Spin-Offs: Special Situations Index

Madison Square Garden Sports Corp. (MSGS) plans to distribute its Rangers business as MSG Rangers Corp. on October 26, 2026, to holders of record on October 20.

Flex Ltd. (FLEX) is preparing to spin off its Cloud and Power Infrastructure segment as Axiom Solutions International in Q1 2027.

Comcast Corporation (CMCSA) intends to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky.

Medtronic plc offered to exchange up to 225,361,295 MiniMed Group, Inc. (MMED) shares, representing 80.1% of MiniMed, for Medtronic ordinary shares.

Medtronic shareholders have until 12:00 midnight, New York City time, at the end of October 9, 2026, to tender shares in the MiniMed exchange offer, unless extended or terminated; withdrawal rights expire at the same…

Addex Therapeutics Ltd (ADXN) announced on October 8, 2026 that its spin-out Neurosterix completed Phase 1 clinical studies of NTX-253, an M4 positive allosteric modulator being developed for schizophrenia.

Corteva (CTVA) shares rose 11% after J.P.

Flex Ltd. (FLEX) is advancing the spin-off of its cloud and power infrastructure business into Axiom Solutions International, Inc. via a filed Form 10 registration statement.

Madison Square Garden Sports Corp. (MSGS) will spin off its New York Rangers business into a separate public entity, MSG Rangers Corp., on October 26.

Medtronic announced plans in 2025 to separate its diabetes business, MiniMed.

KDP appointed Russ Torres as CEO of newly formed coffee division on October 1, 2026.

Platinum SpinCo Inc. increased its authorized common stock from 5,000 to 60 million shares with a par value of $0.001 per share (8-K).

KBR reaffirmed its fiscal 2026 guidance while second-quarter adjusted EBITDA rose to USD 258 million.

Modine Manufacturing has set September 28, 2026 as the record date for the spin-off of its Performance Technologies business. Modine common shares will trade with spin-off rights from September 28 through merger completion, then without such rights from October 2 onward. Modine closed at USD 189.27 on September 18, 2026, up 2.38 percent from the prior session.

KBR (KBR) named Michael LaRouche President and CEO-Designate of Trinzic, the planned spin-off of its Mission Technology Solutions business. LaRouche began the role on September 24, 2026. Trinzic is expected to begin operating as an independent public company on January 4, 2027, and is projected to generate more than $5 billion in annual revenue. An inaugural Investor Day is scheduled for November 12, 2026. The separation remains conditional on regulatory and KBR board approvals.

Corteva's seed business will spin off as Vylor Inc. under ticker VYLR on the NYSE, expected to complete October 1, 2026. Distribution is one Vylor share per Corteva share held as of the September 24, 2026 record date; no stockholder vote required. Vylor will hold the Pioneer brand, gene editing, hybrid wheat and biofuels platforms; seed business generated $9.9 billion annual net sales for 2025. Vylor expects approximately $5.7 billion of total indebtedness at spin-off and approximately 667.2 million shares outstanding. Vylor will make a cash distribution to EIDP of approximately $726 million to $776 million. The distribution is expected to occur prior to 9:30 a.m. on October 1, 2026, with trading to begin on the NYSE that day.

Quantum BioPharma Ltd. (QNTM) is pursuing a public listing for its licensee Unbuzzd Wellness Inc. after appointing Michael Zapolin as CEO on September 24, 2026. Zapolin is mandated to secure financing and list Unbuzzd on a stock exchange in the next quarter. Quantum owns 19.48% of Unbuzzd as of June 30, 2026, and is entitled to a 7% royalty on sales of the unbuzzd beverage until total payments reach $250 million, after which the royalty becomes 3% in perpetuity. The planned IPO advances potential value realization for Quantum holders through its equity stake and royalty stream.

Modine Manufacturing (MOD) had not finalized the spin-off of its Performance Technologies unit; it was preparing for the unit's spin-off and merger with Gentherm, expected on October 1, 2026. The move separates the weaker Performance Technologies segment to refocus Modine on thermal management and data center cooling. The record date for the spin-off is September 28, 2026. Modine is rebranding to Modexus Solutions. Shareholders should monitor the September 28 record date as the immediate catalyst.

Vivakor (VIVK) has further extended the payment date of its special dividend in kind, most recently to January 29, 2027, after an earlier reset to September 5, 2026. Eligible shareholders will receive 0.0074 shares of Adapti, Inc. for each Vivakor share held, though shares held by the Chairman, President and CEO and former CFO are excluded. The company cited the need for additional time to complete a required securities registration statement to facilitate the distribution.

Medtronic launched an exchange offer on September 14, 2026 for up to 225.4 million newly issued MiniMed Group Inc. shares in exchange for outstanding Medtronic ordinary shares. The transaction is designed to advance the planned separation of Medtronic's diabetes-focused MiniMed business. Medtronic filed a communication under SEC rule 425 on September 18, 2026 describing the exchange offer terms. Medtronic clarified a typographical error in the prospectus governing guaranteed delivery procedures, confirming the delivery period expires at 5:00 p.m. New York City time on the second NYSE trading day after execution. The FDA cleared Medtronic's LigaSure RAS Maryland jaw vessel sealer-divider for use with the Hugo robotic-assisted surgery system. Medtronic closed at USD 92.13 on September 18, 2026, with market capitalization of approximately USD 117.92 billion.

Flex (FLEX) plans to spin off its Cloud and Power Infrastructure segment into a new entity called Axiom Solutions. The company also announced two board additions and a new future CFO. Flex shares have declined 26.14% over the last 90 days. The spin-off of the Cloud and Power Infrastructure segment into Axiom Solutions creates a separation catalyst, though execution risk remains as the market prices the new structure.

Modine set September 28, 2026 as the record date for the SpinCo distribution. SpinCo distribution expected October 1, 2026, with the Merger closing the same day. Exchange-ratio adjustment expected to increase issuance by ~2.9 million Gentherm shares to preserve tax-free treatment. SpinCo's cash distribution to Modine reduced from $210M to $159M prior to the Merger. Gentherm declared a conditional special cash dividend of ~$58.4 million (about $1.90/share) payable Oct 7, 2026, if the Merger closes. Post-closing ownership expected ~56.4% Gentherm shareholders and ~43.6% former SpinCo holders.

Gentherm's merger subsidiary will then combine with SpinCo, converting each SpinCo share into Gentherm stock at an adjusted exchange ratio. To preserve tax-free treatment, Gentherm will issue about 2.9 million additional shares while cutting SpinCo's pre-merger cash distribution to Modine from $210 million to $159 million. Gentherm's board approved a special cash dividend of roughly $58.4 million, or an estimated $1.90 per share, for Gentherm holders of record on September 28, 2026. Post-merger ownership is expected at about 56.4% for existing Gentherm shareholders and 43.6% for former SpinCo holders. The transaction remains subject to closing conditions and NYSE due bill trading mechanics. Each Modine shareholder receives one share of SpinCo common stock per Modine share held as of the record date. Gentherm declared a special cash dividend of approximately $58.4 million, or an estimated $1.90 per share, payable October 7, 2026.

National Fuel Gas Company (NYSE: NFG) announced its Board intends to complete evaluation of a separation into two independent publicly traded companies by October 15, 2026. The Integrated Upstream and Gathering (IUG) business would become an independent public company focused on Appalachian upstream and gathering natural gas. Post-separation, National Fuel would be a 100% rate-regulated company with natural gas utility and interstate pipeline and storage assets across Pennsylvania, Ohio, and New York. The separation would be effected through a tax-free distribution of shares to National Fuel shareholders. The plan remains subject to final Board approval.

Corteva Inc. (CTVA) will spin off its seed business into Vylor Inc. to create two independently traded agriculture companies. Distribution is expected before 9:30 a.m. New York City time on October 1, 2026, and is intended to be tax-free for U.S. federal income tax purposes, except for fractional shares. When-issued trading under VYLR WI is expected to begin September 25 on the NYSE, with regular trading starting October 1. Corteva held an Investor Day on September 15 to introduce Vylor and the parent's post-separation strategy. Shareholders of record as of September 24, 2026, will receive one Vylor share for each Corteva share held. Corteva announced its intention to pursue the separation on October 1, 2025; its board's approval was reported in September 2026. Vylor common stock is expected to be listed on the New York Stock Exchange under the ticker VYLR.

enCore Energy Corp. (EU) will distribute 35 million common shares of Verdera Energy Corp to its shareholders as a special dividend on September 30, 2026. The distribution follows a 2025 agreement where enCore received non-voting preferred shares convertible into common shares. The SEC has declared Verdera's registration statement effective, though final approvals from Nasdaq and the TSX Venture Exchange are still required. This event converts enCore's preferred stake into a distributable common-share dividend, providing shareholders direct equity in Verdera's New Mexico uranium development. Nasdaq and TSX-V approvals are the final gating items before the September 30 record.

Based on a September 15, 2026 prospectus, enCore will convert 35 million Class A Preferred Shares into common shares for distribution. The distribution record date is September 25, 2026, with payment scheduled on or about September 30, 2026. Verdera will receive no proceeds from the conversion or distribution. enCore is deemed an underwriter under Rule 145(c) in relation to the distribution. Verdera's Form F-1 was declared effective by the SEC on September 14, 2026. enCore Energy Corp. will distribute 35.0 million Verdera common shares held by enCore to its shareholders as a special dividend. 14.0 million of the Distribution Shares will be subject to transfer restrictions expiring in equal releases on November 20, 2026 and February 20, 2027. The distribution is subject to completion of all necessary filings with and receipt of all approvals from Nasdaq Capital Market LLC and TSX Venture Exchange.

Sky launched a rebuilt Sky Go app for Sky Glass and Sky Stream households on September 8, adding full-HD mobile video, cross-device resume, saved favourites, and remote recording. Comcast's June separation plan would give current shareholders stock in both the continuing connectivity company and a new NBCUniversal that includes Sky; the tax-free spin-off is expected in approximately one year. Comcast may retain as much as 19.9% of the new media company temporarily. Comcast's latest Form 10-Q reported second-quarter video revenue of $6.092 billion, down from $6.605 billion a year earlier, a $513 million, or 7.8%, decline. CMCSA closed Friday, September 11, at $25.20, up 0.1% on the day. Sky disclosed no Sky Go user count, engagement target, or churn forecast with the release.

Greenland Mines announced plans to spin off its biotechnology division. The biotech division includes Klotho's KLTO-202 primary indication for ALS. The company completed its acquisition of the Sarfartoq project on Sept. 1 following approval by the Government of Greenland. An independent S-K 1300 Initial Assessment for the ST1 deposit estimated a high-case pre-tax NPV of approximately $2.05 billion and pre-tax IRR of 118.6%. Riad El-Dada and Dr. Shalom Hirschman are stepping down from the board. Jason Hawkins is joining.

Genuine Parts Company (GPC) expects to spin off its Industrial business in Q1 2027. Court Carruthers was hired as CEO-Elect of the Automotive business effective September 8, 2026, and will assume the role upon the separation date. Post-spin, outstanding PRSUs and RSUs will convert to equivalent Automotive awards. The spin-off timeline is now anchored to Q1 2027 with Automotive leadership in place and a new CEO equity package tying incentives to the post-spin entity's success.

Toro Corp (TORO) plans to spin off its LPG segment into AI OKTO Corp to create a pure-play tanker company. Toro shareholders will receive one AI OKTO common share for every eight Toro shares held on a record date that is not yet set. The distribution includes two LPG carriers and $45 million in cash, with AI OKTO applying for a listing on the Nasdaq Capital Market. Panagiotidis-controlled Pani Corp is expected to hold 74.2% of AI OKTO common shares, while Pelagos Holdings will hold 40,000 Series B preferred shares representing about 99.9% of aggregate voting power. The spin-off transforms Toro into a pure-play tanker company with two MR2s and establishes AI OKTO as a separate Nasdaq-listed LPG platform. The transaction is subject to Nasdaq listing approval and the SEC declaring the Form 20-F Registration Statement effective.

Healthcare Triangle, Inc. (HCTI) entered into a Separation and Distribution Agreement and a Transition Services Agreement with its wholly-owned subsidiary Teyame AI Holdings, Inc. to execute a spin-off of Teyame. Teyame was formed by HCTI to acquire and hold Teyamé 360, S.L. and Datono Mediación S.L. The transaction requires a Registration Statement on Form 10 to become effective and the approval of Teyame common stock for listing on Nasdaq. This separation creates a catalyst for the company.

Agenda 1 seeks approval for a partial spin-off of the Wholesale Fiber Connectivity Business (Phase 2) to PT Telkom Infrastruktur Indonesia (TIF), a 99.99%-owned subsidiary. Phase 1 spin-off was approved at the EGMS held. Post-transaction, Telkom's shareholding in TIF becomes 99.9999999% and PT Multimedia Nusantara's becomes 0.0000001%. The spin-off will not change existing shareholders' shareholding in Telkom. Agenda 2 covers changes to the management of the Company.

Magnum Ventures Limited (532896.BO) is spinning off its paper business into Magnum Paperz Limited via a demerger scheme.

Jubilant Agri and Consumer Products Limited (JUBLCPL.NS) is advancing a demerger into Jubilant Agri Solutions Limited.

Bhagyanagar India Limited (BHAGYANGR.NS) is spinning off its copper business into Tieramet Limited via a share distribution (Composite Scheme of Arrangement).

Triveni Power Transmission Limited (TRIVENIPT.NS) will begin trading on the BSE and NSE on October 12, 2026, following listing approvals received October 8, 2026.

HEG Advanced Materials shares surged nearly 8% on October 6, touching an intraday high of ₹256.47 on the NSE.

Maharashtra Seamless Limited's board approved a demerger.

NCLT Allahabad Bench sanctioned the Scheme of Arrangement on 17th July 2026.

Veranda Learning Solutions Limited (VERANDA.NS) has constituted the board of its subsidiary J.K.

Pricol is a Coimbatore-based auto parts maker with three businesses: driver information systems and connected vehicles, switches and disc brakes, and plastics.

AGICL secured a Programme Management Consultant contract from Odisha IDCO valued at ₹33.15 crore (~$3.5M).

Sun TV Network (SUNTV.NS) shares reportedly hit a 20% upper circuit at Rs.664.60 following media reports of a possible sports-business demerger.

NCLT Allahabad allowed the First Motion Application for the demerger of Magnum Ventures' paper business into Magnum Paperz Limited.

Veranda Learning Solutions Limited fixed October 6, 2026, as the Record Date for the Commerce vertical demerger.

Bhagyanagar India Limited's board, in a meeting on September 25, 2026, fixed October 8, 2026 as the record date for equity share allotment under its Composite Scheme of Arrangement.

GSPL Transmission Limited (GSPLTRANS.NS) will list on the BSE and NSE on September 30, 2026, following its demerger from Gujarat Energy Limited.

All seven resolutions passed at Morepen Labs' 41st AGM held on September 26, 2026. Sanjay Suri elevated from Whole-Time Director to Managing Director. Sushil Suri reappointed as Chairman & MD. Shareholders approved extension of the deadline for separating the Medical Devices business into subsidiary Morepen Medipath Limited (formerly Morepen Medtech Limited). The hive-off is structured as a going concern on a slump sale basis and is classified as a material related party transaction. Institutional investors opposed the spin-off extension with 99.37% of their votes cast against it; non-institutional public shareholders supported it with 99.95% in favour. Overall the resolution passed with 87.49% of total valid votes in favour. Final dividend of ₹0.20 per equity share declared for FY26.

Veranda Learning Solutions Limited fixed October 6, 2026 as the Record Date for its Commerce vertical demerger. Eligible shareholders receive 1 equity share of J.K. Shah Commerce Education Limited for every 1 Veranda Learning share held. The Composite Scheme of Arrangement has been sanctioned by the National Company Law Tribunal, Chennai Bench-I. J.K. Shah Commerce Education Limited will pursue listing on BSE Limited and National Stock Exchange of India Limited. Prof. J.K. Shah will lead JSCEL as Executive Director cum Chairman. The demerger brings Veranda's Commerce education brands including J.K. Shah Classes, BB Virtuals, Navkar Digital Institute, Tapasya College of Commerce and Logic School of Management under JSCEL.

Balmer Lawrie & Co Ltd (BALMLAWRIE.BO) will demerge its travel and vacations business into a wholly owned subsidiary. The division currently has a turnover of Rs 390 crore (~$41M), representing 13%-14% of total revenue. The company plans to invest Rs 500 crore (~$52M) over three years across travel, rail logistics, and third-party logistics, with expectations for the new subsidiary to reach Rs 500 crore (~$52M) in annual revenue within two to three years. CMD Adhip Nath Palchaudhuri rejected reports that IRCTC would acquire the division. No shareholder vote or timeline was disclosed following the board's in-principle approval. The demerger creates a separately capitalizable entity to pursue equity, technology, and strategic alliances with private partners.

Optiemus Group (OPTIEMUS.NS) will take an initial 51.1% stake in CMF as Nothing spins off the brand into a standalone, majority Indian-owned joint venture. Optiemus will join the Series A round to consolidate manufacturing, ownership, and R&D under the new entity. The move follows a manufacturing joint venture announced in September 2025. This transaction consolidates CMF's operations under a single Indian entity with Optiemus as the majority holder, though definitive agreements and approvals remain outstanding.

Race Eco Chain Limited (537785.BO) is dividing into two new listed entities, Geoeco Green Energy Limited and Race Gateway Limited, under a scheme of arrangement. The BSE and NSE issued observation letters with no adverse observations on 21 September 2026. The company must now submit the scheme to the NCLT within six months of that date. Listing and trading for the two new companies must commence within 60 days of the NCLT order. The transaction remains subject to regulatory, shareholder, and creditor approvals. The demerger provides shareholders pro-rata exposure to both new entities with a concrete post-approval listing timeline.

Algo8 AI Inc. received final approval from the Canadian Securities Exchange to list its common shares under symbol AIOS.

Core Critical Metals Corp. (CCMC.V) is executing a two-asset spin-off through a plan of arrangement.

NGEx Minerals proposes to spin out Valiente Resources through a plan of arrangement.

Critical One Energy Inc. intends to transfer the Kenora Uranium Property and its Namibia uranium and copper interests to a new company proposed to be named Critical Two Energy Inc. Critical Two shares are to be…

WELL Health Technologies Corp.’s digital health subsidiary WELLSTAR Technologies Corp. commenced trading on the TSX Venture Exchange on 1 October 2026 under the symbol WSTR, following its amalgamation with 1587818 B.C.

Core Critical Metals Corp. shareholders approved the statutory plan of arrangement at the annual general and special meeting held September 28, 2026.

Kodiak Copper Corp. (KDK.V) is combining its Mohave project with Teck Resources Limited's Copper Hill project to create Kay Copper Corp. through a reverse takeover. Kodiak expects to hold 26.4% of Kay Copper on a non-diluted basis upon closing. NewCo completed a subscription receipt financing of 21.5 million receipts at $0.25 for C$5.4 million (~$3.8M) in gross proceeds to fund exploration in 2026 and 2027. The transaction is subject to TSXV acceptance and customary closing conditions, with completion expected in October 2026 and an outside date of December 31, 2026. Kodiak shareholders gain exposure to a new US-focused copper exploration company via the 26.4% stake in the TSXV-listed entity.

enCore Energy Corp. (EU.V) will distribute 35.0 million common shares of Verdera Energy Corp. as a special dividend. Shareholders of record as of September 25, 2026, will receive approximately 0.18 of a Distribution Share for each common share held (dividend-in-kind distribution). The distribution is scheduled for September 30, 2026, subject to approvals from Nasdaq Capital Market LLC and TSX Venture Exchange. This pro-rata distribution creates a new tradable security for existing holders.

Osisko Metals Incorporated (OM.TO) intends to spin out its New Brunswick mineral exploration properties into a new standalone vehicle named Osisko Critical Minerals Corporation (OCMC). OCMC will receive 2,972 mineral claim units and three option agreements in exchange for OCMC shares, while Osisko Metals will retain a minority interest following any financing. The assets include the Mount Fronsac deposit, which has a historical non-NI 43-101 resource of 1.3 million tonnes. The transaction remains subject to legal, tax, and regulatory approvals, with no assurance that OCMC securities will be listed on any exchange. The actionable hook is whether OCMC securities ultimately list and the size of the minority stake Osisko Metals retains.

Core Critical Metals Corp. entered into an arrangement agreement dated for reference August 21, 2026 to spin out its Senneville Project to Spinco1 and Timmins Nickel Project to Spinco2. For each CCMC common share held as of the share distribution record date, shareholders will receive one new Class A common share of CCMC, one Spinco1 common share, and one Spinco2 common share. Spinco1 will hold the Senneville Project: 151 map-designated claims covering approximately 8,575 hectares in the Val-Senneville sector, Québec. Spinco2 will hold the Timmins Nickel Project: 467 claims covering approximately 10,060 hectares in the Porcupine Mining Division, Ontario. CCMC will retain the LMSL Project and its remaining portfolio. The transaction requires TSX Venture Exchange acceptance, orders from the Supreme Court of British Columbia, and at least two-thirds shareholder approval at a meeting on September 28, 2026. CCMC will distribute 100% of Spinco1 and Spinco2 shares to CCMC shareholders (other than dissenting shareholders) via a BCBCA statutory arrangement. Asset purchase agreements between CCMC and each of Spinco1 and Spinco2 are dated August 10, 2026.

GoGo AI Network Inc. (GOGO) shareholders approved a plan of arrangement to spin out its investment in Algo8 Industrial AI into 1589675 B.C. The Supreme Court of British Columbia issued a final order approving the arrangement. This spin-out represents a catalyst for the company.

Kakao Corp. (035720.KS) appointed Kim Do-young, CEO-designate of Kakao X, as co-chair of the CA Council to jointly oversee the company's split into a platform business entity and an investment-focused entity.

Shareholders holding about 2% of Kakao's total outstanding shares registered opposition to the small-scale merger with Kakao Investment during the objection period from Sept. 7 to 21. Under South Korea's Commercial Act, the small-scale merger procedure cannot be used if shareholders representing 20% or more of total outstanding shares register opposition. Kakao plans to split into KakaoAI (KakaoTalk, AI, advertising, commerce) and surviving entity KakaoX (future investments). The split ratio based on book value of net assets is 0.36 for KakaoAI and 0.64 for KakaoX. Kakao Investment is scheduled to be absorbed into KakaoX, with its cash and investment assets enabling KakaoX to serve as an investment company. Kakao plans to put the split proposal to an extraordinary shareholders' meeting on Dec. 17.

Kakao Corp. (035720.KS) is facing minority shareholder opposition to a planned spin-off into KakaoAI and KakaoX. The split will allocate shares in both companies equally to all shareholders, maintaining the 24.1% stake held by the largest shareholder and related parties. KakaoX targets 10 trillion won in revenue and plans to use 30% of after-tax subsidiary dividends and 30% of investment gains for shareholder returns. A vote on the spin-off is scheduled. With minority shareholders holding 64.83% and organizing via the ACT platform, the December 17 EGM vote is the pivotal catalyst, as a 20% opposition threshold to the merger would mandate a shareholders' meeting and add friction to the split. Kakao will split into Kakao AI (AI, advertising, commerce centered on KakaoTalk) and Kakao X (subsidiaries and investments), with split ratio 0.36 and 0.64 based on net asset book value. Kakao X targets 10 trillion won revenue with 13.3% CAGR. Kakao AI will allocate 20-25% of free cash flow to shareholder returns, rising to up to 40% if FCF grows 50%+ year-over-year.

Boryung (003850.KS) will undergo a company split following a board resolution. The company disclosed the decision in a Material Facts Report filed September 15, 2026, with a corrected board opinion filed September 16, 2026. Split ratios, the record date, and the specific business unit being separated were not disclosed. This Korean company split (회사분할) is the local mechanism for a spin-off or carve-out where shareholders typically receive shares in the new entity pro rata.

Hanwha (000880.KS) spun off Hanwha Machinery & Services Holdings to separate its defense and energy assets from its retail and services operations. The transaction utilized an exchange ratio of 0.756 for the surviving entity to 0.244 for the new entity. The surviving entity retained Hanwha Aerospace, Hanwha Solutions, and Hanwha Life, while the new entity includes Hanwha Vision, Hanwha Galleria, and Hanwha Hotels & Resorts. Combined market capitalization rose 33.9% to ₩7.9 trillion (~$5.7B) from ₩5.9 trillion (~$4.3B) prior to the trading suspension. This portfolio optimization is viewed as validated by the market cap increase, with the primary focus now on whether the new entity lists separately.

LG Electronics (066570.KS) plans to spin off its EVA business division into a standalone entity called Spectrabrain.ai within this year. Spectrabrain.ai operates a physical AI platform for industrial sites that analyzes on-site video via CCTV systems to detect hazardous situations. Cho Bong-soo transitioned from an LG Electronics executive role on September 14 to become CEO of Spectrabrain.ai on September 15. No distribution ratio, record date, or shareholder approval terms were disclosed. The spin-off creates a standalone AI entity from LG Electronics' industrial AI operations.

Kakao's labor union issued a statement on the 11th opposing the spin-off plan and the Kakao Investment absorption merger. Kakao announced the spin-off on the 21st of last month via board resolution, splitting into Kakao X (investments/portfolio) and Kakao AI (AI services). The merger date is set for January 1, 2027, with Kakao X as the surviving company after the spin-off. Shareholders on the registry as of September 7, 2026 can express opposition to the merger through their brokerage. If shareholders holding 20% or more of total issued shares oppose the merger, the small-scale merger procedure cannot proceed via board approval alone. The spin-off requires a special resolution at an extraordinary shareholders' meeting in December. The largest shareholder and related parties hold only 24.1% of shares; minority shareholders account for approximately 60% of total issued shares. Crew Union and the minority shareholder platform Act are mobilizing investors to block the deal, with Act reporting that 99.97% of participating shares support the opposition campaign. The proposed partitioning ratio based on net worth book value is 0.64 for KakaoX and 0.36 for KakaoAI. Under the Commercial Act, opposition from shareholders holding 20% or more of issued shares prevents the merger from proceeding as a small-scale merger without a general meeting. The split ratio based on net asset book value is 36.49% for KakaoAI and 63.51% for KakaoX.

Kumyang Co., Ltd. board resolved on 2026-09-09 a simple, non-cash (physical) split. The split will create new company KYDC Co., Ltd. KYDC receives the recovered-metal materials, non-ferrous metal manufacturing, environmental, and spent-battery recycling businesses. Kumyang retains secondary batteries, resource development (mining), and blowing agents; it will remain listed. Split date is 2026-12-05, subject to board or representative director change. Shareholder record date corrected to 2026-09-28; dissent notice period runs 2026-11-02 to 2026-12-03. The split is framed as preparation for a data center business (AIDC development) at KYDC using Gijang factory land, 154kV substation, and three 100MW-class transformers. KYDC will not apply for relisting. The surviving company will retain 100% of the newly issued shares in the new entity.

SK Telecom (017670.KS) faces execution risk for its spin-off of subsidiary SK Broadband after the subsidiary's labor union threatened collective action to block the deal. SK Telecom is splitting SK Broadband into a surviving entity and a new entity, SK Horizon, which will hold AI data center and submarine cable operations. A consortium consisting of KKR and IMM Investment-Stonebridge is investing ₩3.1 trillion (~$2.3B) in SK Horizon, with SK Telecom selling 24.5 million existing shares for ₩1.9 trillion (~$1.4B) and SK Horizon issuing 15.6 million new shares for ₩1.2 trillion (~$895M). Post-completion, SK Telecom will hold 51%, KKR 29%, and IMM 20% of SK Horizon. The union opposes the carve-out because the ₩1.9 trillion (~$1.4B) existing-share sale proceeds flow to the parent, leaving the surviving SK Broadband entity without direct capital compensation.

Thyssenkrupp is targeting October 28 for the separate listing of its materials trading division tk accelis on the German stock exchange, according to two people familiar with the matter.

The cited report says Siemens Energy AG (ENR.DE) plans to separate its Transformation of Industry division into a standalone company named Omterra.

Thyssenkrupp (TKA.DE) will spin off its trading division in autumn 2026 as the center of its restructuring effort. The company has completed its full exit from a 50% stake in the Duisburg steelworks and shut down blast furnace 2. The fixed 1:20 spin-off ratio provides concrete distribution math for the flotation, while the Duisburg exit removes steel overhang.

Thyssenkrupp will initially retain 51% of TK Accelis, later reducing to 30%. 49% of TK Accelis will be distributed to existing shareholders at one TK Accelis share per 20 Thyssenkrupp shares held. TK Accelis generated €11.4 billion (~$13.2B) in revenue last fiscal year and employs approximately 15,300 people. Registration in the commercial register is slated for late October, with a subsequent standalone listing on the Frankfurt Stock Exchange. The capital markets day for the steel division is scheduled for September 28. Negotiations with Jindal Steel International over a potential stake in Steel Europe were paused in May.

BASF SE (BAS.DE) plans to spin off its Agricultural Solutions division in 2027. The company is currently executing a €1 billion (~$1.2B) share buyback program and maintains a minimum annual dividend of €2.25. Distribution terms and a record date for the spin-off are not disclosed. The transaction is expected to reduce the conglomerate discount and re-rate the stock toward a 10x EV/EBITDA multiple.

Xinyi Solar Holdings Limited (0968.HK), as holding company of Xinyi Energy Holdings Limited (03868.HK), announced a possible spin-off and PRC listing of XYE New Energy Fund on the Shenzhen Stock Exchange.

Huaneng Power International, Inc. (HPI) is spinning off infrastructure assets into a publicly offered real estate investment trust fund to be listed on the Shanghai Stock Exchange. The transaction involves 1 billion units.

New World Development proposes to spin off and independently list a securities investment fund on the Shanghai Stock Exchange. GF Fund Management Co., Ltd. is the fund manager and submitted registration and listing applications to the CSRC and SSE. The underlying asset is Shanghai-Hong Kong New World Tower at 300 Middle Huaihai Road, Huangpu District, Shanghai. The property comprises Shanghai K11 Art Mall and Shanghai K11 ATELIER New World Tower, indirectly wholly owned through Shanghai New World Huaihai Property Development Co., Ltd. Completion requires CSRC approval of fund registration and an SSE no-objection letter for the proposed listing.

China Overseas Land & Investment Ltd. (688.HK) received confirmation from the Stock Exchange on 11 September 2026 to proceed with the proposed spin-off and listing of the Public Fund under PN15. The Stock Exchange granted a waiver of assured entitlement, as legal restrictions under PRC laws prevent such provision to shareholders. The transaction remains subject to review and registration with the CSRC and the Shenzhen Stock Exchange. HKEX PN15 approval clears a key listing-rule hurdle, but the lack of assured entitlement means there is no pro-rata distribution mechanism to arbitrage.

Ramsay Health Care Ltd (RHC.AX) proposes to distribute its entire 52.79% holding in Ramsay Santé, an existing Euronext-listed European hospital operator, pro rata to shareholders through an in-specie distribution under…

Ramsay Health Care Limited (RHC.AX) plans to distribute shares of its European healthcare subsidiary, Ramsay Santé, to shareholders via an in-specie demerger.

Broken Hill Gold (BH6.AX) completed the demerger of its Alice River and St George gold-antimony projects to Manda Resources Ltd. BH6 shareholders will receive Manda shares via an in-specie distribution, which will be subject to a 12-month ASX mandatory escrow. The company expects to dispatch the notice of meeting to approve the distribution in early November 2026. The distribution effective date is estimated for early December 2026, with Manda targeted for ASX admission in mid-December 2026. This separation moves the North Queensland exploration portfolio into Manda and provides a timetable for the distribution and IPO.

Aspo Plc (ASPO.HE) proposes a partial demerger creating ESL Shipping Group Plc, with the continuing Aspo renamed Telko Group Plc. An Extraordinary General Meeting on 7 December 2026 will consider the transaction.

UPM-Kymmene Oyj (UPM.HE) is spinning off its plywood business into WISA Group Plc. UPM shareholders approved the partial demerger at an EGM on August 31, 2026, and the Finnish FSA approved the listing prospectus supplement on September 18, 2026. The demerger is scheduled for completion on October 31, 2026, with WISA share trading expected to begin November 2, 2026. The move allows UPM shareholders to retain their current listing while receiving shares in the spin-off. Prospectus approval and the firm completion date remove the main regulatory uncertainty.

UPM-Kymmene Corporation (UPM.HE) is partially demerging WISA Group Plc to list the entity on Nasdaq Helsinki. The Finnish Financial Supervisory Authority approved a supplement to the demerger and listing prospectus on September 18, 2026, which includes the appointment of Lasse von Hertzen as CFO. The demerger is planned to complete on October 31, 2026, with WISA shares expected to begin trading on November 2, 2026. The update keeps the prospectus current ahead of the October 31 completion and November 2 trading start.

Amplifon's board approved a partial demerger by way of spin-off under Article 2506.1 of the Italian Civil Code at a September 17, 2026 meeting. The minutes were drawn up in notarial form and made publicly available on September 23, 2026. Documents are available at the registered office, NIS-Storage, and the corporate website. The company did not disclose the demerger ratio, record date, or expected completion date.

Yolo Group S.p.A. (YOLO.MI) is spinning off its Tech Services Business Line into a new company to allow Atum S.r.l. to take a 51% controlling stake. Shareholders approved the demerger on 8 September 2026, and the resolution was registered with the Companies Register on 10 September 2026. The 60-day creditor objection window starting from the registration date is the immediate gating step before the demerger deed can be executed. The demerger implements a preliminary agreement signed with Atum S.r.l. on 14 July 2026.

SKF (SKF) will distribute all shares of its wholly owned subsidiary SKF Vertevo AB to shareholders.

Resonac Holdings Corporation (4004.T) plans to separate its petrochemical business through a partial spin-off of Crasus Chemical in October 2026. The company determined the reference price for Crasus Chemical's listing on September 18, 2026, and estimated the distributed-asset proportion on September 17, 2026. Crasus Chemical is treated as a discontinued operation. Resonac Holdings remains listed on the TSE Prime; the Crasus Chemical listing is the next concrete valuation checkpoint following these price and distribution determinations.

Zetrix AI plans to spin off its AI-related assets into a Nasdaq-listed SPAC valued at US$3 billion. The company booked RM3.7 billion (~$909M) in development cost as at June 30, 2026, up from RM2.8 billion (~$688M) at end-2025. The external auditor flagged the RM2.8 billion (~$688M) development cost as a key audit matter, representing more than 50% of total assets. IFC subscribed for 199.6 million new shares at 78 sen each. Zetrix AI's share price trades below 26 sen, versus net assets per share of 55 sen.

Toro Corp. (TORO) will distribute shares of its LPG carrier business, AI OKTO CORP., in a spin-off. Shareholders will receive one common share of AI OKTO for every eight Toro common shares held at the close of business on the October 1, 2026, record date. Toro expects to complete the distribution on or about October 8, 2026. The transaction remains subject to the Form 20-F registration statement being declared effective and the approval of AI OKTO's listing on the Nasdaq Capital Market.

Simple Mart Retail Co., Ltd. (2945.TW) is spinning off its retail channel business into its wholly-owned subsidiary, Fude Retail Co., Ltd. The company is transferring NT$250 million of business value in exchange for 25 million new Fude Retail ordinary shares at NT$10 per share. The spin-off reference date is January 1, 2027. Following the transaction, Simple Mart Retail Co., Ltd. will be renamed Zhonglian Investment Holding Co., Ltd. and transition to an investment holding company. This structural change converts the listed entity from a supermarket operator into an investment holding company, though shareholders receive no direct distribution as consideration consists of shares in a wholly-owned subsidiary.

Addvalue Technologies Ltd (A31.SI) will hold an extraordinary general meeting on 24 September 2026 to vote on the spin-off and separate listing of its IDRS-focused business. The board intends for the move to improve valuation transparency and reduce a perceived conglomerate discount. A project consultant team is currently identifying potential strategic investors in satellite communications, commercial space, and defense for the IPO. The spin-off vote is the next concrete catalyst to determine if the IDRS business receives a separate listing while the remaining group maintains consolidated reporting.

InPost S.A. published the convocation for an Extraordinary General Meeting on 14 September 2026. The EGM will be held on 14 October 2026 at 14:00 CEST at Stibbe Avocats offices in Luxembourg. Electronic voting is available, 14:00 CEST. The press release headline references a 'Demerger EGM'.

Azzas 2154 plans to reorganize into two independent listed companies: Arezzo&Co and SOMA. Arezzo&Co will hold footwear and accessories brands including Arezzo, Schutz, Anacapri, Vans, Alexandre Birman, Carol Bassi, and Hering. SOMA will comprise Animale, NV, Maria Filó, Cris Barros, Reserva, Oficina, and Foxton. The Birman shareholder group will lead Arezzo&Co; the Jatahy group will lead SOMA. A separately managed FARM company will be formed. The separation requires approval by governing bodies and shareholders, CADE clearance, and SOMA listing on B3's Novo Mercado segment.

AI OKTO Corp. (AIOK) is spinning off from its parent to separate LPG shipping services from the parent's tanker operations. Parent shareholders will receive one AI OKTO common share for every eight shares of parent common stock. The parent will contribute the AI OKTO Subsidiaries and $45.0 million in cash, while receiving 5.0 million Series A Preferred Shares with an aggregate stated amount of $25.0 million. A shareholder rights plan will be adopted with an exercise price of $22.00, triggered at 15% beneficial ownership. The spin-off creates a dual-class governance structure where 40,000 Series B Preferred Shares held by a company controlled by the CEO carry 99.9% of voting power despite having no economic rights.

Associated British Foods plc (ABF.L) will demerge Primark into a standalone fast-fashion entity by December 2027. Primark is launching home delivery in Britain and acquired a Sheffield fulfilment facility from Debenhams for £90 million (~$122M) in cash. The parent company's shares fell more than 11% on Thursday, while sugar losses for 2025-26 are expected at the higher end of the £25 million (~$34M) to £60 million (~$81M) guidance range. The demerger separates Primark from AB Foods' grocery, sugar, agriculture and ingredients businesses, while home delivery addresses a structural gap versus online competitors. Primark's fourth-quarter like-for-like sales to September 12 are expected to fall 3.0%, and sugar-division operating losses are expected at the higher end of the £25 million (~$34M) to £60 million (~$81M) guidance range.