment accounts for approximately 12% of 2025 revenue but has recorded 10 consecutive quarters of U.S. same-store sales declines. Negotiating exclusively with LongRange narrows the field from previous suitors including Sycamore and Apollo, with a deal possible within weeks. The exclusive stage suggests deal risk is shifting from the likelihood of a sale to price discovery, with the spread driven by Pizza Hut’s negative comps trajectory versus potential turnaround optionality as Yum seeks to sharpen its portfolio around Taco Bell and KFC.
Featured in Issue #18 ·
Biomerica, Inc. BMRA (US) · $2.12 · MCAP $7M · EV $5M
EV/GP: 30.7x
Biomerica develops and commercializes medical diagnostic products, including tests for gastrointestinal diseases, food intolerances, and other conditions. The company is headquartered in Irvine, California, and trades on Nasdaq under BMRA.
Biomerica signed a definitive agreement on May 29, 2026, to sell its 78,750 shares (~6% stake) in Polish medical products distributor Diagnosis S.A. to buyers affiliated with CEO Zackary Irani. Aggregate purchase price is $500,000, funded via a secured promissory note bearing 8% annual interest and maturing 12 months from closing; all but ~60 days of interest is forgiven upon share transfer. Closing is conditioned on Polish regulatory approvals and expected within 30 days of the May 29 effective date. Biomerica granted the buyers a continuing security interest in the Diagnosis shares until the transfer completes.
Featured in Issue #18 ·
American Lithium Minerals, Inc. AMLM (US) · $0.07 · MCAP $7M · EV $5M
American Lithium Minerals is a pre-revenue, multi-commodity critical minerals exploration company. It holds 10 active project interests in gold, silver, copper, lithium, and rare earth elements across Nevada, Chile, Canada, and Australia.
American Lithium Minerals, Inc. (AMLM) signed a non-binding letter of intent to divest its 100%-owned Piscau-North Polymetallic Project to 1539914 B.C. Ltd. via a reverse takeover. The $6 million consideration consists of 20 million shares of the purchaser at a deemed price of $0.30 per share, resulting in AMLM retaining majority ownership of the entity. The transaction includes a concurrent C$5.5 million financing, structured as a C$1.5 million unit offering and a C$4 million flow-through offering. The purchaser intends to rename itself Canadian Mineral Resources Ltd. and seek a listing on a Canadian stock exchange. Today's announcement initiates a 60-day exclusivity period to negotiate a definitive agreement. The LOI enables AMLM to monetize the Quebec asset into marketable shares while retaining majority economic exposure, though a definitive agreement and the C$5.5 million flow-through financing are subject to high execution risk.
Featured in Issue #18 ·
SOLAI Limited SLAI (US) · $0.75 · MCAP $14M · EV $14M
EV/Sales: 0.1x (FY2026)
SOLAI Limited (formerly BIT Mining) operates as a technology-driven personal AI and digital infrastructure provider, transitioning from its historical focus on digital asset mining and blockchain operations. The company is building infrastructure for personal AI computing.
SOLAI Limited (SLAI) signed a definitive share exchange agreement to acquire a 51% equity stake in Singapore-based NEURALAND from AIPICO Global Limited for approximately $9.18 million. The consideration will be paid via 1.16 billion newly issued Class A ordinary shares valued at $0.0079 per share, or $0.79 per ADS, which are subject to a lock-up period of 6 to 36 months. Closing is expected on or about June 2, 2026, as the company transitions from its legacy digital asset mining business into a personal AI and digital infrastructure platform. While the $9.18 million deal size is small relative to typical special-situations thresholds, the structural shift and issuance of 1.16 billion locked-up shares create a new equity story and potential overhang dynamic.
Featured in Issue #18 ·
Reitar Logtech Holdings Limited RITR (US) · $0.49 · MCAP $30M · EV $59M
KLA-iBotics provides automated logistics solutions including warehouse-as-a-service, storage-racking design and installation, and logistics consultancy, operating mainly in Hong Kong through Jingxing and Kamui Logistics Automation System.
Reitar Logtech Holdings Limited (RITR) subsidiary KLA-iBotics Holdings Limited filed a Form F-1 for a proposed carve-out IPO of 6,250,000 Class A ordinary shares. The offering features an estimated price range of US$4.00 to US$6.00 per share, implying gross proceeds of US$25M to US$37.5M. Reitar will retain voting control through a dual-class structure where Class B shares held by the parent carry 20 votes each compared to one vote for each Class A share. KLA-iBotics provides automated logistics solutions including warehouse-as-a-service and robotics integration. The filing enables investors to triangulate the implied stub value of RITR, although the retention of voting control means KLA remains consolidated and the resulting value unlock is only partial.
Featured in Issue #18 ·
ConnectM Technology Solutions, Inc. CNTM (US) · $5.75 · MCAP $32M · EV $50M
EV/Sales: 0.7x · EV/GP: 2.4x (FY2026)
ConnectM Technology Solutions operates technology-driven businesses in energy storage, AI-powered electrification, distributed energy, and industrial IoT. Post-divestiture, its operations will be concentrated substantially in the United States.
ConnectM Technology Solutions, Inc. (CNTM) has received in-principle approval from BSE Limited for the divestiture of its India business to Blue Cloud Softech Solutions Limited. The transaction is structured as a share swap in which ConnectM will receive 160 million Blue Cloud equity shares valued at approximately $30.4 million, or INR 18.50 per share. Blue Cloud shareholders approved the deal on May 4, 2026, and the parties expect a Q3 2026 closing, after which the shares will be subject to an Indian statutory lock-up. Upon completion, ConnectM anticipates recording a non-cash gain of approximately $18.4 million while working with financial advisor ThinkEquity, LLC toward a national exchange uplisting. The divestiture recapitalizes the balance sheet without dilution, lifting stockholders' equity from approximately $2.0 million to $18.8 million to exceed exchange listing minimums now that BSE approval has removed the primary deal-close risk.
Featured in Issue #18 ·
Seres Therapeutics, Inc. MCRB (US) · $6.63 · MCAP $64M · EV $115M
Seres Therapeutics is a microbiome therapeutics company that developed and sold VOWST, an FDA-approved oral microbiome therapeutic for recurrent C. difficile infection, to Nestlé Health Science in 2024.
Seres Therapeutics, Inc. (MCRB) and Société des Produits Nestlé S.A. amended their VOWST asset purchase agreement to cancel $125 million and $150 million sales milestones plus accrued interest. Nestlé will instead pay Seres a fixed $25 million termination payment in two $12.5 million installments due July 1 and October 1, 2026, eliminating all remaining contingent commercial consideration. Concurrently, Seres restructured its Cambridge headquarters lease to surrender 45,832 square feet and defer $5.2 million in rent payments until January 2027. The milestone termination crystallizes the remaining VOWST monetization at a steep discount—trading $275 million in potential payments for $25 million in cash—signaling a cash-constrained biotech prioritizing immediate runway over upside participation.
Featured in Issue #18 ·
Blink Charging Co. BLNK (US) · $0.69 · MCAP $98M · EV $68M
EV/Sales: 0.6x · EV/GP: 2.6x (FY2026)
Blink Charging owns, operates, and provides EV charging equipment and services globally, with a proprietary cloud-based network managing charging stations across parking, multifamily, workplace, and fleet locations.
Blink Charging Co. (BLNK) has entered into a definitive agreement to sell its wholly-owned subsidiary, Envoy Technologies, to Blade Ranger Ltd. The consideration for the divestiture includes a combination of cash and a convertible note, with the transaction subject to standard post-closing conditions. Blade Ranger, an Israeli publicly traded company focused on renewable energy asset optimization, is expected to issue a separate announcement regarding the deal. The move follows Blink’s strategic shift toward an owner-operator model for its EV charging network. The divestiture crystallizes value from a non-core mobility subsidiary while the convertible-note structure retains optionality on Blade Ranger's future equity appreciation, simplifying the Narrative and sharpening capital allocation ahead of the company's profitability targets.
Featured in Issue #18 ·
Health Catalyst, Inc. HCAT (US) · $1.94 · MCAP $143M · EV $205M
Fwd P/E: 50.1x · EV/EBITDA: 1.8x · EV/Sales: 0.8x · EV/GP: 2.3x (FY2026)
Health Catalyst is a healthcare intelligence company that provides AI-driven data and analytics technology to health systems for cost, clinical, and consumer performance improvement. Vitalware is its mid-revenue cycle software unit focused on coding, chargemaster, and price transparency.
Health Catalyst, Inc. (HCAT) signed a definitive agreement to sell its Vitalware mid-revenue cycle unit to Med-Metrix for $147 million in cash. Expected to close in 2026 pending regulatory approval, the transaction was advised by Raymond James and Latham & Watkins LLP. Vitalware generated approximately $37 million in revenue in fiscal year 2025, and Health Catalyst intends to use the net proceeds to fully repay and terminate its $160 million senior secured term loan facility. The sale monetizes a non-core unit at approximately 4x trailing revenue, providing a deleveraging catalyst where the key metric is the post-close net cash position and whether the remaining pure-play AI and analytics business re-rates higher.
Featured in Issue #18 ·
Seritage Growth Properties SRG (US) · $2.60 · MCAP $146M · EV $152M
EV/Sales: 0.8x · EV/GP: 8.1x (FY2027)
Seritage Growth Properties is a publicly-traded REIT that owns, develops, and manages a portfolio of retail and mixed-use properties, originally formed to acquire and redevelop properties from Sears Holdings.
Seritage Growth Properties (SRG) entered into an option purchase and sale agreement to sell its Dallas, Texas property to Arena Development Intermediate, LLC for $50.76 million. The buyer paid an initial $169,200 option payment on June 1, 2026, and will provide escalating monthly option payments that are non-refundable and incremental to the purchase price. Closing is expected by the earlier of 90 days post-entitlements period expiration or January 31, 2028. The agreement is cross-conditioned and cross-defaulted with a related purchase agreement for an adjacent property owned by unaffiliated third parties. The sale continues a multi-year asset disposition program to wind down the former Sears real estate portfolio, though the long-dated structure and cross-default with an adjacent site introduce third-party closing risks unusual for single-asset dispositions.
Featured in Issue #18 ·
Waldencast plc WALD (US) · $1.83 · MCAP $216M · EV $373M
EV/Sales: 1.3x · EV/GP: 2.8x (FY2026)
Waldencast plc is a global beauty and wellness platform that owns and operates purpose-driven brands. Obagi Medical is a pioneer in physician-dispensed, medical-grade skincare and aesthetics products sold through healthcare professionals across North America, Europe, Asia and the Middle East.
Waldencast plc (WALD) signed a definitive agreement to sell its Obagi Medical business to Bridgepoint for an enterprise value of up to $460 million, subject to customary adjustments and contingent future payments. The company intends to apply the proceeds toward the full repayment of its approximately $178 million senior secured term loan held by Lumina Capital Management. Closing is expected by September 30, 2026, and is subject to regulatory approvals but lacks a financing condition or shareholder vote requirement. Waldencast founders and select management will transition to lead the divested asset alongside Bridgepoint at closing. This divestiture pivots Waldencast into a pure-play on Milk Makeup and de-levers the balance sheet, though the contingent-payment structure and absence of disclosed upfront cash create uncertainty regarding net proceeds.
Featured in Issue #18 ·
Onity Group Inc. ONIT (US) · $33.86 · MCAP $286M · EV $16.3B
Fwd P/E: 4.0x (FY2026)
Onity Group is a leading non-bank mortgage servicer and originator operating through Onity Mortgage Corporation, with a large servicing portfolio and a technology-enabled lending platform. Headquartered in West Palm Beach, FL, it serves customers across the US and offshore operations in India and the Philippines.
Onity Group Inc. (ONIT) received regulatory approval on May 28 to sell its reverse mortgage servicing portfolio and certain origination assets to Finance of America Reverse LLC for expected net proceeds of $70 million to $80 million. The transaction covers mortgage servicing rights on approximately 20,000 Ginnie Mae HECM loans with a $5.1 billion unpaid principal balance. Upon closing, Onity will discontinue reverse mortgage originations and enter a three-year subservicing agreement for the sold assets. On June 1, the board authorized a $20 million open-market share repurchase program through June 2027 to be funded by the sale proceeds. This regulatory milestone converts the legacy portfolio sale to highly probable, unlocking cash for a $20 million buyback—a material capital-return catalyst that also simplifies the company's business toward forward mortgage servicing.
Featured in Issue #18 ·
Maui Land & Pineapple Company, Inc. MLP (US) · $16.45 · MCAP $327M · EV $330M
Maui Land & Pineapple Company owns and manages approximately 22,000 acres on Maui, including the Kapalua Resort, a master-planned community with golf courses, residential lots, and commercial real estate. The company historically operated pineapple plantations but is now primarily a landholding and development entity.
Maui Land & Pineapple Company (MLP) entered into a definitive Purchase and Sale Agreement on May 27, 2026, to sell 8.783 acres of Kapalua Resort land to DC Kapalua 1 Property, LLC. The transaction includes a $10M base price plus up to 3.5 additional acres priced at $1,138,565 per acre. A 90-day due diligence period commenced at signing, during which earnest money deposits become nonrefundable in stages. Closing is contingent on the buyer securing governmental approvals for its planned development, and either party may terminate the agreement if these approvals fail. This $10M+ transaction represents a material monetization of a core asset, with the 90-day diligence window creating a near-term catalyst where acceptance triggers nonrefundable deposits and shifts the deal toward closing.
Featured in Issue #18 ·
Gentherm Incorporated THRM (US) · $36.25 · MCAP $1.1B · EV $1.2B
Fwd P/E: 13.4x · EV/EBITDA: 7.3x · EV/Sales: 0.8x · EV/GP: 3.3x (FY2026)
Gentherm is a $1.5B revenue developer of thermal management and pneumatic comfort technologies, primarily for automotive OEMs (heated/cooled seats, steering wheels), with a small but growing medical segment.
Gentherm Incorporated (THRM) is acquiring the Performance Technologies business of Modine Manufacturing Company through a Reverse Morris Trust structure first announced in January 2026. On June 3, 2026, management provided updated strategic and financial details, projecting $2.6B in revenue and $320M in EBITDA for the combined company at closing. The Modine management team will continue to operate the business as a standalone division, and post-transaction leverage is expected to be approximately 1x. Gentherm is targeting $3.5B+ in revenue and $520M+ in EBITDA for the entity by 2030. This acquisition confirms the industrial logic and financial targets for a significant pivot intended to diversify Gentherm away from its 97% automotive revenue concentration.
Featured in Issue #18 ·
Trulieve Cannabis Corp. TCNNF (US) · $11.74 · MCAP $2.3B · EV $2.5B
Fwd P/E: NM · EV/EBITDA: 11.2x · EV/Sales: 2.2x · EV/GP: 4.3x (FY2026)
Trulieve Cannabis Corp. is a vertically integrated US cannabis operator with a dominant retail presence in Florida, operating medical and mixed-use dispensaries. The deconsolidated Harvest entity holds the mixed-use assets, while Trulieve retains its medical cannabis operations.
Trulieve Cannabis Corporation (TCNNF) has deconsolidated its mixed-use cannabis operations into Harvest Enterprises, LLC, while retaining its medical cannabis business. In a transaction announced June 3, Whitley Holding 05192026, LLC acquired 10% of Harvest's voting equity for $14.8 million, gaining the right to appoint two of three board members to ensure Trulieve lacks accounting control. Trulieve retains non-voting, non-participating units convertible into up to 90% of Harvest’s common equity only after the NYSE permits companies consolidating non-medical US cannabis operations to list. This structural segregation is intended to qualify Trulieve for a subordinate voting share listing on the NYSE. The arrangement effectively warehouses the economic upside of the mixed-use business off-balance-sheet until federal permissibility, creating a unique optionality play for a potential uplisting catalyst.
Featured in Issue #18 ·
National Health Investors, Inc. NHI (US) · $70.43 · MCAP $3.4B · EV $4.7B
Fwd P/E: 19.8x · EV/EBITDA: 22.2x · EV/Sales: 16.8x · EV/GP: NM (FY2026)
National Health Investors is a healthcare REIT that invests in senior housing and skilled nursing facilities, primarily through long-term triple-net lease structures.
National Health Investors, Inc. (NHI) is selling a 35-property portfolio comprising 32 skilled nursing facilities and three independent living facilities to NHC/OP, L.P., a subsidiary of National HealthCare Corporation. The assets are currently master-leased to the buyer's subsidiaries under a structure dating back to 1991. On May 26, 2026, the HSR waiting period was terminated early and the buyer waived its Review Period termination right, clearing the final pre-closing milestones. The transaction is expected to close on or about July 1, 2026. This divestiture unwinds the long-standing master-lease structure and confirms the two primary deal-risk gates are now behind the July 1 closing milestone.
Featured in Issue #18 ·
ChronoScale Corporation CHRN (US) · $23.36 · MCAP $3.4B · EV $3.5B
ChronoScale Corporation operates a cloud business alongside its wholly owned subsidiary Ekso Bionics, which develops industrial exoskeleton technology. The divestiture will leave ChronoScale as a pure-play cloud company.
The ChronoScale Corporation (CHRN) board committed on May 29 to divest wholly owned subsidiary Ekso Bionics, according to a June 4 8-K filing. The divestiture exits ChronoScale from the industrial exoskeleton segment to refocus the provider exclusively as a pure-play cloud business. The company expects to complete the transaction during the first fiscal quarter and anticipates material severance, lease, and transaction costs. ChronoScale is currently unable to estimate the total charges or range of amounts associated with these exit activities. This clean break into a pure-play cloud business reshapes the CHRN investment thesis by jettisoning an underperforming hardware subsidiary, though the undisclosed cost range and uncertain exit structure via sale or wind-down keep the net value impact unclear.
Featured in Issue #18 ·
Edgewise Therapeutics, Inc. EWTX (US) · $40.26 · MCAP $4.3B · EV $3.8B
Edgewise Therapeutics is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for rare muscle diseases. Its lead neuromuscular asset sevasemten targets Becker and Duchenne Muscular Dystrophy.
Edgewise Therapeutics, Inc. (EWTX) entered into a definitive asset purchase agreement on May 31, 2026, to sell its sevasemten-based neuromuscular program to Servier Pharmaceuticals LLC and Les Laboratoires Servier for $1.55B in cash at closing. The agreement includes up to $1.1B in milestone payments tied to U.S. marketing approvals for Becker and Duchenne Muscular Dystrophy and annual U.S. net sales exceeding $550M. Subject to HSR clearance and a go-shop provision, the transaction is expected to close in Q3 2026 with a drop-dead date of September 30, 2026. Servier obtained representation-and-warranty insurance to cover certain post-closing breach risks. This monetization of a single late-stage neuromuscular asset for $1.55B upfront effectively de-risks the balance sheet and creates a substantial liquidity event, requiring PMs to model post-close cash per share and gauge redeployment optionality.
Featured in Issue #18 ·
BXP, Inc. BXP (US) · $62.33 · MCAP $9.9B · EV $28.4B
Fwd P/E: 31.9x · EV/EBITDA: 14.2x · EV/Sales: 8.2x · EV/GP: 13.5x (FY2026)
BXP, Inc. is a major U.S. office real estate investment trust (REIT) operating through Boston Properties Limited Partnership, owning and managing premier workplaces in Boston, New York, San Francisco, and Washington, D.C.
BXP, Inc. (BXP) entered a definitive agreement to sell its leasehold interest in Sumner Square and three associated Washington, D.C., office buildings for a gross purchase price of $63M. The buyer provided a $6M non-refundable deposit, though the company stated that closing of the transaction is not assured. The sale is expected to trigger an approximately $18M non-cash impairment loss in Q2 2026, which will reduce net income by roughly $0.10 per share while leaving Funds From Operations (FFO) unchanged. This divestiture follows the strategic asset sales plan for portfolio rebalancing established during the company's 2025 Investor Day. The transaction signals a willingness to reposition the portfolio even at an accounting impairment, leaving REIT-focused PMs to determine whether capital recycled from below-market asset sales can be redeployed at higher yields.
Featured in Issue #18 ·
General Mills, Inc. GIS (US) · $33.63 · MCAP $17.9B · EV $31.1B
Fwd P/E: 10.6x · EV/EBITDA: 8.3x · EV/Sales: 1.7x · EV/GP: 5.0x (FY2027)
General Mills is a global packaged-food company with brands including Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, and Pillsbury. The company generated $19 billion in fiscal 2025 net sales.
General Mills, Inc. (GIS) signed a definitive agreement to sell its Häagen-Dazs shops in Mainland China to an investor group including Ningji. The buyer receives an exclusive license to use the Häagen-Dazs brand for ice cream shops and gifting in Mainland China, while General Mills retains retail and foodservice operations in the country. Citi served as exclusive financial advisor for the transaction, which is expected to close in calendar 2026 pending regulatory approvals. The divestiture continues a multi-year portfolio reshaping that has turned over nearly one-third of net sales since fiscal 2018. This shift to an asset-light licensed model in Mainland China signals further margin-focused pruning of non-core global assets.
Featured in Issue #18 ·
International Flavors & Fragrances Inc. IFF (US) · $76.05 · MCAP $19.4B · EV $25.4B
Fwd P/E: 17.2x · EV/EBITDA: 44.6x · EV/Sales: 2.4x · EV/GP: 6.6x (FY2026)
International Flavors & Fragrances creates flavors, fragrances, and cosmetic active ingredients for consumer packaged goods, food, and beverage companies. Its Food Ingredients business supplies texturizers, cultures, enzymes, and plant-based proteins.
International Flavors & Fragrances Inc. (IFF) signed a definitive agreement to sell its Food Ingredients business to affiliates of CVC Capital Partners for approximately $4.3 billion. The company expects to receive net cash proceeds of approximately $3.8 billion and will retain a minority equity stake of approximately 9.9% in the future entity, valued at roughly $200 million. This divestiture is part of previously announced portfolio optimization initiatives and is subject to HSR and other regulatory approvals. The transaction agreement includes an outside termination date of May 28, 2027. This $4.3 billion sale serves as a major portfolio reshaping event where special-situations PMs should track the anticipated $3.8 billion net cash inflow and the progress of regulatory milestones leading to the May 2027 drop-dead date.
Featured in Issue #18 ·
The Hartford HIG (US) · $127.17 · MCAP $34.9B · EV $39.4B
Fwd P/E: 9.7x (FY2026)
The Hartford is a leading US property and casualty insurer, also offering group benefits and mutual funds. Hartford Funds is its wealth management subsidiary providing investment solutions to financial advisors and retail investors.
The Hartford Insurance Group, Inc. (HIG) entered into a definitive agreement to sell its asset management subsidiary, Hartford Funds, to Wellington Management for undisclosed terms. The transaction converts a 40-year strategic partnership into an outright acquisition, with the unit to be integrated into Wellington’s U.S. Wealth business and rebranded under the Wellington name. The divestiture signals a strategic simplification that removes a captive distribution channel and could free up capital for share repurchases or redeployment into the company’s core property and casualty and group benefits businesses.
Featured in Issue #18 ·
KKR & Co. Inc. KKR (US) · $93.40 · MCAP $87.1B · EV $147.2B
Fwd P/E: 15.5x (FY2026)
KKR & Co. Inc. is a global alternative asset manager that invests across private equity, credit, real assets, and infrastructure. The firm acquires, scales, and divests portfolio companies, with CIRCOR Aerospace being a manufacturer of mission-critical flow-control components for aerospace and defense applications.
KKR & Co. Inc. (KKR) entered into a definitive agreement on May 21 to divest CIRCOR Aerospace to Parker Hannifin Corporation for $2.55 billion. KKR originally acquired the parent company CIRCOR for $1.8 billion in 2023 and will retain the Naval and Industrial business units after the transaction closes. The deal is expected to close in H2 2026, subject to regulatory approvals and customary conditions. This transaction crystallizes a ~40 percent gross return on the original 2023 acquisition in under four years via the sale of a single division. The takeaway for a special-sits PM is the realized multiple on the carve-out flip and the remaining stub value in the retained CIRCOR businesses.
Featured in Issue #18 ·
McKesson Corporation MCK (US) · $739.53 · MCAP $88.6B · EV $94.7B
Fwd P/E: 16.7x · EV/EBITDA: 13.7x · EV/Sales: 0.2x · EV/GP: 6.1x (FY2027)
McKesson is a leading pharmaceutical distributor and healthcare services company. Its Medical Surgical Solutions unit is a major supplier of medical-surgical products and services to healthcare providers.
McKesson Corporation (MCK) entered into a definitive agreement for Apollo Global Management to make a $1.25 billion minority investment in its Medical Surgical Solutions (MMS) unit through preferred equity. The transaction grants Apollo a roughly 13% stake in the division, valuing the MMS segment at approximately $13 billion. This investment is framed as a step toward a potential spin-off of MMS into a separate publicly traded entity to simplify McKesson's core pharmaceutical distribution business. The $13 billion implied valuation for MMS provides a concrete reference point for a sum-of-the-parts analysis of McKesson as investors track for a formal spin-off announcement and the filing of a Form 10 with pro forma financials.
Featured in Issue #18 ·
Coca-Cola Co KO (US) · $79.48 · MCAP $342.0B · EV $374.9B
Fwd P/E: 24.3x · EV/EBITDA: 21.3x · EV/Sales: 7.6x · EV/GP: 12.4x (FY2026)
HCCH is the holding company for Hindustan Coca-Cola Beverages, Coca-Cola's largest India bottler, manufacturing and distributing Coca-Cola, Thums Up, Sprite, Fanta, Limca, Maaza, and Minute Maid across 10 Indian states.
The Coca-Cola Company (KO) is exploring a 2027 initial public offering for its Indian subsidiary, Hindustan Coca-Cola Holdings Pvt. Ltd., on the Bombay Stock Exchange and NSE India. The company has engaged Rothschild & Co as an advisor for the listing, which would involve the sale of a portion of Coca-Cola's stake in the entity. Hindustan Coca-Cola Holdings is the holding company for India's largest bottler, operating 14 plants across 10 states and serving more than 1.7 million customers. Jubilant Bhartia Group acquired a 40% stake in the subsidiary in July 2025 and supports the proposed transaction. The IPO would create a pure-play bottler comparable for other emerging-market consumer assets, with the Jubilant stake and advisor mandate indicating advanced preparatory work.
Featured in Issue #18 ·
TEPCO Resources Inc. TEPCO (US)
TEPCO Resources Inc. is a subsidiary of Tokyo Electric Power Company, holding energy-related assets including a stake in the Cigar Lake uranium mine in Canada.
TEPCO Resources Inc. (TEPCO) entered into a definitive agreement to sell its entire 5% stake in the Cigar Lake uranium mining joint venture to Orano Canada Inc. and Cameco Corporation. Under the terms of the June 2, 2026, announcement, Orano Canada will increase its ownership by 2.129% to 42.582% and Cameco will increase its holding to 57.418%. The transaction is subject to regulatory approvals and customary closing conditions, with an expected close in the third quarter of 2026. For a PM tracking Japanese utility restructuring, the divestiture signals further asset rationalization as TEPCO monetizes its material, non-core stake in this top-tier mining asset.
Featured in Issue #18 ·
PT Telkom Indonesia (Persero) Tbk TLK (US) · $15.54 · MCAP $15.1B · EV $18.0B
PT Telkom Indonesia is Indonesia's largest state-owned telecommunications and network provider, offering fixed-line, mobile, data, and digital services.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) announced that its subsidiary TelkomMetra and MDI have entered into a share purchase arrangement to divest 100% of PT Administrasi Medika (AdMedika Group) to Global Assistance & Healthcare Singapore Pte, Ltd. (Fullerton). The transaction involves TelkomMetra’s 99.99% stake of 452,329 shares and MDI’s 0.01% stake. This divestiture supports Telkom’s restructuring into four strategic pillars of digital infrastructure, integrated B2C, B2B ICT, and international operations. Management stated the transaction will not have a material impact on the company’s financial condition, operational activities, or business continuity. The transaction signals management is pruning subsidiaries to streamline the portfolio ahead of a broader holding-company restructuring and aligns with Indonesian state-owned enterprise reform pressures from Danantara Asset Management.
Featured in Issue #18 ·
Red Robin Gourmet Burgers, Inc. RRGB (US) · $4.81 · MCAP $82M · EV $573M
EV/EBITDA: 15.6x · EV/Sales: 0.5x · EV/GP: 0.7x (FY2026)
Red Robin Gourmet Burgers, Inc. owns and franchises full-service casual dining restaurants under the Red Robin brand, specializing in gourmet burgers and bottomless fries. The company operates and franchises approximately 500 locations across the United States.
Red Robin Gourmet Burgers Inc (RRGB) signed a definitive Asset Purchase Agreement to sell 30 company-owned restaurants in Washington and Idaho to Evergreen Dining LLC for $23.5 million. Under the terms of the all-cash deal. Evergreen will operate the locations as franchised units under long-term agreements entered into at closing. Proceeds from the divestiture are earmarked to reduce outstanding indebtedness. Closing is targeted for August 21, 2026, subject to landlord consents, liquor license transfers, and lender approval. This refranchising sale shifts the operating model toward an asset-light franchise structure and provides a liquidity event to de-lever the balance sheet, though execution remains contingent on external third-party consents.
Featured in Issue #17 ·
Stratus Properties Inc. STRS (US) · $28.59 · MCAP $228M · EV $279M
Stratus Properties is a diversified real estate development and management company focused on mixed-use, multi-family, and commercial properties primarily in Austin and Central Texas.
Stratus Properties Inc (STRS) signed a definitive agreement to sell the retail component of its Jones Crossing development to Brixmor Operating Partnership LP for $46.5M in cash. This transaction represents the first contracted asset sale under the company’s Plan of Liquidation and is expected to generate approximately $20M in net pre-tax cash proceeds after loan repayments and closing costs. Stratus will retain the 21-acre multi-family component of the Jones Crossing development. The purchaser’s inspection period expires May 29, 2026, and the deal is not contingent on financing, with closing anticipated in Q2 or Q3 2026. This divestiture begins the conversion of illiquid real estate into cash earmarked for stockholder distributions while leaving residual value in the retained multi-family parcel.
Featured in Issue #17 ·
Conduent Incorporated CNDT (US) · $1.73 · MCAP $268M · EV $894M
EV/EBITDA: 6.3x · EV/Sales: 0.3x · EV/GP: 1.8x (FY2026)
Conduent provides digital business solutions including commercial, government, and transportation services. Its transportation segment covers mission-critical tolling and public transit fare-collection systems worldwide.
Conduent (CNDT) signed a definitive agreement to sell its public transit unit to Modaxo for $164 million. The divested business provides global fare collection, fleet management, and payment systems, while Conduent will retain its tolling segment which processes over 14 million transactions daily. The transaction is expected to close by the end of 2026. This sale advances a portfolio-simplification strategy and strengthens the balance sheet, consistent with a $100 million cost-reduction plan announced at Q1. The deal raises the possibility of further monetization of the remaining tolling business and the use of proceeds for debt reduction or a return of capital.
Featured in Issue #17 ·
Cogent Communications Holdings, Inc. CCOI (US) · $17.76 · MCAP $889M · EV $3.8B
EV/EBITDA: 9.3x · EV/Sales: 3.9x · EV/GP: 22.3x (FY2026)
Cogent Communications is a facilities-based provider of low-cost, high-speed internet access and private network services to bandwidth-intensive businesses, operating an all-optical IP network across 306 markets globally.
Cogent Communications Holdings, Inc. (CCOI) entered into a definitive agreement to sell 10 US data center facilities to a newly formed entity sponsored by I Squared Capital for $225 million in cash. The assets are located across Arizona, California, Georgia, Illinois, Maryland, Missouri, Tennessee, and Texas. Closing is expected on the later of June 12, 2026, or the expiration of the HSR antitrust clearance period. No financing contingency is mentioned. This $225 million cash sale represents a material divestiture of approximately 8.6% of market capitalization and provides a near-term liquidity injection with HSR clearance as the final gating item.
Featured in Issue #17 ·
International Flavors & Fragrances Inc. IFF (US) · $76.05 · MCAP $19.4B · EV $25.4B
EV/EBITDA: 12.3x · EV/GP: 6.6x
IFF is a global leader in flavors, fragrances, food ingredients, and health and biosciences. The divested unit is a top-tier producer of texturants, emulsifiers, and plant-based specialty ingredients for multinational food and beverage customers.
IFF (IFF) entered into a definitive agreement to sell its Food Ingredients business to CVC Capital Partners for an enterprise value of approximately $4.3 billion, representing roughly 10x EBITDA. The divested unit produced approximately $3.1 billion in sales and $430 million in EBITDA in 2025. IFF will retain a roughly 10% minority equity stake in the business valued at approximately $200 million to participate in future upside. White & Case and Citibank are serving as advisors on the transaction. The $4.3 billion deal transforms IFF into a pure-play flavors, fragrances, and health sciences company, requiring special-sits PMs to assess potential re-rating of the remaining innovation-driven portfolio and track the eventual monetization of the $200 million retained stake.
Featured in Issue #17 ·
Yum! Brands Inc. YUM (US) · $147.95 · MCAP $40.8B · EV $53.3B
Fwd P/E: 21.8x · EV/EBITDA: 16.7x · EV/Sales: 5.8x · EV/GP: 12.6x (FY2026)
Yum! Brands is a global quick-service restaurant operator with four major brands: KFC, Taco Bell, Pizza Hut, and Habit Burger Grill. Pizza Hut is the second-largest pizza chain worldwide with nearly 20,000 locations across dine-in, delivery, and carryout formats.
Yum! Brands (YUM) is in exclusive negotiations to sell Pizza Hut to private equity firm LongRange Capital after the firm outbid Sycamore Partners in the final round of a strategic review. A definitive agreement could be reached in the coming weeks as Pizza Hut separately prepares to close 250 US locations in 2026 and rebrand 155 outlets as retro "Classic" stores. The potential sale follows sales headwinds and competitive pressure from delivery-focused rivals. This divestiture would be the largest portfolio move for the company since 2019, with deal-break risk focused on whether terms are finalized within the exclusivity window or if Sycamore re-enters the process.
Featured in Issue #17 ·
The Marketing Alliance, Inc. MAAL (US) · $1.65 · MCAP $12M · EV $10M
TMA provides support to independent insurance brokerage agencies, integrating insurance and insuretech engagement platforms to offer members value-added services.
The Marketing Alliance (MAAL) signed a definitive agreement to sell substantially all equipment assets and real property of its Empire Construction business to an unaffiliated purchaser. Financial terms of the divestiture were not disclosed. This sale of a non-core construction segment could streamline the company's focus on its insurance and insuretech engagement platforms. The transaction is expected to be reflected in financial statements for the quarter ending June 30, 2026. The Equity Group Inc. is serving as advisor.
Featured in Issue #16 ·
Australia 13 situations
Orange Minerals NL OMX.AX (AU) · MCAP $7M · EV $6M
Orange Minerals NL is an Australian mineral exploration company focused on gold and base metal projects, including the Calarie Project in New South Wales.
Orange Minerals NL (OMX.AX) will divest a 51% interest in tenements associated with the Calarie Project to Adavale Resources Limited for 7.91 million Adavale shares and 15.81 million options. The transaction structures a farm-in or joint-venture divestment, shifting control of the project to Adavale while Orange Minerals retains minority exposure. The divestment creates a direct publicly traded stub in which Orange Minerals holds a liquid Adavale equity and options block potentially worth more than its own $7M market cap, with value realization dependent on the post-deal NAV breakdown and any share lock-up provisions.
Featured in Issue #18 ·
ASF Group Limited AFA.AX (AU) · MCAP $36M · EV $35M
ASF Group Limited is an Australia-listed diversified investment company with over 40 years of history, focused on cross-border trade and investment in property, resources, technology, and financial services.
ASF Group Limited (AFA.AX) signed a binding Share Sale and Purchase Agreement on June 1, 2026, to sell its wholly-owned subsidiary, ASF Coking Coal Pty Ltd, to Terra Mineral Resources Investment Limited. The $2M all-cash divestiture includes a portfolio of nine coking coal tenements in Queensland. Completion is scheduled for mid-June 2026. ASF Group intends to use the proceeds for growth initiatives, new investments, and working capital. This transaction converts a non-core asset into cash, providing near-term liquidity and a monetization event for the micro-cap diversified investment company.
Featured in Issue #18 ·
First Graphene Limited FGR.AX (AU) · MCAP $38M · EV $35M
First Graphene Limited is an Australian-listed advanced materials company that produces PureGRAPH graphene powders and dispersions. It supplies graphitic materials for cement, composites, plastics, coatings, and energy storage applications with a manufacturing base in Henderson, Western Australia.
First Graphene Limited (FGR) entered a binding sale agreement to acquire all assets and intellectual property of US-based MITO Material Solutions, Inc. for AU$850,000. Total consideration comprises AU$275,000 in cash and up to AU$575,000 in FGR shares tied to revenue milestones over a 24-month period. Expected to close on June 9, 2026, the transaction establishes the company's first direct US commercial platform and provides access to customers including Parlor Skis and St. Croix Rods. The acquisition expands FGR’s portfolio into functionalised nanomaterials and graphene oxide for aerospace and defense applications. The deal creates a direct US operating presence and expands the technology portfolio into defense-relevant graphene oxide additives, but the absolute quantum is small and share issuance requires shareholder approval within 60 days of earn-out determination.
Featured in Issue #18 ·
Euroz Hartleys Group Limited EZL.AX (AU) · MCAP $141M · EV $64M
Australian financial services group with Capital Markets (corporate advisory, equities) and Private Wealth divisions.
Euroz Hartleys Group Limited (EZL.AX) received a confidential, non-binding proposal from BMO Financial Group to acquire its Capital Markets business for $102M in cash. The proposal includes a strategic alliance between BMO and the company’s Private Wealth division, which Euroz Hartleys would retain. BMO has been granted exclusivity through June 30, 2026, for due diligence and documentation. Grant Samuel is serving as financial advisor to Euroz Hartleys and Steinepreis Paganin is legal advisor. The $102M cash sale of the Capital Markets division would unlock value while keeping the Private Wealth business, with the focus on a definitive agreement or deal expiry by the June 30, 2026, deadline.
Featured in Issue #18 ·
Lendlease Group LLC.AX (AU) · MCAP $1.2B · EV $3.7B
Fwd P/E: 6.1x · EV/Sales: 0.7x · EV/GP: 13.1x (FY2027)
Lendlease is an Australian-based international property and infrastructure group with development, construction, and investment management operations across Australia, Asia, Europe, and the Americas. The Capital Release Unit (CRU) holds non-core legacy development assets the company is actively selling.
Lendlease Group (LLC.AX) entered a definitive agreement to sell development rights for the Milano Santa Giulia mixed-use project (MSG North) to an investment group sponsored by Bizzi & Partners S.p.A. for a gross value of ~$250M. The deal includes ~$90M in cash proceeds and the assumption of ~$160M in project debt by the purchaser. The sale is at a discount to book value and is expected to generate a ~$175M post-tax operating loss in the Capital Release Unit (CRU). Lendlease has announced or completed ~$2.9B in CRU capital recycling since May 2024, with ~$800M in transactions currently contracted but uncompleted. This exit from complex international developments converts land into ~$90M net cash and creates a near-term catalyst cluster as the company targets multiple CRU transaction completions by 30 June 2026.
Featured in Issue #18 ·
Macquarie Group Limited MQG.AX (AU) · MCAP $61.1B · EV $120.2B
Fwd P/E: 17.9x (FY2027)
CLI - Corredor Logística e Infraestrutura S.A. is a leading independent port and logistics operator in Brazil, managing terminals at the ports of Itaqui and Santos that serve the country's agricultural export sector.
Macquarie Group Limited (MQG.AX), through Macquarie Asset Management’s MIP V fund, and IG4 Capital entered a definitive agreement to sell their controlling stake in Brazilian port operator CLI to AD Ports Group. The transaction is valued at US$835 million and remains subject to customary regulatory and antitrust approvals. CLI operates as an independent port and logistics provider in Brazil, managing terminals in Itaqui and Santos that serve the agricultural export sector. Citi served as the financial advisor to the sellers, while BTG Pactual advised AD Ports Group. The agreement, signed on June 2, 2026, facilitates the exit from a four-and-a-half-year private infrastructure investment. The exit provides a US$835M realizable return benchmark for the MIP V fund while validating the private-market premium for Brazilian export-corridor infrastructure.
Featured in Issue #18 ·
Sequoia Financial Group Limited SEQ.AX (AU) · MCAP $11M · EV $32M
Sequoia Financial Group Limited is an ASX-listed financial services company offering wealth management, financial planning, and accounting services through multiple operating subsidiaries in Australia.
Sequoia Financial Group Limited (SEQ.AX) has deferred the payment of its previously declared interim dividend from June 3 to June 29, 2026, pending the outcome of a Federal Court timetable regarding its disputed disposal of InterPrac. The company previously issued a notice to the purchaser seeking the termination of the InterPrac Share Sale Agreement. The Federal Court has set a June 25, 2026 deadline for any applications concerning the status of that agreement. Sequoia’s board confirmed that the interim dividend will be paid regardless of whether the disposal is completed. The court-imposed June 25 deadline creates a binary catalyst for whether the InterPrac disposal proceeds or is formally terminated, where a collapse of the sale would remove a liquidity event for the company.
Featured in Issue #17 ·
Lithium Energy Limited LEL.AX (AU) · MCAP $30M · EV $32M
Lithium Energy is an ASX-listed exploration company holding graphite projects in central Queensland (Burke, Mt Dromedary, Corella). It historically focused on battery minerals, and this transaction separates its graphite assets into a new vehicle targeting vertically integrated battery anode material production.
Lithium Energy (LEL.AX) signed a share sale and purchase agreement to divest its Queensland graphite projects to M Battery Materials Pty Ltd (MBM) for A$20 million. The consideration comprises A$5 million in cash and A$15 million in MBM shares, valued at a planned A$0.50 per share IPO intended to raise at least A$15 million. MBM, led by Matt Latimore and Gerhard Redelinghuys, intends to list on the ASX, after which Lithium Energy shareholders would hold approximately 33.33% of the vehicle via an in-specie distribution. The transaction is subject to shareholder approval and an ASX escrow decision, which may limit the initial distribution to 75% of the consideration shares. This divestiture creates a direct tradable exposure to a combined graphite-vanadium play, with the forthcoming IPO prospectus lodgment and ASX escrow ruling serving as the primary near-term catalysts.
Featured in Issue #17 ·
Coronado Global Resources Inc. CRN.AX (AU) · MCAP $325M · EV $774M
EV/EBITDA: 3.6x · EV/Sales: 0.5x (FY2026)
Coronado Global Resources Inc. is an ASX-listed producer and exporter of high-quality metallurgical and thermal coal, with operations in the United States and Australia.
Coronado Global Resources Inc. (CRN.AX) entered into a definitive agreement on May 25, 2026, to sell its 100% interest in Coronado Coal II LLC, which holds the Logan Mining Complex in West Virginia, to Phoenix Coal Holdings, LLC. The transaction involves nominal cash consideration after working capital adjustments, with the buyer assuming all reclamation and post-closing operational liabilities. The divestiture is expected to be free cash flow positive by eliminating ongoing care-and-maintenance costs and future reclamation obligations. Completion is slated for July 2026, subject to customary closing conditions. This nominal-cash divestiture serves as a de-risking event by offloading material environmental liabilities and removing a holding-cost drag, potentially leading to a re-rating as the company sharpens its focus as a pure-play metallurgical coal producer.
Featured in Issue #17 ·
Brazilian Rare Earths Limited BRE.AX (AU) · MCAP $1.3B · EV $623M
Brazilian Rare Earths Limited is an ASX-listed explorer and developer focused on rare earth elements and bauxite in Brazil. Its Amargosa Bauxite Project, now being carved into subsidiary Alurion Resources, targets bauxite, gallium and critical minerals development.
Brazilian Rare Earths (BRE.AX) appointed Mauricio Noronha as CEO and named a six-person Board of Directors for its subsidiary, Alurion Resources Limited. The subsidiary holds the Amargosa Bauxite Project, which BRE intends to demerge and list on the ASX through an initial public offering. Board appointments include former Alcoa Brazil President Otavio Carvalheira, mining investor Andrea Weinberg, and IperionX CCO Dominic Allen. The ASX has provided in-principle advice regarding the demerger and Alurion’s listing suitability, signaling that regulatory support for the transaction is advancing. BRE shareholders should monitor the upcoming prospectus and shareholder vote timing for the demerger record date, as a pro-rata distribution of Alurion shares is likely.
Featured in Issue #17 ·
Beach Energy Ltd BPT.AX (AU) · MCAP $1.8B · EV $2.4B
Fwd P/E: 5.0x · EV/EBITDA: 6.5x · EV/Sales: 1.6x · EV/GP: 3.0x (FY2027)
Beach Energy Ltd is an ASX-listed oil and gas exploration and production company with operations focused on the Cooper Basin and Otway Basin, supplying natural gas, LNG, and liquids to Australia's east coast domestic market.
Beach Energy Ltd (BPT.AX) signed a binding agreement to divest its interest in the VIC/L35 permit, which contains the Artisan gas field, to Amplitude Energy Ltd and O.G. Energy. Amplitude Energy will acquire a 50% interest for $58.3 million in cash, and O.G. Energy will acquire a 10% interest on identical terms, resulting in each counterparty holding a 50% stake post-closing. Beach retains a production royalty of $3.75/GJ on 60% of gas produced before June 30, 2036, capped at 62 PJ. The transaction carries a total implied after-tax value of approximately A$130M and involves an asset located 17 km from existing Otway Basin pipeline infrastructure. The transaction provides a clean comparable for Otway Basin undeveloped gas assets and signals management's capital-discipline pivot.
Featured in Issue #17 ·
Accelerate Resources Limited AX8.AX (AU) · MCAP $4M · EV $2M
Accelerate Resources Limited is an Australian junior gold explorer focused on advancing its Balagundi Gold Project in the Kalgoorlie goldfields of Western Australia.
Accelerate Resources Limited (AX8.AX) signed a binding agreement with Maritana Minerals Limited to divest its Kanowna East tenements in exchange for Maritana's Balagundi tenure and $200,000 in Maritana shares. The asset swap involves zero net cash outlay and doubles the Balagundi gold project area to approximately 62km² near Kalgoorlie. This transaction consolidates landholding in a high-grade gold camp while offloading non-core exploration ground. Completion is subject to customary conditions, including Maritana shareholder approval and regulatory consents.
Featured in Issue #16 ·
InvestSMART Group Limited INV.AX (AU) · MCAP $13M · EV $5M
InvestSMART Group operates Australia's premier digital wealth platform, providing Professionally Managed Accounts, investment tools, and content. The Intelligent Investor unit publishes a flagship value-investing newsletter and manages four ASX-listed active ETFs.
InvestSMART Group (INV.AX) entered into a binding term sheet to sell its Intelligent Investor business and the management rights to four ASX-listed ETFs to Teaminvest Private Group Limited for A$16 million in cash. The Intelligent Investor unit has approximately 7,000 paid subscribers and 272,000 free users, with approximately $280M in assets under management across the four ETFs. The deal consideration exceeds the current market capitalization and share price of INV.AX, creating a potential value-unlock catalyst. The transaction is conditional on due diligence, definitive documentation, counterparty financing, and approval from both INV.AX shareholders and fund unitholders. Post-divestiture, InvestSMART Group plans to operate as a pure-play digital wealth platform with a stronger balance sheet for strategic acquisitions.
Featured in Issue #16 ·
Canada 10 situations
Prism Resources Inc. PRS.H (CA) · MCAP $171M · EV $3M
Prism Resources Inc. is a Vancouver-based precious metals explorer and developer holding a 7.5% net profit interest royalty on Agnico Eagle's Aurora and Sunday Lake properties in Ontario's Porcupine Mining District.
Prism Resources Inc. (PRS.H) entered into a definitive agreement to sell its 7.5% net profit interest royalty on the Aurora and Sunday Lake properties to Agnico Eagle Mines Limited for $5,000,000 in cash. As Agnico Eagle is a 10% shareholder, the transaction requires majority-of-minority approval under MI 61-101, excluding approximately 23% of outstanding shares held by the buyer and conflicted directors. Total proceeds are earmarked to pay $1.75 million to related-party promissory note holders, approximately $757,000 to debt repayment, and roughly $444,000 to settle accrued management and director fees. A special committee advised by Evans & Evans, Inc. obtained a valuation report and recommended the transaction. Minority shareholders should track the valuation report fairness opinion and vote threshold given the high insider entanglement and the allocation of proceeds toward internal debt and fee settlements.
Featured in Issue #18 ·
Star Royalties Ltd. STRR.V (CA) · MCAP $29M · EV $25M
Fwd P/E: 24.2x · EV/EBITDA: 5.0x · EV/GP: 3.1x
Star Royalties Ltd. is a precious metals and carbon credit royalty and streaming company. It acquires royalties and streams on producing and development-stage mines, with a pure-green joint venture (Green Star Royalties) focused on decarbonization projects.
Star Royalties Ltd. (STRR.V) entered a definitive agreement to extinguish its 2% NSR royalty on the Elk Gold Mine in exchange for an option to acquire a 5% stake in Gold Mountain Mining Corp. for C$500,000 in two tranches. The transaction follows Gold Mountain’s court-approved receivership process and restructures the Elk Gold asset under new ownership by Nhwelmen Construction Limited Partnership. Star Royalties will retain anti-dilution and tag-along rights post-closing, providing exposure to an expanded 21,187-hectare land package. The approximately $358.9K transaction is expected to close in Q2 2026 subject to the satisfaction of conditions precedent. The royalty-to-equity conversion trades a fixed NSR claim for equity optionality in a post-receivership restructured vehicle where the stake may represent a monetization path if Gold Mountain secures a development partner and external funding.
Featured in Issue #18 ·
Revival Gold Inc. RVG.V (CA) · MCAP $192M · EV $183M
EV/Sales: 1.4x (FY2027)
Revival Gold is a US-focused gold mine developer advancing the Mercur Gold Project in Utah and the Beartrack-Arnett Gold Project in Idaho. It is listed on the TSX Venture Exchange (RVG).
Revival Gold Inc. (RVG.V) signed a property purchase agreement on May 29, 2026, to sell its 51% interest in the Diamond Mountain phosphate project to Canadian Phosphate Ltd. Total consideration for the divestiture is US$1.53M, comprising US$127,500 in cash at closing and 3.08M Australian-listed Canadian Phosphate shares valued at US$382,500. The deal further includes a US$255,000 deferred payment due within 12 months and a US$765,000 payment contingent on commercial production. The transaction is subject to ASX and Canadian Phosphate shareholder approvals, with closing expected in Q3 2026. This sale monetizes a non-core asset for immediate cash and stock while the deferred-consideration structure means value realization is back-end loaded and contingent on Canadian Phosphate's execution.
Featured in Issue #18 ·
Meren Energy Inc. MER.TO (CA) · MCAP $1.1B · EV $711M
Fwd P/E: 21.6x · EV/EBITDA: 1.5x · EV/Sales: 1.4x · EV/GP: 6.0x (FY2026)
Meren Energy Inc. is a full-cycle independent upstream oil and gas company with producing assets in deepwater Nigeria and a leading exploration position in the Orange Basin, including an indirect interest in Namibia's Venus light oil project and a direct interest in Block 3B/4B offshore South Africa.
Meren Energy Inc. (MER.TO) announced that its investee, Impact Oil & Gas, entered a share purchase agreement on May 26, 2026, to sell its South African exploration subsidiary, Impact Africa Ltd, to IOG Energies Limited. IOG Energies is a wholly owned subsidiary of Impact’s majority shareholder, Deepkloof Limited, making this a related-party transaction. Completion is expected in Q3 2026 subject to South African regulatory approvals and joint venture partner consents. Post-transaction. Impact will focus on its 9.5% stake in the Venus light oil discovery operated by TotalEnergies. The restructuring removes Meren’s exposure to non-core South African exploration costs. The move focuses Impact entirely on the pre-FID Venus development in Namibia, where a final investment decision is expected this year.
Featured in Issue #17 ·
Elemental Royalty Corporation ELE (CA) · $17.84 · MCAP $1.1B · EV $456M
Fwd P/E: 47.3x · EV/EBITDA: 25.0x · EV/Sales: 5.1x · EV/GP: 8.1x (FY2026)
Elemental Royalty is a mid-tier gold-focused streaming and royalty company with a diversified portfolio of 18 producing assets and over 200 royalties, formed through the merger of Elemental Altus and EMX. Its wholly owned subsidiary Bronco Creek Exploration generates exploration projects in the Western U.S.
Elemental Royalty Corporation (ELE) subsidiary Bronco Creek Exploration (BCE) granted KGHM subsidiary RHUSA an option to earn 100% interest in the Royston, Big E, Tango, and Whiskey copper porphyry projects in Nevada. Under the agreement, RHUSA will provide US$315,000 in immediate execution payments and must fund up to US$600,000 in option payments and US$5M in exploration expenditures per project over six years. Upon exercise of the options. Elemental will retain a 2% NSR royalty with escalating annual advance royalty payments starting at US$50,000 and milestone payments up to US$1M per feasibility study. Benefits from the Tango project are split 70% for BCE and 30% for Great Western Mining Corporation (AIM: GWMO) under a pooled land package. This divestiture monetizes four internally generated exploration prospects with no upfront capital outlay, converting them into immediate cash and a potential long-term royalty stream that provides asymmetric upside for shareholders upon any project discovery.
Featured in Issue #17 ·
Tamarack Valley Energy Ltd. TVE.TO (CA) · MCAP $4.4B · EV $3.4B
Fwd P/E: 12.9x · EV/EBITDA: 3.5x · EV/Sales: 2.4x · EV/GP: 6.5x (FY2026)
Tamarack Valley Energy is a Canadian oil and natural gas producer operating in the Western Canadian Sedimentary Basin. Post-divestiture, it becomes a pure-play Clearwater heavy-oil producer with over 900 sections of land, 2,100+ drilling locations, and >54,000 boe/d of production.
Tamarack Valley Energy Ltd. (TVE) signed a definitive agreement to sell its Charlie Lake assets for C$804.0 million in cash, effective April 1, 2026. Advised by National Bank Financial, the divestiture covers assets producing approximately 18,000 boe/d and is expected to close near the end of Q2 2026. Proceeds are slated to eliminate all net debt and establish a net cash position exceeding $125 million, supporting a 25% quarterly dividend increase to $0.05 per share. Post-divestiture, the company will transition to a pure-play Clearwater producer with production of over 54,000 boe/d and 2,100 drilling locations. This transaction crystallizes a greater than 70% pre-tax return on invested capital for the Charlie Lake assets while funding an immediate dividend hike and accelerated Clearwater development through a fully de-levered balance sheet.
Featured in Issue #17 ·
Eco Atlantic Oil & Gas Ltd ECO.V (CA) · MCAP $279M · EV $276M
Eco Atlantic Oil & Gas is a Canadian-listed E&P company focused on acquiring and de-risking frontier offshore acreage in the Atlantic Margins, including assets offshore Namibia, South Africa, and Guyana.
Eco Atlantic Oil & Gas (ECO.V) signed a definitive farm-out agreement to divest a 37.5% working interest in Block 1 CBK offshore South Africa to Navitas Petroleum LP. The transaction follows Navitas' exercise of an option established under a prior strategic framework agreement. SQ receives cash consideration and a carried interest for exploration and development costs, while the deal expands an existing partnership across South Africa, the Falkland Islands, and potentially Guyana’s Orinduik Block. This binding transaction de-risks Block 1 exposure through a carried operating partner and non-dilutive cash, validating the company's monetization strategy and setting a valuation precedent for its remaining 62.5% interest.
Featured in Issue #17 ·
Morocco Strategic Minerals Corp. MCC.V (CA) · MCAP $24M · EV $24M
Morocco Strategic Minerals Corp. is a TSXV-listed junior mineral exploration company focused on projects in Morocco. The Sakami gold project is a 250 km² early-stage gold exploration property in the James Bay region of Quebec.
Morocco Strategic Minerals Corp. (MCC.V) entered into a definitive agreement to sell its 100% interest in the Sakami gold project to Visible Gold Mines Inc. for 4,000,000 common shares and a 1% NSR royalty buyable for C$1 million. The 250 km² early-stage exploration property in James Bay, Quebec, contains 475 claims and has received over C$5 million in prior exploration. Eskar Capital Corporation is acting as advisor on the divestiture. The received shares are subject to a voluntary three-year resale restriction, with 400,000 shares released after four months and 1,200,000 shares released annually thereafter. This transaction monetizes a non-core asset for passive equity in a better-funded explorer while avoiding dilution and retaining royalty upside, though the three-year lock-up creates an illiquid stake and a staggered share overhang.
Featured in Issue #17 ·
Azimut Exploration Inc. AZM.V (CA) · MCAP $49M · EV $46M
Fwd P/E: 10.8x · EV/EBITDA: 6.2x · EV/GP: 5.1x
Azimut Exploration is a Quebec-focused mineral explorer controlling strategic land positions for gold, copper, nickel, and lithium, using proprietary big-data analytics (AZtechMine) for target generation. It holds the Patwon gold deposit and maintains a strong balance sheet with Agnico Eagle and Centerra Gold as strategic shareholders.
Azimut (AZM.V) signed a definitive earn-in joint venture agreement with SOQUEM Inc. for the Northern Nickel Corridor Project in Quebec's James Bay region. SOQUEM can earn up to a 60% interest in 1,635 claims by funding $11 million in exploration expenditures and making $350,000 in cash payments, with an initial $2 million expenditure as a firm commitment. Azimut will act as operator for the first year, after which SOQUEM assumes operatorship of the 360km by 60km corridor targeting nickel, platinum, palladium, copper, and cobalt. The agreement on May 19, 2026, follows an April 14 letter of intent and allows Azimut to monetize a portion of its land package while retaining 40-50% exposure to high-grade nickel discoveries. If either partner dilutes below 10%, their interest converts to a 2% NSR royalty, half of which is buyable for $3 million.
Featured in Issue #16 ·
Realbotix Corp. XBOT.V (CA) · MCAP $52M · EV $31M
EV/Sales: 4.5x (LTM)
Realbotix designs and manufactures AI-powered humanoid robots for social roles including customer service, healthcare, education, and entertainment.
Realbotix Corp. (XBOT.V) provided an update on the reverse takeover of Onconetix (ONCO) by its subsidiary, Realbotix LLC, which is expected to close by October 2026. Realbotix Corp. will retain 75-90% ownership of the Nasdaq-listed entity post-transaction and will appoint four out of five directors to the Onconetix board. The transaction, first announced February 12, 2026, involves no changes to the Realbotix parent structure and no share issuance or consolidation by the parent. This carve-out gives existing shareholders continued exposure to commercial robotics while creating a standalone Nasdaq currency.
Featured in Issue #16 ·
China 10 situations
Henan Xinning Modern Logistics Co., Ltd. 300013.SZ (CN) · MCAP $366M · EV $413M
Henan Xinning Modern Logistics provides integrated logistics services in China, including warehousing, transportation, and supply chain management. The subsidiary stake being sold is in a Hong Kong-based warehousing and freight entity over which the parent lost operational control.
Henan Xinning Modern Logistics Co.,Ltd. (300013.SZ) announced that Shunuo Network Technology Co., Ltd. won the auction to acquire its 43% stake in Hong Kong Xinning Modern Logistics for RMB 8.34M ($1.14M). The transaction, conducted through a public listing on the Henan State-owned Property Rights Trading Platform, requires the buyer to assume all risks related to the target company's lack of financial data and the target director's discretion to block share transfer registration. Henan Xinning had fully impaired this investment in 2022 after losing operational control and the ability to obtain financial statements or exercise shareholder rights. The divestiture is expected to generate an estimated non-recurring profit of approximately RMB 8.34M due to the prior impairment. The transaction facilitates a zero-risk recovery for the seller on a distressed asset while removing a long-standing governance black hole.
Featured in Issue #18 ·
Sailosi Medical Technology Group Co., Ltd. 603716.SS (CN) · ¥16.24 · MCAP $514M · EV $556M
EV/GP: 22.5x
Sailosi Medical Technology Group operates in medical device distribution and supply-chain management, focusing on hospital SPD (supply, processing, distribution) services, in-vitro diagnostic equipment, and related reagents and consumables.
Thalys Medical Technology Group Corporation (603716.SS) entered into a definitive agreement to sell a 50% stake in its Beijing supply-chain subsidiary to existing 49% shareholder 霍菲 (Huo Fei) for RMB 18.626 million. The transaction is priced at a 1.09% premium to book value following a RMB 10 million dividend distribution to shareholders. Post-closing, the seller will retain a 1% interest while the subsidiary, which reported 2025 net income of RMB 925,000 on RMB 335.5 million in revenue, will exit the company's consolidation scope. Full payment is due within five days of signing, with equity transfer registration scheduled for completion within 10 working days of receiving the purchase price and dividend. The disposal extracts RMB 18.6 million in cash from a low-margin unit and deconsolidates RMB 10.8 million in assets, serving as a clean small-cap deleveraging move with minimal closing risk.
Featured in Issue #18 ·
Harbin Dongan Auto Engine Co., Ltd. 600178.SS (CN) · MCAP $621M · EV $650M
EV/EBITDA: 6.6x · EV/Sales: 0.5x · EV/GP: 11.1x (FY2026)
Manufactures automotive engines and powertrain components in China. Listed on the Shanghai Stock Exchange under ticker 600178.
Harbin Dongan Auto Engine Co.,Ltd (600178.SS) announced a plan to divest idle land and buildings in Dezhou, Shandong, through a public listing on a property exchange. Following board approval on June 2, 2026, the initial listing price is set at RMB 15.05 million with a floor price established at 90% of the RMB 14.33 million appraisal value. The assets carry a net book value of RMB 7.07 million as of Q1 2026, suggesting a potential pre-tax gain of approximately RMB 7 million to RMB 8 million if sold near the listing price. The transaction requires shareholder approval and the outcome remains uncertain as no buyer has been identified. While the sale of non-core assets at a potential 100% premium to book value reflects active pruning of legacy assets, the sub-$3 million valuation limits the portfolio impact of this non-transformative divestiture.
Featured in Issue #18 ·
Beijing Digital Certification Co., Ltd. 300579.SZ (CN) · ¥22.52 · MCAP $899M · EV $831M
Beijing Digital Certification Co., Ltd. provides digital certificate authentication, electronic signature, and information security services to Chinese enterprises and government entities.
Beijing Certificate Authority Co.,Ltd. (300579.SZ) received RMB 2.15 million in overdue interest from Chuangye Heima Technology Group Co., Ltd. on June 4, 2026, following the buyer's failure to settle the remaining RMB 71.7 million principal for a 36.6015% stake in Banxintong. The original RMB 102.48 million divestiture, signed June 4, 2025, required a 30% down payment with the balance due within one year. Chuangye Heima has formally requested a payment extension while its concurrent restructuring fundraising undergoes review by the Shenzhen Stock Exchange. This transfer is linked to a larger transaction sequence where Chuangye Heima is acquiring 100% of Banxintong via a share-and-cash deal. The buyer’s inability to settle the final installment signals regulatory delay on its own restructuring application, and a review failure would either force the seller to remarket the stake or pursue enforcement under the contract's default provisions.
Featured in Issue #18 ·
Jiangxi Xingxing Technology Co., Ltd. 300256.SZ (CN) · ¥3.04 · MCAP $1.0B · EV $936M
Jiangxi Xingxing Technology Co., Ltd. is a Shenzhen-listed manufacturer of precision molds, mobile communication products, smart home devices, and consumer electronics components. The subsidiary being sold, Shenzhen Precision, designs and sells similar precision components but has been operationally inactive with zero revenue in 2026.
Jiangxi Firstar Panel Technology Co.,Ltd. (300256.SZ) entered a definitive agreement to sell 100% of its wholly-owned subsidiary, Xingxing Precision Technology (Shenzhen), to related party Taizhou Hongliang Enterprise Management Consulting Co., Ltd. for a nominal consideration of RMB 1. The transfer price reflects the target's negative net equity of RMB -50.26 million and net assets of RMB -63.18 million as of April 30, 2026. The subsidiary was operationally inactive with zero revenue in the first four months of 2026. Both the buyer and seller are under the same ultimate controller, though the transaction does not constitute a major asset restructuring. This balance-sheet cleanup exercise removes a deeply negative-equity subsidiary from consolidated accounts to eliminate a liability overhang and the associated consolidation drag on the parent's reported equity.
Featured in Issue #18 ·
Winnovation Culturaltainment Development Limited 000620.SZ (CN) · ¥2.88 · MCAP $2.5B · EV $2.7B
Fwd P/E: 7.2x (FY2026)
Beijing Tongguan Yingxin Cultural Tourism Development Co., Ltd. is a Shenzhen-listed company primarily engaged in cultural tourism and property development. It operates through subsidiaries focused on theme parks, hotels, and real-estate projects.
Winnovation Culturaltainment Development Limited (000620.SZ) signed a definitive agreement to divest its 100% stake in Xining Yingxin Property to 锡彭市政建设（江苏）有限公司 for $15M. The transaction involves the buyer assuming ¥35.3M of the parent company's debt for a developer with negative net assets of ¥(27.9)M and ¥227M in total liabilities. The target currently faces outstanding litigation claims and tax enforcement actions over unpaid taxes. Winnovation expects to recognize a non-cash ¥470M net profit gain from the disposal, which does not require a shareholder vote and targets a June 16, 2026, closing. While the non-cash ¥470M accounting gain will flatter earnings without producing cash, the removal of ¥227M in liabilities from the balance sheet represents a concrete deleveraging step for a company trading at a stressed valuation.
Featured in Issue #18 ·
Inner Mongolia Jinmei Chemical Technology Co., Ltd. 600844.SS (CN) · ¥2.98 · MCAP $394M · EV $422M
Inner Mongolia Jinmei Chemical Technology produces coal-based chemicals, primarily acetic anhydride, via its main operating subsidiary Jiangsu Danhua Acetic Anhydride Co. The company is dual-listed on the Shanghai Stock Exchange in A-shares and B-shares.
Inner Mongolia Jinmei Chemical Technology (600844.SS) announced that its subsidiary, Jiangsu Danhua Acetic Anhydride Co., will sell a 39.47% stake in Jining Jindan via a public listing on a property-rights exchange. The reserve price is set at RMB 5.7271M, matching the current carrying value after multiple impairments from an original RMB 60M investment. Jining Jindan is a distressed entity with a suspended acetic anhydride project and active lawsuits, and is currently classified as a dishonest judgment debtor. Other Jining Jindan shareholders hold a right of first refusal, and the seller's board has authorized staged price reductions if the initial listing fails to attract a buyer. The transaction would remove a non-performing associate and legacy impairment overhang, though final pricing may fall below book value given the target’s litigation status and authorized price reductions.
Featured in Issue #17 ·
Zhanjiang Guolian Aquatic Products Co., Ltd. 300094.SZ (CN) · MCAP $488M · EV $740M
EV/EBITDA: 20.5x
Zhanjiang Guolian Aquatic Products Co., Ltd. is a Shenzhen-listed (ChiNext) processor and distributor of aquatic products including shrimp, tilapia, and other seafood, with operations spanning farming, processing, and export.
Zhanjiang Guolian Aquatic Products Co., Ltd. (300094.SZ) grandchild subsidiary Yichang Xiangyi Aquatic Products entered a definitive agreement on May 29 to sell idle industrial land, buildings, and equipment to for RMB 16M. The buyer is mandated to pay 80% of the consideration within three business days of signing, with the remaining 20% due after property title transfer and physical handover. The transaction, which carries a net book value of RMB 2.75M, requires board approval but not shareholder approval. The sale unlocks an approximately RMB 13.25M gross gain above book value and a material cash infusion for the small-cap processor with most proceeds arriving within days, requiring monitoring for confirmation of the first payment receipt and completion of title transfer.
Featured in Issue #17 ·
Ningbo Dongli Co., Ltd. 002164.SZ (CN) · MCAP $990M · EV $1.2B
Fwd P/E: 41.7x
Ningbo Dongli manufactures transmission equipment including gearboxes, geared motors, and electric drum motors for industrial applications across China. Ouenike Automatic Door, the divested subsidiary, generates immaterial revenue from renting out factory space.
Ningbo Dongli (002164.SZ) signed a definitive agreement to divest 100% of its subsidiary, Ouenike Automatic Door, to controlling shareholder Dongli Holding Group for RMB 35.25 million. The transaction price follows an appraisal by Shanghai Lixin Asset Appraisal Co., Ltd. and represents a 96% premium to the subsidiary's RMB 18.02 million book equity. Ouenike Automatic Door generates revenue by renting factory space and reported 2025 revenue of RMB 1.76 million and net profit of RMB 1.08 million. The deal, approved by the board on May 28, 2026, requires 50% payment within 10 business days of signing and 50% within 10 business days of regulatory registration. While the divestiture is immaterial to the CNY 13B+ market-cap industrial manufacturer, the controlling-shareholder purchase signals a potential asset-cleanup in preparation for larger corporate restructuring.
Featured in Issue #17 ·
Shanghai Electric Group Company Limited 2727.HK (CN) · MCAP $18.0B · EV $7.3B
Fwd P/E: 40.8x · EV/EBITDA: 1.8x · EV/Sales: 0.4x · EV/GP: 2.3x (FY2026)
Shanghai Electric Group is a major Chinese state-owned industrial conglomerate manufacturing power generation equipment, industrial machinery, and integrated energy systems. It is dual-listed in Shanghai and Hong Kong.
Shanghai Electric Group (2727.HK) entered into Equity Transfer Agreements on 10 May 2026 to sell 100% equity in five renewable-energy project companies to SEGC for RMB 426.91 million. The connected transaction consideration is based on appraised shareholders' equity as of 31 October 2025 and follows board approval received on 29 April 2026. Four of the five target project companies have fully repaid inter-company loans to a Shanghai Electric subsidiary, satisfying a condition precedent for closing. This disposal of solar and wind project vehicles removes inter-company debt overhang and streamlines the renewables portfolio ahead of closing.
Featured in Issue #17 ·
Hong Kong 7 situations
YGM Trading Limited 375.HK (HK) · MCAP $25M · EV $15M
EV/GP: 1.0x
YGM Trading Limited is a Hong Kong-listed apparel group involved in the manufacturing, retailing, and licensing of garments, with a portfolio of owned and licensed brands in Greater China and overseas markets.
YGM Trading Limited (375.HK) has further postponed the despatch of the circular regarding the disposal of its wholly-owned subsidiary, YGM Retail Limited, and a related sale loan. The circular for the connected transaction, which requires an independent financial adviser letter and a valuation report, is now scheduled for despatch on or before 18 June 2026. This follows previous delays on 17 April and 4 May 2026, as well as a missed deadline on 3 June 2026. The transaction remains contingent on independent shareholder approval at an extraordinary general meeting. The third consecutive delay signals potential friction in the independent financial adviser review or valuation, raising the risk of independent shareholders voting the disposal down or requiring revised terms.
Featured in Issue #18 ·
King's Flair International (Holdings) Limited 6822.HK (HK) · MCAP $36M · EV $37M
King's Flair International trades kitchenware and household products and raw materials, primarily silicone-based components for such products.
King's Flair International (Holdings) Limited (6822.HK) entered into a definitive agreement to sell its wholly owned subsidiary, Golden Well Ventures Limited, to Eagle Action Limited for HK$92 million in cash. The counterparty is a British Virgin Islands company wholly owned by King's Flair CEO and controlling shareholder Dr. Wong. The target’s sole asset consists of a 12,000-square-foot office floor and parking space in Hong Kong, and the company expects to book a disposal gain of approximately HK$5.55 million upon completion. Net proceeds of HK$91.45 million are earmarked to repay a HK$27 million bank loan and strengthen working capital. Because the disposal constitutes a connected and major transaction under Hong Kong Listing Rules, it requires approval from disinterested shareholders at an extraordinary general meeting. The circular dispatch expected by June 29, 2026, provides a near-term catalyst to monitor for potential activist opposition or proxy concerns regarding the related-party nature of the transaction.
Featured in Issue #18 ·
STAR CM Holdings Limited 6698.HK (HK) · MCAP $118M · EV $57M
STAR CM Holdings Limited is a Cayman-incorporated, Hong Kong-listed company whose subsidiary holds stakes in PRC real estate development platforms. The underlying assets are property projects in Shanghai's Yangpu District.
Star CM Holdings Limited (6698.HK) entered a restructuring agreement on June 2, 2026, to divest its 17.59% stake in Shanghai Binqiao to counterparties including Binjiang Group and Lianke Shenhuo for RMB193,460,000. Consideration for the disposal will be settled through the acquisition of a 100% equity interest in SH Xingkongshui’an, valued at RMB193.70M, plus RMB237,000 in cash. Upon completion, a shareholder loan of RMB266.59M previously owed to Shanghai Binqiao will be transferred to and assumed by SH Xingkongshui’an. The transaction is classified as a very substantial disposal under HKEX Listing Rules, necessitating mandatory shareholder approval. This share swap exchanges a minority stake in a real estate platform for 100% control of a single property development entity, making the upcoming EGM vote the next binary catalyst for the name.
Featured in Issue #18 ·
China Gas Industry Investment Holdings Co., Ltd. 1940.HK (HK) · MCAP $179M · EV $179M
EV/GP: 3.7x
China Gas Industry Investment Holdings Co., Ltd. is an investment holding company engaged in the distribution of industrial gases, primarily operating in China.
China Gas Industry Investment Holdings Co. Ltd. (1940.HK) has delayed the completion of its RMB118,000,000 loan assignment, valued at $17,000,000, to June 17, 2026. All conditions precedent are fulfilled and the company has received a partial settlement of RMB50,000,000, but the assignee requires additional time for foreign exchange processing and fund remittance. While the board stated the delay has no material adverse impact, it cautioned that completion of the transaction may or may not proceed. The extension creates a two-week binary catalyst where either the remaining RMB68,000,000 arrives by June 17 to convert the divested loan into cash, or the deal risks collapsing with only a 42% partial payment collected.
Featured in Issue #18 ·
LC Logistics, Inc. 2490.HK (HK) · MCAP $281M · EV $243M
EV/GP: 12.3x
LC Logistics, Inc. is a container shipping and logistics company listed on the Hong Kong Stock Exchange (Stock Code: 2490). It operates a fleet of container vessels, providing sea freight and supply chain services across Asia-Pacific trade routes.
LC Logistics, Inc. (2490.HK) entered into a sale-and-leaseback agreement for vessel Hull H2871 with an unnamed owner for consideration of up to US$101.36M. The transaction involves assigning a shipbuilding agreement followed by a 120-month bareboat charter-back with a final purchase obligation. Funding is capped at the lower of 70% of the US$144.8M contract price or 60% of the vessel’s market value, with hire rates set at SOFR plus a 2% margin. The arrangement constitutes a major disposal under Hong Kong Listing Rules, and execution is de-risked by written shareholder approval already obtained from 55.39% of the voting base. Special-sits PMs should monitor whether the vessel's post-delivery fair market value triggers the 70% value-maintenance ratio test as a potential capital call catalyst.
Featured in Issue #18 ·
Far East Consortium International Limited 35.HK (HK) · MCAP $285M · EV $3.0B
Fwd P/E: 5.3x · EV/EBITDA: 39.2x · EV/GP: 7.9x
Far East Consortium is a Hong Kong-listed property developer and hotel operator with projects across Hong Kong, mainland China, the UK, Australia, and Singapore.
Far East Consortium International Limited (35.HK) completed the disposal of its UK hotel and town hall properties to AMTD Group on June 2, 2026, while concurrently restructuring the sale of a UK office asset. The office disposal was converted from an asset sale to a share sale of the PropCo with consideration reduced from £18M to approximately £12.3M, bringing the total aggregate consideration for the properties to approximately £59.5M. Settlement terms were revised from a cash-and-loan structure to a mix of cash and AMTD shares, secured by a charge over the hotel property and a two-year 5-6% profit guarantee on the hotel business. A controlling shareholder group holding approximately 55.56% of issued capital has provided written approval for the transaction. The restructuring of the office disposal into a share sale at a lower valuation introduces equity-linked counterparty risk, although the completion of the hotel and town hall transfers crystallizes approximately £47.2M in proceeds to improve the developer's near-term liquidity.
Featured in Issue #18 ·
China NT Pharma Group Company Limited 1011.HK (HK) · MCAP $68M · EV $112M
EV/GP: 89.0x
China NT Pharma Group is a Cayman-incorporated, Hong Kong-listed pharmaceutical company engaged in the research, development, manufacture, and distribution of prescription and over-the-counter drugs in China.
China NT Pharma Group Company Limited (1011.HK) is exploring a potential disposal of all or part of its equity interest in NT Pharma (Overseas) Holding Co., Ltd. to alleviate liquidity strain. The subsidiary indirectly holds a 25.30% stake in Beijing Kangchen Biotech, representing the core asset under consideration for monetization. Discussions remain at a preliminary directional stage with no binding agreements, term sheets, or memoranda of understanding currently signed. This initiative follows a prior May 2025 plan to split Beijing Kangchen Biotech's assets and dissolve the associate relationship, which has made no further progress. The liquidity-driven disposal of this 25.3% associate stake signals balance-sheet stress for the firm, making the monetization of this key non-controlled asset a critical potential capital infusion after the failure of prior restructuring efforts.
Featured in Issue #17 ·
Japan 7 situations
QD Laser, Inc. 6613.T (JP) · MCAP $671M · EV $656M
Fwd P/E: NM · EV/EBITDA: 1.4x · EV/Sales: 0.4x · EV/GP: 0.9x (FY2027)
QD Laser, Inc. develops and commercializes retinal scanning laser eyewear and laser diode technologies for vision assistance and augmented reality applications.
QD Laser, Inc. (6613.T) reached a business cooperation agreement with TDK Corporation on June 1, 2026, to jointly develop next-generation RGB light source modules and optical engines for XR glasses. The agreement includes a $3M partial transfer of patent rights related to QD Laser's retinal projection technology to TDK. The company expects to recognize a special gain of approximately ¥500 million from the intellectual property transfer in the fiscal year ending March 2027. This partial patent sale to TDK monetizes QD Laser's retinal projection IP and provides a non-dilutive ¥500M cash infusion, validating the technology's value to a major electronics manufacturer while reducing the company's standalone IP portfolio.
Featured in Issue #18 ·
Fuji Media Holdings 4676.T (JP) · MCAP $3.4B · EV $6.2B
Fwd P/E: 13.8x · EV/EBITDA: 21.9x · EV/Sales: 1.6x · EV/GP: 8.5x (FY2027)
Fuji Media Holdings is a major Japanese broadcaster. Its subsidiary Sankei Building is a real estate company owning and operating commercial properties.
Fuji Media Holdings, Inc. (4676.T) is conducting a competitive auction for its real estate subsidiary, Sankei Building. More than 15 companies submitted first-round bids, including KKR, Blackstone, and Goldman Sachs, with multiple offers exceeding ¥1 trillion ($6.26B). Fuji Media is reopening the first bidding round with a mid-June deadline to evaluate these offers more thoroughly. The reported bids significantly surpass the original ¥500 billion to ¥800 billion valuation range reported in April. The ¥1 trillion plus bids imply a potential windfall and a catalyst for unlocking hidden balance sheet value, with the mid-June re-bid serving as the next actionable event.
Featured in Issue #18 ·
T&D Holdings, Inc. 8795.T (JP) · MCAP $12.5B · EV $11.2B
Fwd P/E: 12.5x (FY2027)
T&D Holdings, Inc. is a Japanese insurance holding company whose principal subsidiaries include Taiyo Life, Daido Life, and T&D Financial Life. T&D Financial Life operates as a life insurer with ¥56 billion in stated capital.
T&D Holdings, Inc. (8795.T) entered into share transfer agreements to sell an 85.1% stake in T&D Financial Life Insurance to a consortium of PayPay Corporation and OneIM Indigo Holdings Ltd. for ¥160 billion. Following the transaction, T&D Holdings will retain 238,400 voting rights, representing a 14.9% minority interest in the subsidiary. The deal is scheduled to close on October 1, 2027, subject to regulatory approvals and PayPay’s conversion to IFRS for group consolidation. T&D Financial Life Insurance, which operates with ¥56 billion in stated capital, ceased to be a specified subsidiary of T&D Holdings following a June 4, 2026, board resolution. This divestiture of a controlling stake creates a long-dated catalyst with binary outcome risk tied to Japanese Financial Services Agency approval and the 16-month runway for the buyer’s IFRS readiness.
Featured in Issue #18 ·
Bushiroad Inc. 7803.T (JP) · MCAP $218M · EV $247M
Fwd P/E: 8.1x · EV/EBITDA: 2.3x · EV/Sales: 0.6x · EV/GP: 1.8x (FY2027)
Bushiroad Inc. is a Japanese entertainment company operating across trading card games, mobile games, publishing, and live-event promotion. New Japan Pro-Wrestling is its consolidated subsidiary and the largest professional wrestling promotion in Japan.
Bushiroad Inc. (7803.T) entered a definitive stock transfer agreement on May 27, 2026, to divest its 100% stake in consolidated subsidiary New Japan Pro-Wrestling Co., Ltd. to TV Asahi Corporation and CyberAgent Inc. The transaction marks a full exit from the professional wrestling promotion, with Bushiroad expecting to recognize a ¥2,911 million gain on its individual books and a ¥1,616 million consolidated gain for the fiscal year ending June 2026. While the total consideration was not disclosed, the projected consolidated gain implies a non-trivial price tag for the media and content asset. The transaction's proceeds could materially de-lever the company or fund future share buybacks.
Featured in Issue #17 ·
Hirata Corporation 6258.T (JP) · MCAP $553M · EV $515M
Fwd P/E: 13.2x · EV/EBITDA: 6.3x · EV/Sales: 0.8x · EV/GP: 3.8x (FY2027)
Hirata Corporation is a Japanese industrial automation and machinery manufacturer. Trinity Inc. is its wholly-owned subsidiary developing point management and customer management systems.
Hirata Corporation (6258.T) filed an extraordinary report disclosing the planned divestiture of its 100% stake in Trinity Inc., a wholly-owned subsidiary developing point and customer management systems capitalized at ¥380M. The transfer of 10,000 voting units will result in the removal of Trinity Inc. as a specified subsidiary under Japanese financial regulations. The transaction is subject to regulatory approvals and is expected to close in September 2026 or later. The regulatory-approval condition and extended timeline establish a forward calendar event for monitoring corporate simplification, with the eventual sale proceeds and use-of-proceeds disclosure serving as the key follow-on catalysts.
Featured in Issue #17 ·
Japan Petroleum Exploration Co., Ltd. 1662.T (JP) · MCAP $2.9B · EV $2.7B
Fwd P/E: 12.1x · EV/EBITDA: 4.4x · EV/GP: 4.8x
Japan Petroleum Exploration Co., Ltd. (JAPEX) is a Japanese E&P company engaged in oil and natural gas exploration, development, production, and gas supply and sales in Japan and overseas.
Japan Petroleum Exploration Co., Ltd. (1662.T) is divesting its Hokkaido gas supply and sales business to Hokkaido Electric Power Co., Inc. for ¥31.0B. The transaction includes land, buildings, and equipment and is expected to close during the fiscal year ending March 2027. Originally resolved by the board on December 3, 2025, the sale was formalized in a May 22, 2026, corrected EDINET filing disclosing a projected ¥31.0B extraordinary gain for FY2027. This ¥31.0B sale represents a material one-off profit relative to annual EBITDA of roughly ¥50-60B that could lift book equity and fund future shareholder returns.
Featured in Issue #17 ·
UPR Corporation 7065.T (JP) · MCAP $48M · EV $75M
Fwd P/E: 7.6x · EV/EBITDA: 3.3x · EV/Sales: 0.8x · EV/GP: 2.5x (FY2026)
UPR Corporation is a Japanese logistics company listed on the Tokyo Stock Exchange Standard Market. It is divesting its Vehicle Solutions Business, which sells vehicle equipment and operates car-sharing services.
UPR Corporation (7065.T) entered into a definitive business transfer agreement on May 18, 2026, to divest its Vehicle Solutions Business to Raku-P Corporation. The unit, which encompasses vehicle equipment sales and car-sharing services, generated ¥384M in revenue in FY2025, representing 2.5% of consolidated revenue. UPR cited low synergy, stagnant growth, and its "Medium-Term Vision 2030" strategy to focus on core logistics as the rationale for the sale. Profit figures for the divested business were withheld at the buyer's request. The transaction is scheduled to close on September 1, 2026, with UPR describing the expected financial impact as minor.
Featured in Issue #16 ·
United Kingdom 5 situations
Alina Holdings PLC ALNA.L (UK) · MCAP $3M · EV $3M
UK-listed micro-cap holding company disposing of its remaining commercial real estate assets, including a shopping arcade in Bristol and a property in Hastings.
Alina Holdings Plc (ALNA.L) has completed the sale of its Bristol premises in Brislington for £1,050,000, less transaction costs. The micro-cap holding company also reached an agreement in principle to sell its remaining property in Hastings and is in advanced discussions with two national hospitality chains to occupy that site's commercial space. These disposals follow the company’s strategy to exit its commercial real estate assets, including a shopping arcade and a property in Hastings. The monetization of the last remaining property portfolio provides a liquidity event for the real estate shell and suggests the company is winding down operations, signaling a potential capital return, delisting, or shell sale once the Hastings disposal closes.
Featured in Issue #18 ·
GCP Asset Backed Income Fund Limited GABI.L (UK) · MCAP $147M · EV -$25M
Fwd P/E: 8.4x (FY2026)
GCP Asset Backed Income Fund is a London-listed closed-end investment company in managed wind-down, holding a diversified portfolio of UK asset-backed loans secured against contracted medium-to-long-term cash flows and physical assets.
GCP Asset Backed Income Fund Limited (GABI.L) exchanged contracts to sell a portfolio of three senior loans secured against UK care homes for at least £41.4 million. The disposal value is in line with the carrying value in the most recently published NAV, with completion subject only to a 10-business-day funding window. Barclays Bank PLC is acting as corporate broker for GABI as it executes a managed wind-down for the orderly realization of all assets. Sales proceeds are expected in mid-June 2026, and the company intends to announce its fourth compulsory capital redemption in mid-July 2026 alongside the June 30 NAV publication. This £41.4 million disposal de-risks the remaining NAV and sets up a mid-July redemption catalyst, confirming that the orderly realization is on track and not occurring at a distressed discount.
Featured in Issue #18 ·
Applied Nutrition plc APN.L (UK) · MCAP $930M · EV $899M
Fwd P/E: 20.9x · EV/EBITDA: 12.6x · EV/Sales: 3.7x · EV/GP: 8.2x (FY2027)
Applied Nutrition plc is a UK-based sports nutrition, health and wellness brand formulating and selling protein powders, supplements, and performance products across four ranges (Applied Nutrition, ABE, BodyFuel, Endurance) in over 85 countries.
Applied Nutrition Plc (APN.L) has acquired the trade and majority of assets of US manufacturer Nutrablend Group for $16M in cash financed from existing resources. The transaction includes a 107,000 square foot Buffalo facility, production equipment, inventory, and two in-house brands. Applied Nutrition upgraded FY26 revenue guidance to ~£148M and entered a licensing deal with Mondelēz International to launch branded products in 3,500 US stores. The group also amended its RBS revolving credit facility to increase available credit to £30M. Nutrablend is expected to contribute $30M+ in revenue in FY27 at high single-digit margins. This capacity acquisition provides US manufacturing self-sufficiency supporting up to $300M in annual revenue, shifting the North American growth trajectory from co-manufacturer-dependent to vertically integrated.
Featured in Issue #18 ·
PipeHawk plc PIP.L (UK) · MCAP $1M · EV $11M
EV/GP: 9.9x
PipeHawk plc is an AIM-listed holding company whose subsidiaries provide ground-penetrating radar systems and engineering services. Utsi Electronics manufactures electronic systems and subsystems.
Pipehawk (PIP.L) received notification from the UK Cabinet Office on 26 May 2026 that no further action will be taken under the NSI Act regarding the disposal of the entire issued share capital of Utsi Electronics Limited. This clearance satisfies the primary regulatory condition for the divestiture. Completion remains subject to customary deliverables and conditions prior to a long-stop date of 30 June 2026. Allenby Capital Limited is acting as Nomad and Broker to the company. NSI Act clearance materially de-risks the divestiture and the binding long-stop date of 30 June 2026 creates a defined closing window, though no deal value or counterparty has been disclosed.
Featured in Issue #17 ·
Gresham House Energy Storage Fund plc GRID.L (UK) · MCAP $636M · EV $630M
Fwd P/E: 11.0x
GRID is the UK's largest listed fund investing in utility-scale battery energy storage systems (BESS), which store excess renewable energy and release it to the grid during peak demand.
Gresham House Energy Storage Fund (GRID.L) entered into a definitive agreement to sell 25% interests in project holding companies for the Cockenzie (240MW), Monets Garden (57MW), and Elland 2 (100MW) projects to Summit Transition Partners. Summit Transition Partners, a joint venture between Sumitomo Corporation and TPK Holdings, will pay the majority of the consideration at close, expected within one week, with a deferred portion linked to construction milestones. The counterparty also holds exclusivity on 25% stakes in the Lister Drive (57MW) and Ocker Hill (240MW) projects under similar terms to close at a later date. Jefferies International Limited and Peel Hunt are advising on the transaction. These project-level asset sales provide an alternative equity-raise path for the fund while it trades at a discount to NAV, potentially establishing a mark for the portfolio's fair value and facilitating the recycling of proceeds into higher-return projects.
Featured in Issue #17 ·
Singapore 2 situations
MTQ Corporation Limited MTQ (SG) · $0.17 · MCAP $52M · EV $86M
MTQ Corporation operates through subsidiaries in engineering services, including oilfield equipment repair and manufacturing, with operations primarily in Singapore, Australia, and the Middle East. The Target Company, Premier Estate, is a dormant investment holding entity whose sole material asset is a leasehold industrial property at 54 Loyang Way in Singapore.
MTQ Corporation Limited (MTQ) entered into a conditional sale and purchase agreement to sell Premier Estate Pte. Ltd. to H3 Engineering Services Pte. Ltd. for S$12,000,000 in cash. Premier Estate is a dormant investment holding entity whose sole material asset is a leasehold industrial property at 54 Loyang Way in Singapore. The sale price reflects an approximate 40% premium to the property’s S$8.7 million estimated fair value and an approximate 138% premium to the target’s S$4.12 million net tangible asset value. As a major transaction under SGX-ST rules, the disposal requires shareholder approval at an EGM and is conditional on the grant of a 2025-2052 lease extension and a six-month long-stop date. This monetization of a non-core property is expected to generate an approximate S$7.6 million net gain, or S$0.14 per share, with the EGM proxy statement providing the first formal vote date catalyst.
Featured in Issue #18 ·
Hafnia Limited HAFN (SG) · $7.65 · MCAP $3.8B · EV $3.6B
Fwd P/E: 6.0x · EV/EBITDA: 8.6x · EV/Sales: 3.0x · EV/GP: 16.5x (FY2026)
Hafnia is a global leader in product and chemical tanker shipping, operating a fleet of 118 owned and chartered-in vessels with an average age of 9.6 years. The company also operates around 60 third-party vessels across 8 commercial pools.
Hafnia (HAFN) intends to wind down its Handy and LR2 pool operations in 2026 and exit the Handy segment completely through vessel sales. This divestiture is part of a fleet renewal strategy that includes a transition of the majority of the fleet to time charter arrangements. The company signed a contract with Hyundai Heavy Industries for eight MR newbuilds, plus two additional exercised options, with deliveries scheduled from Q3 2028 to 2029. Higher vessel valuations and strong earnings increased net asset value to approximately $4 billion, or $8.09 per share (NOK 78.81). The explicit wind-down of the Handy segment and shift of the majority of the fleet to time charters signals a structural portfolio transformation altering Hafnia's market exposure and operational leverage, requiring investors to monitor vessel sale proceeds and redeployment into modern MR tonnage.
Featured in Issue #17 ·
India 2 situations
Ceigall India Ltd CEIGALL.NS (IN) · MCAP $658M · EV $757M
Fwd P/E: 17.3x · EV/EBITDA: 9.7x · EV/Sales: 1.6x · EV/GP: 9.9x (FY2027)
Ceigall India is an infrastructure development and construction company focused on highways, expressways, and bridges, primarily as an EPC contractor and BOT/HAM developer. Its order book stood at ₹18,554 crore as of Q4 FY2026.
Ceigall India Limited (CEIGALL.NS) signed a definitive share purchase agreement to sell its entire stake in step-down subsidiary CMASH to Neo Infra Income Opportunity Fund for approximately ₹177 crore ($21 million). CMASH operates a highway project in Punjab and contributed 2.1% of consolidated turnover and 6.3% of consolidated net worth for FY2026. The cash consideration is subject to customary adjustments and includes cash surplus, with the buyer identified as a fund managed by Neo Alternative Asset Managers. The transaction is part of an ongoing capital recycling program and remains subject to customary closing conditions. This monetization of a single operational road asset provides incremental de-leveraging optionality and signals institutional bid interest for infrastructure assets at roughly book value.
Featured in Issue #18 ·
Apollo Hospitals Enterprise Limited APOLLOHOSP.NS (IN) · MCAP $12.4B · EV $12.0B
Fwd P/E: 48.3x · EV/EBITDA: 29.4x · EV/Sales: 3.8x · EV/GP: 11.6x (FY2027)
Apollo Hospitals Enterprise Limited is one of India's largest private healthcare providers, operating a network of hospitals, clinics, pharmacies, and diagnostic centers.
Apollo Hospitals (APOLLOHOSP.NS) is pursuing a scheme of arrangement to demerge a specific business unit into a new entity, Apollo Healthtech Limited. Simultaneously, Apollo Healthco Limited and Keimed Private Limited will be merged into Apollo Healthtech under NCLT supervision. The NCLT Chennai Bench has convened an equity shareholder meeting for June 24, 2026, with remote e-voting scheduled for June 20-23. This transaction seeks to create a pure-play healthcare services and pharmacy distribution vehicle to potentially unlock a sum-of-the-parts discount, requiring investors to monitor the NCLT sanction timeline and eventual listing ratio for Apollo Healthtech shares.
Featured in Issue #17 ·
Germany 2 situations
BASF SE BAS.DE (DE) · MCAP $50.7B · EV $75.7B
Fwd P/E: 18.7x · EV/EBITDA: 8.9x · EV/Sales: 1.0x · EV/GP: 4.4x (FY2026)
Ludwigshafen-based global chemicals major with segments spanning agricultural solutions, coatings, petrochemicals, and specialty materials. The company is reshaping its portfolio to shift toward higher-margin, less cyclical businesses.
BASF SE (BAS.DE) received European Commission approval for the sale of its coatings division to Carlyle for over €5.8 billion. The approval is subject to Carlyle divesting Nouryon's global polysulfide business, removing the last major regulatory hurdle to the $6.7 billion divestiture. Alongside this transaction, BASF has repurchased approximately 27.8 million shares and is expanding into higher-margin technology licensing in China. The company reported Q1 net profit of €927 million and reaffirmed full-year EBITDA guidance of €6.2 billion to €7.0 billion. This antitrust clearance accelerates the capital-return thesis as deal proceeds fund ongoing buybacks, while the parallel China licensing shift provides growth optionality not yet reflected in consensus models.
Featured in Issue #18 ·
Delivery Hero SE DHER.DE (DE) · MCAP $12.9B · EV $16.0B
EV/EBITDA: 9.6x · EV/GP: 2.8x
Woowa Brothers operates Baedal Minjok (Baemin), the dominant food delivery platform in South Korea. Delivery Hero SE is a German-listed global food delivery group.
Delivery Hero (DHER.DE) has engaged JPMorgan Chase to advise on the sale of its South Korean subsidiary Woowa Brothers, the operator of the Baedal Minjok food delivery platform. The company is seeking approximately Won8tn ($5.37B) for the asset, representing a premium over the $4B paid for an 87% stake in 2019. Teaser materials have been circulated to domestic and international strategic investors and private equity firms, including Korean portal operator Naver. The divestiture process is part of a broader strategic review initiated in December 2025 alongside a CEO transition. The $5.4B target valuation provides a measurable return benchmark for the parent company’s restructuring program, while potential local strategic logic and the leadership transition create distinct price-discovery catalysts over the next two quarters.
Featured in Issue #17 ·
Switzerland 1 situations
MindMaze Therapeutics Holding SA MMTX.SW (CH) · MCAP $89M · EV $89M
MindMaze Therapeutics Holding SA (MMTX.SW) announced a $3M non-core asset sale and portfolio simplification on June 2, 2026. The company has received a firm offer for the assets but has not signed a definitive agreement. The divestiture is expected to close in Q3 2026. The transaction targets an organizational simplification for the $73M market cap neurotherapeutics firm with a projected completion date in Q3 2026.
Featured in Issue #18 ·
Norway 1 situations
Magnora ASA MGN.OL (NO) · MCAP $5M · EV $212M
EV/EBITDA: NM · EV/Sales: NM · EV/GP: 23.7x (FY2026)
Magnora ASA (MGN.OL) is conducting a carve-out IPO of Magnora Data Center ASA through a private placement of 50,000,000 shares at NOK 13.00. Gross proceeds of NOK 650,000,000 are allocated to finance existing and new data center projects, operations, and working capital. The subsidiary targets a listing on Euronext Growth Oslo, with the transaction expected to close on June 8, 2026.
Featured in Issue #18 ·
Netherlands 1 situations
OCI Global OCI.AS (NL) · €5.24 · MCAP $1.2B · EV $1.0B
EV/EBITDA: 12.6x · EV/Sales: 0.8x · EV/GP: 37.0x (FY2026)
OCI N.V. (OCI.AS) entered into a definitive agreement for the partial divestiture of a 50% stake in its OCI Nitrogen subsidiary to AGROFERT, a.s. for $127M. The transaction is structured with a put/call option and is advised by Morgan Stanley & Co. International plc and A&O Shearman. OCI Nitrogen operates European nitrogen manufacturing assets with exposure to agricultural ammonia and urea markets. The deal is expected to close in H2 2027.
Featured in Issue #18 ·
Italy 1 situations
Banca Ifis S.p.A. IF.MI (IT) · €20.28 · MCAP $1.4B
Fwd P/E: 9.0x
Banca Ifis is an Italian commercial bank listed on Euronext STAR Milan, specializing in distressed credit management and corporate lending through its illimity Bank subsidiary.
Banca Ifis (IF.MI) signed a binding agreement to sell 100% of its asset management subsidiary ARECneprix to Prelios S.p.A. for €30 million. ARECneprix specializes in non-performing exposure and real estate with €6.4 billion in assets under management and reported 2025 revenue of €29.5 million. The transaction includes a multi-year servicing agreement between ARECneprix and Banca Ifis Group subsidiary illimity Bank to maintain operational continuity on the managed book. Financial advisor CC&Soci and legal counsel BonelliErede are advising on the divestiture, which is targeted to close by June 30, 2026. This non-core disposal provides a ~10bps CET1 capital benefit, serving as a material capital optimization catalyst for institutional investors tracking the bank's regulatory capital position.
Featured in Issue #17 ·
Monaco 1 situations
Scorpio Tankers Inc. STNG (MC) · $74.51 · MCAP $3.9B · EV $2.4B
Fwd P/E: 5.9x · EV/EBITDA: 3.3x · EV/Sales: 2.0x · EV/GP: 4.3x (FY2026)
Scorpio Tankers Inc. provides seaborne transportation of refined petroleum products worldwide. The Monaco-domiciled company owns and operates a fleet of 83 product tankers, including LR2, MR, and Handymax vessels.
Scorpio Tankers Inc. (STNG) has entered definitive agreements to sell four 2014-2015 built LR2 product tankers for an aggregate $285.8 million, with closings scheduled for Q2 and Q3 of 2026. The company also signed a letter of intent with Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd. to purchase two scrubber-fitted MR newbuildings for $46.25 million each, with delivery expected in Q1 2030. Additionally, Scorpio Tankers intends to execute $367.8 million in unscheduled prepayments to retire all secured debt due in 2028 and permanently cancel associated undrawn revolver capacity. Following these transactions, the fleet will comprise 83 owned vessels alongside 12 newbuildings on order. This $285.8 million divestiture and subsequent $367.8 million debt paydown signals a pivot toward younger tonnage and a delevered balance sheet, freeing up cash flow previously allocated to 2028 debt service while extending the capex cycle into 2030.
Featured in Issue #17 ·
Bermuda 1 situations
Everest Group, Ltd. EG (BM) · $324.03 · MCAP $12.8B · EV $16.3B
Fwd P/E: 6.2x (FY2026)
Everest Group is a global specialty reinsurance and insurance leader operating through its Global Reinsurance and Wholesale & Specialty Insurance segments. The Colombia unit being sold, Everest Compañía de Seguros Generales Colombia S.A., writes commercial and retail insurance in the Colombian market.
Everest Group (EG) signed a definitive agreement to sell its Colombia insurance unit, Everest Compañía de Seguros Generales Colombia S.A., to American International Group (AIG). The transaction follows prior divestitures of the company's global Commercial Retail Insurance renewal rights and Canada Retail Insurance operations. Guy Carpenter Capital & Advisory (MMC Securities LLC) and Debevoise & Plimpton LLP advised Everest on the deal. Completion is expected in early 2027, subject to regulatory approvals and customary conditions. This sale advances a strategic pivot away from retail insurance toward global reinsurance and wholesale/specialty lines, with the early 2027 closing and regulatory process creating a timeline for potential capital release and redeployment.
Featured in Issue #17 ·
Sweden 1 situations
Insplorion INSP.ST (SE) · MCAP $1M · EV $1M
EV/GP: 1.8x
Formerly a developer of hydrogen sensor technology; following the divestment of its sole operating business to Consilium, Insplorion is now a cash-shell seeking a reverse acquisition or preparing for voluntary liquidation.
Insplorion (INSP.ST) completed the sale of its hydrogen sensor business to Consilium for 10 MSEK, a transaction involving the transfer of most operations and staff. Following the divestiture, Q1 2026 net sales fell to 340 KSEK, leaving the company as a shell with 1,215 KSEK in cash and no debt. The board is exploring a reverse acquisition but intends to recommend delisting and voluntary liquidation if no target is identified. This creates a binary outcome for shareholders between a potential re-rating via a new business entity or a capped liquidating distribution of the remaining SEK 1.2M in residual cash.
Featured in Issue #17 ·
Finland 1 situations
SUMMA.HE (FI) · MCAP $50M · EV $116M
EV/GP: 2.9x
Summa Defence Oyj is a Finnish defence and security company. Rasol, the unit being divested, generated EUR 2.7 million in sales with a slight operating loss in 2025.
Summa Defence Oyj (SUMMA.HE) announced the divestiture of its subsidiary Rasol on May 22, 2026. For the 2025 fiscal year, Rasol reported net sales of EUR 2.7 million and an EBIT of EUR -0.2 million. While a firm offer has been received, a definitive agreement has not been reached and transaction terms are not yet fully disclosed. The sale of the loss-making unit could signal a strategic shift for the Finnish defence and security company.
Featured in Issue #16 ·
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