A running index of spin-offs and corporate separations covered in the Special Situations Digest. Below are recent spin-off transactions, demerger announcements, and pending stock distributions across global markets, with each item linked to the underlying filing or news source. Below: the 100 most recent situations spanning 16 countries. Earlier coverage includes 54+ additional situations from prior issues.
Spin-offs have historically been one of the most fertile areas in special-situations investing. The parent company unlocks value by separating a non-core or undervalued subsidiary, while the new entity often trades at a discount in the first weeks of independent trading. Forced selling by index funds and ETFs that cannot hold the spun-off shares frequently creates technical pressure on the new entity, which can present an opportunity.
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United States 44 situations
Jet.AI Inc. JTAI (US) · $8.40 · MCAP $5M · EV -$2M
EV/EBITDA: 3.3x
Jet.AI Inc. is an emerging provider of high-performance GPU infrastructure and AI cloud services, listed on NASDAQ under JTAI. The company is pivoting to focus exclusively on its AI infrastructure and data center strategy.
Jet.AI Inc. (JTAI) will spin off its aviation assets into Jet.AI SpinCo, Inc. and immediately merge that entity with flyExclusive, Inc. Shareholders of record as of June 15, 2026, will receive a pro rata distribution of SpinCo shares that convert into flyExclusive Class A common stock upon completion, while retaining 100% of their existing JTAI shares to preserve exposure to the remaining AI infrastructure and data center business. A special meeting is scheduled for June 11, 2026, with Glass Lewis recommending a vote in favor of the transaction. Approval requires an affirmative majority of outstanding shares, meaning non-votes carry the same effect as a vote against the proposal. The distribution-and-merger mechanics create a dual-exposure event for JTAI holders ahead of the June 15 record date, with the June 11 shareholder vote acting as the first observable gate.
Featured in Issue #18 ·
Liberty Global Ltd. LBTYA (US) · $11.76 · MCAP $4.0B · EV $11.6B
EV/EBITDA: 11.4x · EV/Sales: 2.3x · EV/GP: 3.5x (FY2026)
Ziggo Group is a newly-formed Benelux telecommunications holding company combining Liberty Global's Dutch joint venture VodafoneZiggo and Belgian subsidiary Telenet, offering converged broadband, video, and mobile services to approximately 13 million customers.
Liberty Global Ltd. (LBTYA) announced the operational formation of Ziggo Group, a Benelux telecommunications entity combining the Dutch joint venture VodafoneZiggo and Belgian subsidiary Telenet. Liberty Global intends to acquire Vodafone Group Plc’s 50% stake in VodafoneZiggo and subsequently distribute 90% of Ziggo Group shares to shareholders, while Vodafone retains a 10% interest. Ziggo Group generates €6.6B in revenue and serves 13 million customers, with a planned listing on Euronext Amsterdam in 2027. Effective September 1, 2026, CEO Stephen van Rooyen and CFO Jany Fruytier will lead listing preparations. The spin-off provides a sum-of-the-parts monetization path for Liberty Global, though the multi-year catalyst involves structural complexity as the company must first close the VodafoneZiggo 50% buy-in before the distribution can proceed.
Featured in Issue #18 ·
Resideo Technologies, Inc. REZI (US) · $30.23 · MCAP $4.6B · EV $8.1B
Fwd P/E: 10.4x · EV/EBITDA: 12.2x · EV/Sales: 1.0x · EV/GP: 3.8x (FY2026)
Resideo Technologies provides home comfort, security, and energy-management solutions through its Products & Solutions segment and distributes low-voltage, security, AV, and smart-building products through its ADI Global Distribution segment. ADI generated ~$4.8B in fiscal 2025 revenue.
Resideo filed an amended Form 10 registration statement for the ADI Global Distribution spin-off, including financials for the three months ended April 4, 2026. The separation is expected between mid-3Q26 and mid-4Q26 (roughly mid-August to mid-November 2026). ADI generated approximately $4.8 billion in fiscal 2025 revenue on a carveout basis and distributes low-voltage, security, AV, and smart-building products. Investor days are scheduled for July 13 (Resideo) and July 14 (ADI) at the NYSE, with management presentations and Q&A.
Featured in Issue #18 ·
FedEx Freight Holding Company, Inc. FDXF (US) · $167.84 · MCAP $20.0B · EV $25.3B
Fwd P/E: 37.3x · EV/EBITDA: 16.5x · EV/GP: 9.0x
FedEx Freight operates in the North American less-than-truckload (LTL) freight industry, transporting consolidated shipments that do not require a full truck.
FedEx Freight Holding Company, Inc. (FDXF) began regular-way trading on the NYSE on June 1, 2026, following its spin-off from FedEx Corp. The distribution involved 80.1% of FDXF shares at a 1:2 ratio to holders of record as of May 15, 2026. FedEx Corp. retained a 19.9% stake with plans to dispose of the holding through debt exchanges or stockholder distributions within 24 months. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as advisors on the transaction. FedEx Corp. will report its first stand-alone results following the separation on June 23, 2026. This pure-play LTL carrier formation features a 19.9% parent overhang that may be monetized via debt-for-equity swaps to mitigate market pressure, while index inclusion and forced selling by income-oriented parent holders provide the primary near-term arbitrage angles.
Featured in Issue #18 ·
Baidu, Inc. BIDU (US) · $121.66 · MCAP $41.4B · EV $41.5B
Fwd P/E: 2.3x · EV/EBITDA: 1.2x · EV/Sales: 0.3x · EV/GP: 0.7x (FY2026)
Baidu is a Chinese multinational technology company specializing in internet-related services, products, and artificial intelligence. Its Kunlunxin subsidiary designs AI chips that power Baidu's ERNIE foundation models and AI cloud infrastructure.
Baidu announced plans to spin off and separately list its Kunlunxin AI chip subsidiary on the Hong Kong Stock Exchange. The confirmation was made at the Morgan Stanley Asia AI Summit in Taipei in late May 2026. The spin-off is part of Baidu's broader strategy to focus on its AI ecosystem, including the ERNIE foundation model and AI cloud, while Kunlunxin gains independent access to capital. Baidu faces profitability pressure, with bearish analysts projecting earnings must grow from CN¥391M to CN¥15.9B by 2029 to justify valuation.
Featured in Issue #18 ·
Corteva, Inc. CTVA (US) · $78.28 · MCAP $52.4B · EV $54.0B
Fwd P/E: 20.9x · EV/EBITDA: 16.9x · EV/Sales: 2.9x · EV/GP: 6.8x (FY2026)
Corteva is a global agriculture company with two business units: seed and genetics (developing proprietary seed traits and germplasm) and crop protection (herbicides, insecticides, fungicides). The spin-off will separate these into two independent publicly traded entities.
Corteva, Inc. (CTVA) announced that Vylor will be the name of its seed and genetics spin-off, replacing the interim designation. New Corteva will retain the company's crop protection business following the pro-rata separation. An investor day featuring growth strategies from both executive teams is scheduled for September 15, 2026. The transaction is expected to conclude in Q4 2026. The name reveal and investor day convert the separation into a branded, time-bound transaction while providing a firmer window for when Vylor shares will begin trading and when the record date for the pro-rata distribution will likely be set.
Featured in Issue #18 ·
Flex Ltd. FLEX (US) · $151.92 · MCAP $55.7B · EV $57.7B
Fwd P/E: 34.0x · EV/EBITDA: 19.3x · EV/Sales: 1.7x · EV/GP: 19.0x (FY2027)
Flex provides technology innovation, supply chain, and manufacturing solutions across data center, communications, automotive, industrial, healthcare, and power industries globally.
Flex completed its acquisition of Electrical Power Products (EP²), expanding its grid modernization and utility capabilities. The EP² acquisition is described as accretive to Flex's earnings. Flex has finalized plans to separate its Power and Cloud business into a new publicly traded entity referred to as SpinCo. The spin-off and acquisition together sharpen Flex's focus on grid and AI data center infrastructure markets.
Featured in Issue #18 ·
S&P Global Inc. SPGI (US) · $424.44 · MCAP $125.6B · EV $142.7B
Fwd P/E: 21.6x (FY2026)
S&P Global Inc. provides financial information and analytics, including credit ratings, benchmarks, and data services to global capital and commodity markets. It is spinning off its Mobility Global subsidiary in a one-for-one distribution.
S&P Global Inc. (SPGI) will spin off its Mobility Global subsidiary through a one-for-one distribution to stockholders of record on June 15, 2026. The transaction is scheduled to close on July 1, 2026, subject to satisfaction or waiver of closing conditions. Canadian Imperial Bank of Commerce will sell the underlying Mobility Global shares and distribute net cash proceeds to Canadian Depositary Receipt (CDR) holders rather than issuing shares. The CDR record date is set for July 2, 2026, with CDRs trading ex-distribution on the TSX starting the same day. CIBC expects to distribute the net proceeds to CDR holders around July 9, 2026. This spin-off constitutes a pro-rata distribution where CDR holders will receive a net cash payout rather than shares under a fixed timeline.
Featured in Issue #18 ·
Honeywell International Inc. HON (US) · $236.54 · MCAP $149.9B · EV $176.3B
Fwd P/E: 22.5x · EV/EBITDA: 18.9x · EV/Sales: 4.5x · EV/GP: 12.1x (FY2026)
Honeywell Aerospace is a global tier-1 aerospace and defense supplier of mission-critical systems spanning Electronic Solutions, Engines & Power Systems, and Control Systems for commercial, defense, and business aviation markets.
Record date for the pro-rata spin-off distribution set for June 15, 2026. Distribution ratio is 1 share of Honeywell Aerospace (HONA) for every 2 shares of Honeywell (HON) held. Honeywell Aerospace is expected to begin 'when-issued' trading on Nasdaq under ticker 'HONAV' on or about June 15, and 'regular-way' trading as 'HONA' on June 29. A concurrent 1-for-2 reverse stock split of Honeywell shares becomes effective on June 29, immediately following the distribution, reducing outstanding shares from ~634M to ~317M.
Featured in Issue #18 ·
Jollibee Foods Corporation JBFCF (US) · $2.19 · MCAP $152.8B · EV $276.3B
EV/EBITDA: 5.9x · EV/Sales: 0.9x · EV/GP: 4.7x (FY2026)
Jollibee Foods Corporation is the Philippines' largest fast-food group, operating the flagship Jollibee brand globally alongside Smashburger, Tim Ho Wan, and Coffee Bean & Tea Leaf. It also holds Philippine franchises for Burger King and maintains a joint venture with Yoshinoya.
Jollibee is considering shifting the planned spinoff and IPO of its international business from the US to Hong Kong. The company is working with advisers and aims to complete the listing by the end of 2027, though discussions remain preliminary. In January 2026, Jollibee originally announced plans to spin off international operations and list them in the US. Manila-listed shares are down ~25% YTD, pressuring the company to seek a more active fundraising market.
Featured in Issue #18 ·
Enviri Corporation NVRI (US) · $20.72 · MCAP $1.7B · EV $3.1B
EV/EBITDA: 18.1x · EV/Sales: 1.7x · EV/GP: 8.2x (FY2026)
Enviri provides environmental and industrial services: Clean Earth handles hazardous waste processing, while Harsco Environmental and Rail serve steel and rail infrastructure markets globally.
Enviri (NVRI) is proceeding with the sale of its Clean Earth division to Veolia Environnement and the concurrent spin-off of its Harsco Environmental and Rail segments into a new listed company, Enviri II Corp. Shareholders are set to receive $15 in cash per share after debt repayment and costs, alongside a 1-for-3 share distribution of Enviri II. The distribution will occur before market open on June 1, with the post-spin entity retaining the Enviri Corporation name and NYSE listing under the NVRI ticker. 'When-issued' trading under the symbol NVRI WI commenced on May 27, while regular-way trading is scheduled to begin June 2. The combination of a $15 per share cash payout and the 1-for-3 share distribution of the remaining operations creates a hard-defined value event on June 1, with the 'when-issued' market allowing pre-distribution price discovery and an arb-worthy stub period.
Featured in Issue #17 ·
Middleby Corp. MIDD (US) · $155.01 · MCAP $7.0B · EV $9.7B
Fwd P/E: 16.2x · EV/EBITDA: 13.6x · EV/Sales: 2.9x · EV/GP: 7.4x (FY2027)
Middleby manufactures commercial foodservice and food-processing equipment. Midera will house the food-processing segment, while Middleby retains the commercial foodservice business.
Middleby Corp. (MIDD) is executing a pro rata spin-off of its food-processing segment into a new entity, Midera, while retaining its commercial foodservice business. An amended Form 10 filing on May 27 establishes the 1:1 distribution ratio and record-date mechanics for a July 2026 close, with Midera set to list on the Nasdaq under the ticker MFP. Midera is targeting 5-7% organic net sales growth and standalone adjusted EBITDA margins of 20-23% against estimated separation costs of $60.5 million. Completion of the transaction remains subject to SEC effectiveness and Nasdaq listing approval. The primary actionable dynamic is whether the post-spin stub and Midera sum-of-parts valuation exceeds Middleby’s current price of approximately $154.
Featured in Issue #17 ·
Madison Square Garden Sports Corp. MSGS (US) · $374.29 · MCAP $9.0B · EV $6.1B
EV/EBITDA: NM · EV/Sales: 5.8x · EV/GP: 21.4x (FY2027)
Madison Square Garden Sports owns the New York Knicks (NBA) and New York Rangers (NHL) professional sports franchises, generating revenue from media rights, ticket sales, sponsorships, and live events at Madison Square Garden.
Madison Square Garden Sports Corp. (MSGS) filed a Form 10 registration statement for the proposed tax-free spin-off of the New York Rangers hockey franchise. The transaction would separate the New York Knicks and the Rangers into two standalone public companies, moving the separation from a board-exploration concept to a concrete SEC filing milestone. The spin-off would create two pure-play sports franchises, letting investors value each team's earnings power and media rights exposure independently. This transaction directly addresses the valuation discount from bundling a top NBA franchise with an NHL team that carries a different media-rights risk profile. Investors should monitor the Form 10 for the distribution ratio, capital structure, and whether the spin is taxable.
Featured in Issue #17 ·
Modine Manufacturing Company MOD (US) · MCAP $14.7B · EV $15.2B
Fwd P/E: 33.8x · EV/EBITDA: 28.2x · EV/Sales: 3.0x · EV/GP: 13.0x (FY2027)
Modine Manufacturing Company is a diversified thermal management company operating in three segments: Data Center cooling solutions, Commercial HVAC, and Performance Technologies (automotive, heavy-duty equipment, and stationary power thermal systems).
Modine Manufacturing Co (MOD) will spin off its Performance Technologies segment via Platinum SpinCo Inc., which will then merge with Gentherm Incorporated in a Reverse Morris Trust transaction. Slated to close before the end of calendar year 2026, the deal requires Gentherm shareholder approval and an IRS determination letter. Once separated. Modine will operate as a pure-play climate solutions business with target Data Center sales growth of 60–80% and Commercial HVAC growth of 5–10%. Performance Technologies' 2027 fiscal guidance forecasts flat to 5% revenue growth and EBITDA margins of 14–15%, an increase of 25–100 bps year-over-year. PMs should track the Gentherm S-4 filing for pro-forma financials, exchange ratios, and the shareholder vote timeline as the core catalyst is the spread between the implied stub value of RemainCo versus the combined package.
Featured in Issue #17 ·
FedEx Corp FDX (US) · $411.75 · MCAP $98.2B · EV $84.9B
Fwd P/E: 18.2x · EV/EBITDA: 7.3x · EV/Sales: 0.9x · EV/GP: 4.0x (FY2027)
FedEx Corp is a global transportation and logistics company providing parcel delivery and freight services worldwide.
FedEx Corp (FDX) is spinning off its Freight division into a standalone public company under the ticker FDXF. When-issued trading for FDXF is scheduled to begin May 27, 2026, with regular-way trading starting June 1, 2026. UBS has assigned an implied value of $213 per share to FDXF and $338 per share to the remaining parcel business (FEC), contributing to a $445 sum-of-the-parts price target for the parent. The separation creates a pure-play freight logistics company, and the when-issued window offers an early liquidity signal before the June 1 regular trading open.
Featured in Issue #17 ·
S&P Global Inc. SPGI (US) · $424.00 · MCAP $125.5B · EV $171.7B
Fwd P/E: 21.6x (FY2026)
S&P Global provides credit ratings, benchmarks, data, and analytics to global capital, commodity, and automotive markets. The Mobility division being spun off focuses on automotive data and workflow solutions.
S&P Global Inc. (SPGI) confirmed a pro-rata spin-off of its Mobility division into Mobility Global Inc. scheduled for July 2026. The transaction will be supported by a $2.00 billion private notes offering and a $500.00 million credit facility for the new entity. Recent annual meeting results confirmed the spin-off trajectory, as shareholders rejected proposals to modify special meeting thresholds. The company also established a 2029 revenue target of $19B and authorized a $0.97 per share second-quarter dividend. The July 2026 pro-rata distribution crystallizes the separation of the automotive data unit from S&P Global’s core financial infrastructure franchise, with the $2.5B debt package establishing a specific valuation anchor and capital structure for the new entity.
Featured in Issue #17 ·
ABVC BioPharma, Inc. ABVC (US) · MCAP $36M · EV $40M
BioKey (Cayman) operates as a fully integrated Contract Research Organization (CRO) and Contract Development and Marketing Organization (CDMO) through its California subsidiary BioKey, Inc., offering pharmaceutical research and generic-drug manufacturing services under one roof.
ABVC BioPharma, Inc. (ABVC) filed a preliminary Form 10 detailing the pro-rata spin-off of its subsidiary, BioKey (Cayman). Under the proposed terms, ABVC will distribute approximately 10% of BioKey ordinary shares to its shareholders and retain a 90% controlling interest. BioKey operates as an integrated CRO and CDMO, and it intends to apply for quotation on the OTC Markets following the distribution, for which record and payment dates remain pending. The distribution will be in book-entry form and will not include fractional shares. This 10% stub and OTC listing create a potential orphaned-equity situation where forced selling from ABVC holders could depress early trading, while a discounted valuation may attract buyers to the underlying CRO/CDMO platform.
Featured in Issue #17 ·
ESG Inc. ESGH (US) · $2.00 · MCAP $52M · EV $141M
ESG Inc. operates suspended mushroom cultivation and food-product operations in China, while shifting focus to early-stage North American food products. The China business historically generated all revenue.
ESG Inc. (ESGH) signed a Split-Off and Share Exchange Agreement after March 31, 2026, to divest ESG China Limited in exchange for the cancellation of 10,432,800 shares. The transaction removes the company's PRC mushroom operations, which generated $0 revenue in Q1 2026 compared to $1.59 million in the prior year period. Management issued a going-concern warning, disclosing a $6.9 million working capital deficit and $206,391 in cash against $6.2 million in short-term bank loans. Q1 financing included a $275,000 convertible promissory note from Labrys Fund II, L.P. and $200,000 in new convertible debt. The split-off reshapes the distressed micro-cap by excising the suspended China business as the company shifts focus to North American food products. Going-concern risks and near-zero liquidity continue to raise survival questions for the remaining stub.
Featured in Issue #16 ·
Enviri Corp NVRI (US) · $19.60 · MCAP $1.6B · EV $3.1B
EV/EBITDA: 18.1x · EV/Sales: 1.7x · EV/GP: 8.2x (FY2026)
Enviri Corp provides environmental solutions for industrial and specialty waste streams, as well as equipment and technology for the rail sector, primarily in the USA.
Enviri Corp (NVRI) plans to separate specific operations into a new publicly traded entity by May 31, 2026. Following the spin-off, Veolia Environment will acquire the remaining assets of the parent company. This transaction structure results in a breakup of the company, which provides environmental solutions for industrial waste streams and equipment for the rail sector. Enviri Corp has a market capitalization of $1.64 billion and generated $2.24 billion in revenue. The separation is expected to unlock shareholder value by creating a publicly traded SpinCo and transferring residual assets to a strategic buyer.
Featured in Issue #16 ·
Resideo Technologies, Inc. REZI (US) · $28.76 · MCAP $4.4B · EV $7.7B
Fwd P/E: 9.9x · EV/EBITDA: 11.7x · EV/Sales: 1.0x · EV/GP: 3.6x (FY2026)
Resideo Technologies provides home comfort, security, and safety solutions through its Products & Solutions segment, and distributes security, fire, and low-voltage products via its ADI Global Distribution segment.
Resideo Technologies (REZI) is executing a spin-off to separate its Products & Solutions (P&S) and ADI Global Distribution (ADI) segments into two independent public companies. Management discussed the separation at the J.P. Morgan 54th Annual Global Technology, Media and Communications Conference on May 18, 2026. The P&S segment focuses on operational efficiency and connected products, while the ADI segment leverages omnichannel distribution and digitalization. Both resulting companies intend to pursue bolt-on M&A and margin expansion. The separation presents potential for sum-of-the-parts re-rating, special-situation arbitrage, and index inclusion trading opportunities.
Featured in Issue #16 ·
Madison Square Garden Sports Corp. MSGS (US) · $353.87 · MCAP $8.5B · EV $6.1B
EV/EBITDA: NM · EV/Sales: 5.8x · EV/GP: 21.4x (FY2027)
Madison Square Garden Sports Corp. owns and operates professional sports franchises, including the NBA's New York Knicks and NHL's New York Rangers, along with affiliated minor league teams and a training facility.
Madison Square Garden Sports Corp. (MSGS) filed a confidential initial Form 10 Registration Statement with the SEC to spin off its Knicks and Rangers businesses. The transaction would create two distinct public companies, with one holding the NBA Knicks and its G League affiliate and the other holding the NHL Rangers and AHL affiliate. The separation is structured as a tax-free pro-rata distribution of 100% of the new company's common stock to MSGS shareholders, potentially unlocking sum-of-the-parts value and attracting franchise-specific investors. Completion remains subject to SEC effectiveness, league approvals, a tax opinion, and final board approval. MSGS currently has a market capitalization of approximately $8.46 billion with shares trading near a 52-week high.
Featured in Issue #16 ·
FedEx Corporation FDX (US) · $394.20 · MCAP $94.1B · EV $84.9B
Fwd P/E: 17.4x · EV/EBITDA: 7.3x · EV/Sales: 0.9x · EV/GP: 4.0x (FY2027)
FedEx Corporation is a global logistics and package-delivery company operating aircraft, trucks, sorting hubs, and last-mile infrastructure for B2B and B2C shipping. FedEx Freight is North America's largest less-than-truckload (LTL) carrier.
FedEx Corporation (FDX) plans to spin off FedEx Freight, North America's largest less-than-truckload carrier, for listing under the ticker FDXF on June 1, 2026. The tax-free distribution terms provide shareholders one FDXF share for every two FedEx shares held. The company is targeting $6 billion in cumulative cost savings by 2027 and is focusing on $130 billion B2B markets including healthcare, automotive, aerospace, and data centers. FedEx shares recently fell nearly 9% from approximately $393 to $358 following Amazon’s May 4 supply-chain announcement, though management estimates the move will impact revenue by less than 2%. Jim Cramer’s Charitable Trust initiated a position at roughly $370 with a $425 price target ahead of the separation.
Featured in Issue #16 ·
S&P Global Inc. SPGI (US) · $417.60 · MCAP $123.6B · EV $171.7B
Fwd P/E: 21.3x (FY2026)
Mobility Global Inc. will hold S&P Global's Mobility division, which provides data, analytics, and insights for the automotive and mobility sectors.
S&P Global Inc. (SPGI) filed an 8-K announcing a $2.0B private offering of senior notes by Mobility Global Inc. to fund the separation of its Mobility division. The offering consists of three tranches and is exempt from registration under Rule 144A and Regulation S. Mobility Global Inc. is a recently formed holding company for the division, which provides data, analytics, and insights for the automotive and mobility sectors. The spin-off will be executed via a pro-rata distribution of Mobility Global Inc. shares to SPGI shareholders. This debt issuance provides capital structure clarity for the separated entity and signals the transaction is advancing toward completion.
Featured in Issue #16 ·
Corteva Agriscience CTVA (US) · $82.21 · MCAP $55.0B · EV $43.2B
Fwd P/E: 22.0x · EV/EBITDA: 13.5x · EV/Sales: 2.4x · EV/GP: 5.4x (FY2026)
Vylor is an independent seed and plant genetics business being carved out from Corteva Agriscience. Corteva is a global pure-play agriculture company providing seed, crop protection, and digital solutions.
Corteva (CTVA) designated Johnston, Iowa, as the global headquarters for Vylor, an independent seed and plant genetics business being carved out from the company. Johnston Mayor Paula Dierenfeld stated the city is positioned to support Vylor’s goals and noted Pioneer was founded there 100 years ago. The selection of the headquarters location signals execution progress for the spin-off. This transaction advancement provides geographic footprint clarity for parent-and-spinco valuation analysis.
Featured in Issue #15 ·
DuPont de Nemours DD (US) · $49.31 · MCAP $20.2B · EV $19.2B
Fwd P/E: 20.7x · EV/EBITDA: 12.9x · EV/Sales: 2.7x · EV/GP: 8.9x (FY2026)
DuPont is a diversified specialty materials company supplying advanced polymers, electronic materials, and water filtration technologies. The Electronics business serves semiconductor fabrication; Water provides reverse osmosis membranes and ion exchange resins for industrial and municipal treatment.
DuPont de Nemours (DD) is proceeding with a tax-free spin-off of its Electronics and Water segments into a new independent company. Originally announced on May 1, 2024, DuPont provided updated timeline and structure details in a May 23, 2024, update. The resulting standalone entity will focus on semiconductor demand and water scarcity trends, while DuPont will remain a specialty materials company centered on industrial, mobility, and construction applications. The Electronics segment provides materials for semiconductor fabrication, and the Water business supplies membranes and resins for industrial and municipal treatment. The transaction is intended to create two entities with distinct investment profiles for sum-of-the-parts re-rating and tailored capital allocation strategies. Completion is subject to customary approvals and market conditions; no specific transition date was provided.
Featured in Issue #15 ·
Enviri II Corp NVRI (US) · $19.39 · MCAP $1.6B · EV $3.1B
EV/EBITDA: 18.1x · EV/Sales: 1.7x · EV/GP: 8.2x (FY2026)
Enviri II will hold Enviri Corporation's Harsco Environmental and Harsco Rail segments, providing environmental solutions and rail services respectively, and will list on the NYSE post-spin.
The SEC declared the Form 10 registration statement for Enviri II (NVRI) effective on Monday, May 11, 2026, ahead of its spin-off from Enviri Corporation. Enviri II comprises the Harsco Environmental and Harsco Rail segments and will be renamed Enviri Corporation post-separation, listing on the NYSE under the ticker NVRI WI. A final information statement was mailed to shareholders starting Monday, with completion of the spin-off remaining subject to the conditions of the separation agreement. The transaction proceeds alongside a concurrent sale of Enviri Corporation’s Clean Earth segment.
Featured in Issue #15 ·
FedEx Corp. FDX (US) · $375.78 · MCAP $89.7B · EV $84.9B
Fwd P/E: 16.6x · EV/EBITDA: 7.3x · EV/Sales: 0.9x · EV/GP: 4.0x (FY2027)
FedEx Freight is North America's largest less-than-truckload (LTL) carrier, operating a fleet of nearly 30,000 vehicles across over 365 locations, serving the U.S., Canada, Mexico, Puerto Rico, and the U.S. Virgin Islands.
The FedEx Corp. (FDX) board approved a pro rata spin-off of FedEx Freight through a dividend of 80.1% of its common stock, with the parent retaining a 19.9% stake for disposal within 24 months. Stockholders of record as of May 15, 2026, will receive one share of the North American less-than-truckload carrier for every two FedEx shares held. FedEx Freight is scheduled to begin 'when-issued' trading on May 27, 2026, under ticker FDXF WI and regular-way NYSE trading on June 1, 2026, under symbol FDXF. Prior to the separation, FedEx Freight will pay a ~$4.1B cash dividend to FedEx funded by a $3.7B note offering and a delayed-draw term loan. FedEx also announced it will redeem €354.9M of its 1.300% notes due 2031 on May 28, 2026.
Featured in Issue #15 ·
First Tracks Biotherapeutics, Inc. TRAX (US) · $16.90 · MCAP $590M
First Tracks Biotherapeutics is a clinical-stage biotech developing innovative therapeutics for autoimmune and inflammatory diseases, with lead programs including rosnilimab, ANB033, and ANB101.
First Tracks Biotherapeutics, Inc. (TRAX) filed a 424B3 prospectus to register 10,497,054 shares for resale by selling stockholders. The company, which will receive no proceeds from the offering, completed its spin-off from AnaptysBio, Inc. on April 20, 2026. AnaptysBio retained its royalty management business, while First Tracks operates as a clinical-stage biotech focused on autoimmune and inflammatory diseases through programs including rosnilimab, ANB033, and ANB101. This resale registration is the first since the spin-off and signals potential selling pressure as legacy AnaptysBio holders adjust their stakes in the newly independent entity.
Featured in Issue #15 ·
Genuine Parts Company GPC (US) · $92.87 · MCAP $12.9B · EV $24.9B
Fwd P/E: 12.1x · EV/EBITDA: 13.3x · EV/Sales: 1.0x · EV/GP: 2.8x (FY2026)
Genuine Parts Company distributes automotive replacement parts (primarily through NAPA Auto Parts) and industrial parts (under the Motion brand) globally. The Automotive segment serves the aftermarket repair market while the Industrial segment supplies manufacturing and MRO clients.
Genuine Parts Company (GPC) announced on February 17, 2026, a plan to separate its Automotive and Industrial segments into two independent publicly traded companies, Global Automotive and Global Industrial. The tax-free spin-off is targeted for completion in Q1 2027, with investor days scheduled for H2 2026 to detail standalone strategies. Global Automotive reported 2025 sales exceeding $15B and $1.2B in EBITDA, while Global Industrial generated approximately $9B in sales and over $1.1B in EBITDA. The transaction aims to unlock the conglomerate discount and allow pure-play valuations for both potentially investment-grade entities. The announcement coincided with a Q4 2025 earnings miss and weak FY 2026 guidance, driving a -13.14% share price decline on the day of the news. GPC previously executed a spin-off of its S.P. Richards office products business in 2018.
Featured in Issue #15 ·
Honeywell International Inc. HON (US) · $213.24 · MCAP $135.1B · EV $146.8B
Fwd P/E: 20.3x · EV/EBITDA: 15.7x · EV/Sales: 3.7x · EV/GP: 10.1x (FY2026)
Honeywell International Inc. is a diversified industrial conglomerate operating across megatrends of automation, the future of aviation, and energy transition. The Aerospace business being spun off manufactures aircraft engines, avionics, and systems.
Honeywell International (HON) has shifted the expected completion date for the pro-rata spin-off of its Aerospace business to June 29, 2026, from a prior target of the second half of 2026. Definitive additional proxy materials detail the anticipated board of directors for the standalone Honeywell Aerospace company, which manufactures aircraft engines, avionics, and systems. The update follows the October 2025 separation of the Advanced Materials business and the May 8, 2026, public Form S-1 filing for the proposed IPO of the company's Quantinuum unit (which reported a $136.6M Q1 2026 net loss). Shareholders will vote on a reverse stock split proposal and the election of directors including Marc Steinberg, a partner at Elliott Investment Management.
Featured in Issue #15 ·
Lantern Pharma LTRN (US) · $3.14 · MCAP $35M
Lantern Pharma is a clinical-stage AI-driven precision oncology company developing targeted cancer therapies. Its commercially available withZeta.ai platform uses AI to accelerate drug discovery by analyzing datasets and predicting drug responses.
Lantern Pharma (LTRN) plans to spin off its withZeta.ai AI platform and related technologies and personnel into an independent business entity. Concurrently, the company announced a registered direct offering of 2,135,923 shares at $2.06 per share for gross proceeds of $4.4M. The withZeta.ai platform is currently a subscription-based research tool generating revenue for the clinical-stage biotech. Lantern intends to use the offering proceeds to support clinical candidates LP-184, LP-284, and LP-300. The separation of the AI drug-discovery platform from the clinical-stage biotech aims to unlock shareholder value and attract dedicated investment or partnerships for the AI entity.
Featured in Issue #15 ·
Modine Manufacturing MOD (US) · $271.26 · MCAP $14.3B · EV $4.5B
Fwd P/E: 34.3x · EV/EBITDA: 4.1x · EV/Sales: 1.2x · EV/GP: 4.7x (FY2027)
Modine Manufacturing designs and sells mission-critical thermal management solutions globally, with a growing focus on data center and HVAC cooling systems alongside its legacy combustion-based Performance Technologies segment.
Modine (MOD) amended its Sixth Amended and Restated Credit Agreement to permit a new escrow subsidiary to incur debt intended to fund the spin-off of its Performance Technologies business. Proceeds from the financing will prepay existing Modine loans upon the transaction's close, separating the legacy combustion-focused unit from the company's data center and HVAC cooling segments. The credit amendment signals concrete progress in financing the planned separation. Modine will report fiscal Q4 2026 results on May 26, providing a catalyst for updates on the spin-off and data center growth.
Featured in Issue #15 ·
Resideo Technologies, Inc. REZI (US) · $28.35 · MCAP $4.3B · EV $7.7B
Fwd P/E: 9.8x · EV/EBITDA: 11.7x · EV/Sales: 1.0x · EV/GP: 3.6x (FY2026)
Resideo is a global manufacturer and distributor of technology-driven sensing and controls products for residential and commercial markets. ADI Global Distribution is a specialty distributor of over 500,000 low-voltage products from 1,000+ suppliers serving commercial and residential markets.
Resideo Technologies, Inc. (REZI) filed a Form 10 registration statement with the SEC for the planned tax-free spin-off of its ADI Global Distribution business. On a carveout basis for fiscal year 2025, ADI generated approximately $4.8B in revenue and $318M in Adjusted EBITDA. The separation is expected to be completed between mid-Q3 and mid-Q4 2026, with Robert Aarnes designated as President and CEO of ADI and Thomas Surran as President and CEO of the post-spin Resideo. Separate Investor Days for both companies are scheduled for mid-July 2026 in New York City. The filing begins the formal regulatory process and provides the first detailed financial profile of ADI as a standalone public entity.
Featured in Issue #15 ·
S&P Global Inc. SPGI (US) · $403.15 · MCAP $119.3B · EV $171.7B
Fwd P/E: 20.5x (FY2026)
The Mobility division of S&P Global provides automotive and mobility data solutions, including B2B business services and consumer brands like CARFAX, leveraging AI and data analytics across the automotive information market.
S&P Global (SPGI) plans to spin off its Mobility division into an independent publicly traded company named Mobility Global Inc. Currently in the strategic review phase, the separation aims to create a pure-play automotive analytics entity from a portfolio that includes B2B mobility data solutions and the CARFAX brand. Mobility Global Inc. will host an Investor Day on May 12, 2026, to detail its strategic vision, financial framework, and growth strategy. The transaction is expected to present special-situation value drivers including potential forced selling, index reconstitution, and strategic repositioning.
Featured in Issue #15 ·
Solventum SOLV (US) · $74.26 · MCAP $12.9B · EV $18.0B
Fwd P/E: 11.4x · EV/EBITDA: 8.1x · EV/Sales: 2.2x · EV/GP: 4.1x (FY2026)
Solventum is a healthcare company comprising former 3M assets in MedSurg, Dental Solutions, and Health Information Systems. It operates as an independent entity following its April 2026 spin-off from 3M.
Solventum (SOLV) completed its spin-off from 3M (MMM) on April 24, 2026, as an independent healthcare company comprising MedSurg, Dental Solutions, and Health Information Systems assets. Wedbush initiated coverage of the entity on May 15, 2026, with an Outperform rating and a $94 price target. The stock trades at 9.6x EV/EBITDA, a valuation Wedbush indicates does not reflect the value of the company’s portfolio. Post-separation adjusted EBIT fell approximately 480 basis points compared to pre-spin figures. This first major sell-side initiation 21 days post-spin follows typical valuation dislocations as forced sellers exit and coverage begins.
Featured in Issue #15 ·
Synektik SA SNT.WA (US) · MCAP $657M · EV $576M
Fwd P/E: 5.3x · EV/EBITDA: 12.0x · EV/Sales: 2.3x · EV/GP: 6.3x (FY2026)
Polish company specializing in medical devices, robotics, imaging systems, and radiopharmaceuticals.
Synektik Spółka Akcyjna (SNT.WA) completed the spin-off of its subsidiary Syn2bio S.A. The company released a preliminary estimate regarding the impact of the carve-out on its total income statement and equity. Post-spin situations can create mispricing as legacy shareholders rebalance and new investors evaluate the standalone entity.
Featured in Issue #15 ·
The Middleby Corporation MIDD (US) · $143.58 · MCAP $6.5B · EV $9.7B
Fwd P/E: 15.0x · EV/EBITDA: 13.6x · EV/Sales: 2.9x · EV/GP: 7.4x (FY2027)
Midera supplies food processing equipment and automation for industrial protein, bakery, and snack producers, offering total line solutions from preparation through packaging across 30+ brands.
Middleby Corp (MIDD) filed an 8-K detailing the brand launch of Midera Food Processing, Inc., which will spin off as a standalone public company. The transaction involves a distribution of one share of Midera common stock for every one share of MIDD held, expected July 6, 2026. Midera intends to list on the Nasdaq Global Select Market under the ticker MFP and will host an Investor Day with Middleby leadership on May 12, 2026. Midera supplies food processing equipment and automation for industrial protein, bakery, and snack producers across 30+ brands. This pure-play food processing spin-off creates a setup for forced selling, index inclusion, and strategic repositioning.
Featured in Issue #15 ·
Trump Media & Technology Group Corp. DJT (US) · $8.67 · MCAP $2.4B · EV $4.2B
Trump Media & Technology Group operates the Truth Social platform and is diversifying into fusion energy via a pending TAE Technologies merger, alongside ventures in cryptocurrency and financial products.
Trump Media & Technology Group (DJT) is exploring a spin-off of its Truth Social platform into a separate publicly traded entity through a merger with SPAC Texas Ventures Acquisition III Corp. Shares of the new Truth Social company would be distributed to DJT shareholders of record before the closing of the company's pending $6B merger with fusion energy firm TAE Technologies. The proposed transaction aims to establish two pure-play companies, separating truth social from DJT’s fusion energy, cryptocurrency, and financial product ventures. No definitive agreement has been reached and discussions regarding terms remain ongoing. DJT reported a 2025 consolidated net loss of $712.3M on Truth Social net sales of $3.68M, while holding $2.5B in financial assets. The unbundling of the social media platform is intended to facilitate a standalone market valuation for the Truth Social business.
Featured in Issue #15 ·
U-Haul Holding Co. UHAL (US) · $48.67 · MCAP $9.2B · EV $19.1B
Fwd P/E: 63.2x · EV/EBITDA: 8.6x · EV/Sales: 3.1x · EV/GP: 3.6x (FY2027)
U-Haul Holding Co. provides DIY moving truck and trailer rentals and owns/manages a large network of self-storage facilities across the US and Canada.
U-Haul Holding Co. (UHAL) management is discussing the separation of portions of its real estate portfolio into a new company structure. The plan involves spinning off owned self-storage properties while core moving and storage operations remain under the existing corporate umbrella. The separation is intended to surface significant hidden asset value and create a pure-play property vehicle for yield-focused investors. Management discussions regarding the potential real estate spin-off were referenced in March 2025, with continued investor focus through May 2026.
Featured in Issue #15 ·
Madison Square Garden Sports Corp. MSGS (US) · $330.13 · MCAP $7.9B · EV $6.1B
EV/EBITDA: NM · EV/Sales: 5.8x · EV/GP: 21.5x (FY2027)
Madison Square Garden Sports Corp. owns and operates professional sports franchises, principally the New York Knicks (NBA) and New York Rangers (NHL), along with related esports teams and entertainment assets.
Madison Square Garden Sports Corp. (MSGS) board has authorized management to explore a potential tax-free spin-off of the New York Rangers business into a separate public company. Disclosed in its May 8, 2026, 10-Q filing, the exploration follows a quarterly net loss of $19.98 million on revenue of $432.2 million, which included $1.24 million in restructuring charges. Total debt stands at $258.5 million, primarily consisting of the Knicks revolving facility and a Rangers NHL advance. Any separation remains subject to league, board, and tax approvals and is not assured. A transaction would create a pure-play publicly traded NHL franchise while requiring the division of shared arena, media rights, and debt arrangements from the New York Knicks assets.
Featured in Issue #14 ·
Textron Inc. TXT (US) · $91.01 · MCAP $15.8B · EV $17.9B
Fwd P/E: 14.0x · EV/EBITDA: 10.3x · EV/Sales: 1.2x · EV/GP: 6.8x (FY2027)
Textron Inc. is a multi-industry company with segments in aerospace and defense (Bell, Cessna, Beechcraft) and industrial products (Kautex fuel systems, Greenlee tools, E-Z-GO golf cars). It manufactures aircraft, rotorcraft, and a range of specialized industrial equipment.
Textron's board announced intent to separate its Industrial segment from the parent. Textron is exploring multiple paths including a tax-free spin-off or a sale; target completion within 12-18 months. No definitive structure or transaction has been announced.
Featured in Issue #14 ·
Flex Ltd. FLEX (US) · $134.73 · MCAP $49.5B · EV $22.7B
Fwd P/E: 35.9x · EV/EBITDA: 10.6x · EV/Sales: 0.8x · EV/GP: 8.2x (FY2027)
Provider of electronics manufacturing services and supply chain solutions; serves OEMs across computing, consumer, industrial, and infrastructure sectors globally.
Flex Ltd's board approved the separation of its Cloud and Power Infrastructure business into a standalone public company via tax-free spin-off, with completion targeted for Q1 2027. Financial terms for the SpinCo (capital structure, distribution ratio) have not yet been disclosed; further details expected closer to the Form 10 filing.
Featured in Issue #14 ·
Alibaba Group Holding Limited BABA (US) · $135.82 · MCAP $324.5B · EV N/A
Fwd P/E: 2.6x · EV/EBITDA: 1.4x · EV/Sales: 0.3x · EV/GP: 0.7x (FY2027)
E-commerce and cloud computing platform; largest online marketplace operator in China connecting buyers and sellers.
Alibaba Group Holding Limited has received approval from the Hong Kong Stock Exchange for a proposed spin-off, filing a 6-K on April 27, 2026 to report the regulatory milestone. Spin = Jiaxing Park / CICC Cainiao Logistics Warehouse Infrastructure REIT on Shenzhen (held by Jiaxing Chuanyun and Jiaxing Chuanxiang). HKEX approval is a binding regulatory green light that clears a key exchange-level hurdle, moving the spin-off toward completion and setting the stage for a discrete sum-of-the-parts value realization event in BABA shares.
Featured in Issue #13 ·
International Paper Co IP (US) · $31.76 · MCAP $16.8B · EV $25.6B
Fwd P/E: 20.9x · EV/EBITDA: 12.5x · EV/Sales: 1.2x · EV/GP: 4.2x (FY2026)
Global producer of corrugated boxes and cellulose fibers; leading packaging supplier across industrial and consumer markets.
International Paper intends to separate its EMEA Packaging Business as a standalone spinoff. Announced January 29, 2026; spin EMEA Packaging Business (incl. DS Smith assets); dual-list LSE + NYSE; 12-15 month timeline; IP retains meaningful stake. The DS Smith acquisition created a large, geographically distinct EMEA packaging operation that the market may be valuing at a conglomerate discount, and a clean separation into a pure-play European entity is the mechanism management is pursuing to close that gap.
Featured in Issue #13 ·
India 14 situations
Astra Microwave Products Ltd. ASTRAMICRO.BO (IN) · MCAP $1.4B · EV $945M
Fwd P/E: 56.3x · EV/EBITDA: 30.7x · EV/Sales: 6.5x · EV/GP: 19.7x (FY2027)
Astra Microwave Products Ltd. designs and manufactures RF and microwave systems for defense, space, and meteorology applications, transitioning from a component supplier to an IP-driven systems manufacturer.
Astra Microwave Products Ltd. (ASTRAMICRO.BO) board granted in-principle approval to demerge its space, meteorology, and hydrology business into a separate entity. The company reported fiscal 2026 consolidated revenue of ₹1,157 crore and an operating cash flow turnaround to ₹370 crore from negative ₹99 crore in fiscal 2025. Astra Microwave maintains a consolidated order book of ₹2,600 crore and is targeting 15-20% topline growth for fiscal 2027. Concurrent with the demerger announcement, the board recommended a dividend of ₹2.40 per share. The demerger creates two pure-play defense-tech entities to potentially close a conglomerate discount, meaning execution and listing timelines remain the primary catalysts to track.
Featured in Issue #18 ·
Vedanta Limited VEDL.NS (IN) · MCAP $13.0B · EV $16.6B
Fwd P/E: 10.9x · EV/EBITDA: 2.9x · EV/Sales: 0.8x · EV/GP: 1.7x (FY2027)
Vedanta Limited is a diversified Indian natural resources conglomerate with operations spanning zinc, aluminium, oil and gas, iron ore, steel, copper, and power generation. It is the Indian-listed subsidiary of Vedanta Resources and holds a controlling stake in Hindustan Zinc.
Vedanta completed a record-date demerger, splitting into residual Vedanta and four new entities: Vedanta Aluminium, Vedanta Power, Vedanta Oil and Gas, and Vedanta Iron and Steel. Eligible shareholders received one share of each new entity for every Vedanta share held; the record date was May 1, 2026. Post-demerger, residual Vedanta's dividends will depend primarily on its 60.71% Hindustan Zinc stake and base metals, while the carved-out entities have independent capital-allocation priorities. Analysts expect Aluminium and Oil & Gas to offer consistent dividends, while Power and Iron & Steel will likely prioritize deleveraging and growth before distributions.
Featured in Issue #18 ·
Bhagyanagar India Limited BHAGYANGR.NS (IN) · MCAP $99M · EV $74M
EV/GP: 5.9x
Bhagyanagar India Limited is a Hyderabad-based copper manufacturer operating two ISO-certified plants producing bus bars, rods, strips, foils, sheets, pipes, and solar fins for transformers, switchgear, auto electrical components, solar water heaters, and telecom infrastructure.
Bhagyanagar India (BHAGYANGR.NS) is progressing on an NCLT-admitted demerger scheme to carve out its copper manufacturing business into an independently listed entity, Tieramet Limited. The copper unit reported FY 2025–26 revenue of INR 2,377 crore and PAT of INR 50 crore, representing year-over-year increases of 46% and 258%, respectively. Current production capacity of 35,000 MT is slated to reach 45,000 MT supported by INR 40 crore in planned capital expenditures, with management targeting INR 5,000 crore in revenue for the business by FY 2029–30. The transaction aims to create a pure-play listed copper entity to provide a potential sum-of-the-parts unlock, with the specific spin-off ratio and record date yet to be disclosed.
Featured in Issue #17 ·
BASF India Limited BASF.NS (IN) · MCAP $1.5B · EV $1.4B
Fwd P/E: 28.6x · EV/EBITDA: 13.7x · EV/Sales: 0.8x · EV/GP: 6.7x (FY2027)
BASF India Limited is the Indian-listed subsidiary of BASF SE, operating diversified chemical and agricultural solutions businesses in India.
BASF India Limited (BASF.NS) scheduled a shareholder meeting for June 24, 2026, to vote on a scheme of arrangement for the demerger of its Agricultural Solutions Business into a new entity, BASF Agricultural Solutions India Limited. Notice of the scheme was distributed May 22, with remote e-voting set for June 19 to June 23 following a June 17, 2026, eligibility cut-off. The June 24 vote is a binary catalyst for the creation of a pure-play agri-solutions entity and potential sum-of-parts rerating, though final approval also requires NCLT sanction post-shareholder consent.
Featured in Issue #17 ·
Vedanta Ltd VEDL.NS (IN) · MCAP $14.5B · EV $30.0B
Fwd P/E: 12.3x · EV/EBITDA: 5.3x · EV/Sales: 1.5x · EV/GP: 3.1x (FY2027)
Vedanta Ltd is a diversified Indian natural-resources conglomerate with core operations in zinc, silver, copper, aluminium, iron ore, steel, and oil & gas, plus power-generation assets. Post-demerger, the continuing listed entity is a focused zinc-silver-copper business anchored by a 61% stake in Hindustan Zinc.
Vedanta Ltd (VEDL.NS) disclosed the cost-of-acquisition allocation and fair-value breakdown for its four demerged entities: Malco Energy, Talwandi Sabo Power, Vedanta Aluminium Metal, and Vedanta Iron and Steel. Following the April 30, 2026, ex-date, the parent entity retains 52.34% of the pre-split value (Rs 404.90/share), while Malco Energy is allocated 21.49% (Rs 166.25), Talwandi Sabo Power 12.23% (Rs 94.60), Aluminium Metal 7.15%, and Iron & Steel 6.79%. These four spun-off entities are expected to list during a special pre-open trading session in June-July 2026. The disclosure enables the marking of stub positions and the modeling of a sum-of-the-parts framework relative to a market price currently trading at an indicative 24% discount to the combined implied fair value.
Featured in Issue #17 ·
Anant Raj Ltd ANANTRAJ.NS (IN) · ₹498.00 · MCAP $1.9B · EV $1.5B
Fwd P/E: 27.8x · EV/EBITDA: 13.5x · EV/Sales: 4.9x · EV/GP: 18.2x (FY2027)
Anant Raj Ltd is an Indian company operating two distinct segments: a legacy commercial real estate development business and a rapidly growing data center business with 6 MW operational and plans to scale to 357 MW by 2032.
Anant Raj Ltd (ANANTRAJ.NS) has formed a board committee to evaluate a potential demerger of its data center business from its legacy commercial real estate operations. The data center segment currently operates 6 MW of capacity with plans to scale to 357 MW by 2032 via a projected ₹20,000 crore investment. The strategic review follows FY26 results where consolidated net profit increased 31% to ₹557.02 crore on total income of ₹2,579.08 crore and EBITDA margins reached 28.04%. Net debt was reduced to zero in FY26 from a FY21 level of ₹1,626 crore, supported by a ~₹1,100 crore QIP. Separation of the high-growth infrastructure business from the real estate entity serves as a potential value-unlocking catalyst. Analyst consensus is Buy with an average price target of ₹731.50, implying 45%+ upside.
Featured in Issue #15 ·
SKF India Limited SKFINDIA.NS (IN) · ₹1,691 · MCAP $871M · EV $697M
Fwd P/E: 33.0x · EV/EBITDA: 18.8x · EV/Sales: 2.9x · EV/GP: 9.5x (FY2027)
SKF India manufactures bearings, seals, and lubrication systems for automotive and industrial applications, with a growing focus on electric mobility and infrastructure markets in India.
SKF India (SKFINDIA.NS) reported consolidated FY26 revenue increased 15.4% to ₹2,129.6 crore following the January 2026 demerger of its automotive and industrial businesses. Profit before tax for the period fell 33.8% to ₹235 crore amid margin compression in the newly separated industrial business. For Q4, the industrial segment recorded a net loss of ₹19.7 crore compared to a ₹203 crore profit in the prior year, as segment revenue declined 51% YoY. The board recommended a final FY26 dividend of ₹40 per share, pending shareholder approval. The restructuring has established pure-play entities in the EV/automotive and industrial sectors.
Featured in Issue #15 ·
Vedanta Limited VEDL.NS (IN)
Vedanta Limited is a diversified natural resources company with operations spanning zinc, oil & gas, aluminum, power, iron ore, steel, and base metals across India and Africa.
Vedanta Limited (VEDL) is proceeding with a 6-way corporate demerger to create separate listed entities for its aluminum, oil & gas, power, steel, and base metals segments. The diversified natural resources company also maintains operations in zinc and iron ore across India and Africa. This complex restructuring could create multiple investable entities and potential valuation dislocations across the new listings. Analytical details regarding the mechanics of the demerger structure were disseminated via a podcast dissection of the transaction.
Featured in Issue #15 ·
Vedanta Limited VEDL.NS (IN) · ₹316.40 · MCAP $13.1B · EV $30.2B
Fwd P/E: 10.7x · EV/EBITDA: 5.1x · EV/Sales: 1.4x · EV/GP: 2.9x (FY2027)
Producer of zinc, copper, aluminum, oil & gas, and iron ore; India's largest diversified natural resources company.
Vedanta's NCLT approval was obtained and May 1, 2026 was the effective/record date for the demerger. Shareholders receive one share in each of four demerged entities per Vedanta share; listings of the demerged entities are still pending.
Featured in Issue #14 ·
Piccadily Agro Industries Limited PICCADILY.NS (IN) · ₹607.25 · MCAP $629M · EV N/A
EV/EBITDA: 97.2x · EV/Sales: 15.2x
Piccadily Agro Industries Limited manufactures and develops alcoholic beverages in India. The company operates through Sugar and Distillery segments. It provides malt whisky, cask aged rum, and ethanol, as well as sugarcane juice rum, country liquor, and vodka. The company also manufactures and sells white crystal sugar from sugar cane; and rectified spirit, carbon dioxide gas, and extra neutral alcohol from molasses/rice/wheat, malt, and pet. It offers liquor under the Whistler Whisky, Camikara
Piccadily Agro Industries has filed a scheme of demerger with SEBI/NCLT to separate its sugar business, leaving a pure-play Alco-Bev entity anchored by its Indri whisky brand portfolio. Demerger ratio is 1 PFEL share per 9 Piccadily shares (sugar business spin); management targets 60–70% revenue growth in FY27 for the remaining Alco-Bev business. The demerger creates a pure-play Alco-Bev compounder eligible for a premium valuation re-rating, with the Alco-Bev segment already generating INR908 crores in FY26 revenue (+42% YoY) and INR209 crores in segment profit (+37% YoY), now freed from the lower-multiple sugar business. Debt allocation between the two entities remains undisclosed, the statutory auditor change from Jain Associates to Rattan Kaur & Associates is unresolved, and SEBI/NCLT process delays are common — all three overhangs suppress re-rating until resolved.
Featured in Issue #13 ·
Vedanta Limited VEDL.NS (IN) · ₹271.55 · MCAP $11.2B · EV $14.8B
Fwd P/E: 3.4x · EV/EBITDA: 4.4x · EV/Sales: 1.3x · EV/GP: 2.5x (FY2027)
Producer of zinc, copper, aluminum, oil & gas, and iron ore; India's largest diversified natural resources company.
Vedanta Limited's 5-way demerger has gone effective, with April 30 as the ex-demerger trading date and May 1 as the record/effective date; shareholders who held shares on or before April 29 receive 1:1 shares in each of four new separately listed entities alongside the residual Vedanta stub. Shareholders receive one share in each of the four new entities for every Vedanta share held; the parent's quoted price adjusted down approximately 64–65% today reflecting the value transferred out, not an economic loss. The forced-selling dynamic post-listing is the primary trade: index funds, sector-mandate funds, and foreign institutional investors subject to single-sector or single-country constraints will be compelled to sell unwanted shares in the four new entities, creating potential temporary discounts to intrinsic value in each spinco. ICICI Direct's sum-of-parts analysis pegs aggregate value at ₹820 versus the pre-demerger price of ₹720–760, implying embedded value across the five entities. Parent-level debt at Vedanta Resources, a simultaneous listing of all four spincos into the same seller-heavy tape, and a commodity cycle downturn would compress all five entities concurrently, eliminating the diversification thesis.
Featured in Issue #13 ·
Hindustan Zinc Limited HINDZINC.NS (IN) · ₹588.50 · MCAP $26.4B · EV $24.4B
Fwd P/E: 14.1x · EV/EBITDA: 8.6x · EV/Sales: 4.9x · EV/GP: 6.8x (FY2027)
Produces refined zinc, lead, and silver; India's largest integrated zinc-lead miner and processor.
Hindustan Zinc's CEO has signalled that demerger discussions — previously blocked by the Indian government in 2023 — will resume only after parent Vedanta completes its own ongoing restructuring. No demerger terms are on the table; the 2023 proposal to split the company into separate verticals was rejected before terms were finalized. The Government of India holds a 27.92% stake and was the blocking shareholder. If Vedanta's restructuring clears the path and the government's stance shifts, a demerger forcing independent market pricing of Hindustan Zinc's distinct verticals (zinc mining, silver, recycling) is the value-realization thesis. The Indian government previously blocked this exact demerger citing minority shareholder concerns, and its 27.92% stake gives it effective veto power — there is no indication its position has changed.
Featured in Issue #12 ·
K.M. Sugar Mills Limited KMSUGAR.NS (IN) · ₹29.11 · MCAP $28M · EV $57M
Sugar and industrial alcohol producer; diversified operations across sugar, distillery, and co-generation segments in India.
K.M. Sugar Mills Limited has scheduled shareholder and creditor meetings on May 30, 2026, under NCLT Allahabad Bench directions, to vote on the proposed demerger of its Distillery Division into a new standalone entity, KM Spirits and Allied Industries Limited. Exchange ratios and financial metrics are included in the scheme documentation. BSE and NSE regulatory approvals have been obtained. Specific share exchange ratio terms were not available in the materials provided. The demerger separates a distillery business — which operates at structurally different margins and valuation multiples than sugar milling — into a pure-play, independently listed entity, giving sector-specific investors direct access to the spirits division without sugar exposure. Vote failure or subsequent NCLT non-approval would leave the distillery division consolidated within the sugar business, forfeiting any re-rating from the separation. The NCLT-mandated shareholder and creditor vote is scheduled for May 30, 2026 — approximately 35 days away — making this a near-term binary catalyst for the demerger outcome.
Featured in Issue #12 ·
Vedanta Limited VEDL.NS (IN) · ₹757.00 · MCAP $31.4B · EV $26.4B
Fwd P/E: 9.6x · EV/EBITDA: 4.4x · EV/Sales: 1.3x · EV/GP: 2.5x (FY2027)
Producer of zinc, copper, aluminum, oil & gas, and iron ore; India's largest diversified natural resources company.
Vedanta Limited has set May 1, 2026 as both the effective date and record date for its planned demerger, which will separate the company into four distinct verticals distributed to shareholders on a 1:1 share swap basis. Shareholders of record as of May 1 will receive shares in each of the four demerged entities on a 1:1 ratio; financial terms for the individual verticals have not been disclosed. The demerger forces pure-play valuations on each vertical — including aluminium, which analysts flag as carrying direct LME price sensitivity — replacing a conglomerate discount with segment-specific price discovery. Post-demerger listing timelines carry execution risk. Nuvama estimates listings across all four entities will take 4–8 weeks from the record date, leaving shareholders in a period of illiquidity and uncertain price discovery.
Featured in Issue #12 ·
Sweden 5 situations
Maha Capital AB MAHA-A.ST (SE) · MCAP $321M · EV $318M
EV/EBITDA: NM · EV/Sales: 13.1x (FY2026)
Maha Capital is a Swedish-listed holding company operating a fintech division (B2B supply chain financing and corporate travel/expense management) and holding a 24% indirect equity stake in PetroUrdaneta, a Venezuelan oil-and-gas JV in the Maracaibo Basin.
Maha Capital AB (MAHA-A.ST) resolved to split into two independent divisions, Keo Capital and Keo Energy, with the energy unit targeting a US listing via an in-kind share distribution to existing shareholders. Keo Energy holds a 24% indirect equity stake in PetroUrdaneta, a Venezuelan oil-and-gas joint venture with PdVSA and Odebrecht E&P, acquired for EUR 4.6 million in March 2026. The company maintains a call option on an additional 16% stake in the venture until March 2028, and the Stockholm-listed parent will be renamed Keo Capital following a January 2026 shareholder resolution. The distribution of a pure-play energy stub creates a structural catalyst to attract a different US investor base and unlock value currently obscured within the fintech holding company, though the listing remains contingent on the OFAC GL 52 framework governing the transfer of Venezuelan oil assets.
Featured in Issue #18 ·
Volati AB VOLO.ST (SE) · MCAP $747M · EV $1.2B
Fwd P/E: 15.8x · EV/EBITDA: 13.0x · EV/Sales: 1.6x · EV/GP: 21.9x (FY2026)
Volati AB is a Swedish industrial group acquiring and developing medium-sized companies long-term across segments including Ettiketto, Communication, Corroventa, and Tornum. Salix Group is a Nordic B2B distribution platform with proprietary brands in building products, packaging, home & garden, and forestry/agriculture.
Volati AB (VOLO.ST) will distribute shares of Salix Group to ordinary shareholders on a one-for-one basis via a pro-rata spin-off with a record date of June 11, 2026. Volati shares trade ex-distribution starting June 9, 2026, and Salix Group is expected to commence trading on Nasdaq Stockholm on June 15, 2026. Salix Group, a Nordic B2B distribution platform, has received listing clearance from Nasdaq Stockholm and the Swedish FSA. Post-distribution. Volati will continue as a diversified industrial group with SEK 8.5B in annual sales and 2,400 employees across 20 countries. Completion of the one-for-one pro-rata spin-off and imminent listing creates a near-term event for index-rebalancing and forced-selling dynamics while providing direct exposure to a focused distribution platform.
Featured in Issue #17 ·
Embracer Group EMBRAC-B.ST (SE) · MCAP $1.6B · EV $739M
Fwd P/E: 13.1x · EV/EBITDA: 1.4x · EV/Sales: 0.4x · EV/GP: 0.6x (FY2027)
Fellowship Entertainment is Embracer Group's AAA video game development and transmedia IP segment, owning studios and franchises such as The Lord of the Rings/Middle-earth, Tomb Raider, Kingdom Come: Deliverance, Dead Island, and Darksiders. It also includes the Dark Horse comics and entertainment arm for co-producing film and TV adaptations.
Embracer Group (EMBRAC-B.ST) intends to spin off its Fellowship Entertainment AAA video game development and transmedia IP segment as a separate Nasdaq Stockholm main market listing in calendar year 2027. Fellowship Entertainment houses the Dark Horse comics arm and franchises including. The Lord of the Rings/Middle-earth, Tomb Raider, Kingdom Come: Deliverance, Dead Island, and Darksiders. The separation follows prior spin-offs of Asmodee and Coffee Stain and aims to realize value for assets the Chairman characterizes as among the most undervalued in the industry. Fellowship Entertainment targets a cadence of 2+ AAA releases per year starting in fiscal year 2027/28. A Capital Markets Day is planned ahead of the listing.
Featured in Issue #16 ·
Hexagon AB HEXA-B.ST (SE) · MCAP $26.9B · EV $3.2B
Fwd P/E: 28.0x · EV/EBITDA: 21.0x · EV/Sales: 7.2x · EV/GP: 10.9x (FY2026)
Octave Intelligence focuses on enterprise-grade cloud-native video software. It operates as a subsidiary of Hexagon AB, which develops sensor technologies, software, and metrology solutions for manufacturing, infrastructure, and safety markets.
Hexagon AB (HEXA-B.ST) has published the prospectus and its registration statement became effective for the spin-off and independent Nasdaq listing of Octave Intelligence. Shareholders approved the distribution of all shares in Octave, an enterprise cloud-native video software subsidiary, at the April 24, 2026, annual general meeting. When-issued trading of Octave Class B shares on the Nasdaq is expected to begin May 21, 2026. Octave also announced the acquisition of VXG Inc. to enhance its enterprise video analytics capabilities. The carve-out creates a US-listed video intelligence entity, providing exposure separate from Hexagon’s industrial parent operations.
Featured in Issue #15 ·
Maha Capital AB MAHA-A.ST (SE) · SEK 12.28 · MCAP $236M · EV N/A
Fwd P/E: NM · EV/EBITDA: 54.3x · EV/Sales: 10.5x (FY2026)
Oil and gas exploration and production in Brazil; operator of Tartaruga Block and other offshore assets.
Maha Energy is exploring a separation into a Brazilian fintech vehicle and a Venezuelan PetroUrdaneta oil vehicle; distribution ratio, listing venue, and record date have not been determined. A separation into two pure-play listed companies — one fintech, one Venezuelan oil — forces explicit market pricing on the PetroUrdaneta stake, which is currently obscured inside a mixed-asset holding structure on Stockholm's Main Market. The Venezuelan oil asset carries material regulatory complexity: any distribution requires OFAC General License 52 compliance, and sanctions risk creates a narrow window of viable listing venues and investor bases for the new entity.
Featured in Issue #12 ·
Japan 5 situations
Mitsubishi Chemical Group Corp 4188.T (JP) · MCAP $8.7B · EV $21.2B
Fwd P/E: 14.6x · EV/EBITDA: 6.9x · EV/Sales: 0.9x · EV/GP: 3.0x (FY2027)
Mitsubishi Chemical Group supplies basic chemicals, performance polymers, and specialty materials to automotive, electronics, healthcare, and packaging customers. It is one of Japan's largest diversified chemical producers, listed on the Tokyo Stock Exchange.
Mitsubishi Chemical Group Corporation (4188.T) plans to separate its basic petrochemical-related businesses into an independent legal entity by the end of fiscal year 2027 as part of its KAITEKI Vision 35 strategy. In a concurrent portfolio restructuring, the company will close multiple epoxy resin production lines at its Tokai Plant in September 2027, ending Japanese production of Bisphenol A/F liquid epoxy and curing agents. Mitsubishi Chemical also established Rix Business Partners, an 81/19 joint venture with Accenture, to implement an AI-based digital platform across its domestic headquarters and production facilities. These moves follow disclosures made between May 25 and May 27, 2026, regarding the company's pivot toward specialty materials and digital productivity. This pro-rata separation of a major commodity segment creates a standalone entity by fiscal year 2027-end as investors track whether the move mirrors recent Japanese conglomerate break-ups to unlock sum-of-parts value.
Featured in Issue #18 ·
Rakuten Group, Inc. 4755.T (JP) · MCAP $10.7B · EV $12.0B
EV/EBITDA: 1.8x · EV/Sales: 0.7x · EV/GP: 17.9x (FY2026)
Rakuten Group operates e-commerce, fintech (credit cards, banking, securities), and mobile telecom services in Japan.
Rakuten Group Inc (4755.T) signed a definitive agreement to reorganize its fintech business through the delivery of Rakuten Bank, Ltd. shares to shareholders. This transaction separates Rakuten Bank from the parent group, which operates e-commerce, fintech, and mobile telecom services in Japan. The reorganization is intended to simplify the parent corporate structure and unlock value in Rakuten Bank.
Featured in Issue #16 ·
infoNet inc. 4444.T (JP) · ¥812 · MCAP $10M · EV $11M
Infonet provides corporate communication support services including web development, CMS platforms (infoCMS, LENSAhub), and SaaS offerings. Its subsidiary i-Act provides AI-powered search and chatbot solutions.
Infonet (4444.T) signed an absorption-type company split agreement to transition to a pure holding company structure effective October 1, 2026. The agreement transfers all operating businesses and ¥1,081M in assets to a newly created wholly-owned subsidiary in a no-consideration transaction. Following the split, the parent entity will be renamed Infonet Group, and the subsidiary will assume the Infonet name. The transaction requires shareholder approval at the June 29, 2026 annual general meeting and will not change the company’s capital. This restructuring creates a structurally pure parent trading vehicle, a configuration that often precedes M&A, carve-outs, or enhanced capital allocation.
Featured in Issue #15 ·
OMRON Corporation 6645.T (JP) · ¥39 · MCAP $7.6B · EV $6.0B
EV/EBITDA: 8.6x · EV/Sales: 1.0x · EV/GP: 2.3x (FY2027)
Aratas Corporation (currently OMRON's Device and Module Solutions Company) manufactures advanced electronic components — relays, switches, connectors, and sensors — used across home appliances, electric vehicles, factory automation, and energy management. The unit produces 2 billion units annually across 10 global manufacturing sites and generates ¥105.4 billion in net sales, with 73% from overseas markets.
OMRON Corporation (6645.T) is spinning off its Device and Module Solutions Company through an absorption-type company split scheduled for July 1, 2026. The new entity, Aratas Corporation, manufactures electronic components across 10 global manufacturing sites and generated ¥105.4 billion in FY2024 net sales, representing 13% of OMRON Group revenue. Following the transaction, The Carlyle Group will become the principal shareholder of Aratas Corporation, which will be led by President and CEO Masahiko Ezaki. OMRON recently introduced a new brand logo for the unit ahead of the planned spin-off, signaling the transaction is proceeding on schedule. The spin-off creates a new independently traded entity with potential special-situation dynamics including index inclusion and forced selling or buying flows.
Featured in Issue #15 ·
Ushio Inc. 6925.T (JP) · ¥3,285 · MCAP $1.7B · EV $1.0B
Fwd P/E: 20.1x · EV/EBITDA: 6.6x · EV/Sales: 0.7x · EV/GP: 2.1x (FY2028)
Manufacturer of light application products including laser diodes, LEDs, and UV lamps; serves semiconductor, display, and industrial markets globally.
Ushio Inc. plans to spin off its semiconductor laser business and sell the unit to Kyocera Corporation in a two-step transaction.
Featured in Issue #11 ·
Hong Kong 5 situations
China Resources Land Limited 01109.HK (HK) · MCAP $32.7B · EV $81.8B
Fwd P/E: 9.7x · EV/EBITDA: 11.1x · EV/Sales: 2.2x (LTM)
China Resources Land Limited is one of China's largest state-backed real estate developers, with a portfolio spanning residential and commercial properties including investment properties that will seed the commercial REIT.
China Resources Land Limited (01109.HK) received approval from the Hong Kong Stock Exchange on 15 May 2026 to proceed with the proposed spin-off of its commercial REIT onto the Shenzhen Stock Exchange. The exchange granted a waiver of assured entitlement, meaning shareholders will not receive a guaranteed pro-rata distribution of REIT units. Originally announced on 28 April 2026, the listing remains subject to Shenzhen Stock Exchange and CSRC review and registration along with prevailing market conditions. The spin-off can unlock hidden asset value and create a pure-play investment vehicle, but the waiver of assured entitlement is an unusual structure that may create pricing dislocations between the parent and the REIT units.
Featured in Issue #16 ·
Fosun International Limited 0656.HK (HK)
Fwd P/E: 14.8x · EV/EBITDA: 54.1x · EV/Sales: 1.0x · EV/GP: 3.8x (FY2026)
Club Med is a premium global resort brand operating 67 resorts across 40 countries and regions, with sales and marketing spanning six continents. It was the primary revenue driver of Fosun Tourism, generating 86.77% of total revenue.
Fosun International (0656.HK) is considering spinning off its Club Med resort brand via a Hong Kong IPO targeting at least US$500 million in proceeds. BNP Paribas, HSBC, and JPMorgan Chase have been hired to advise on the potential transaction. Club Med operates 67 resorts across 40 countries and regions and accounted for 86.77% of Fosun Tourism's revenue in the first half of 2024, generating 8.17 billion yuan. The proposed listing represents a major monetization event intended to crystallize value for shareholders in the global resort asset.
Featured in Issue #16 ·
China Travel International Investment Hong Kong Limited 308.HK (HK) · $1.24 · MCAP $876M · EV $1.1B
Fwd P/E: 26.6x · EV/EBITDA: 8.0x · EV/Sales: 1.8x (LTM)
China Travel International Investment Hong Kong operates tourist attractions, passenger transport, hotels, and travel document services primarily in Hong Kong, Macau, and mainland China.
China Travel International Investment Hong Kong Limited (308.HK) filed a listing application with the Hong Kong Stock Exchange on 20 May 2026 for the proposed spin-off of CTG Hongkong and Macao Culture and Tourism Holding Limited. This transaction will be executed via a distribution in specie to existing shareholders through a listing by way of introduction on the Main Board, meaning no new shares will be issued and no capital will be raised. The spin-off entity will hold passenger transportation, hotel operations, and travel document services based in Hong Kong and Macau, while the retained group maintains operations for mainland China tourist attractions and theme parks. The stock exchange has confirmed the company may proceed with the application. This separation is intended to create a pure-play listed Hong Kong and Macau hospitality and transport entity, offering a structural catalyst for sum-of-the-parts valuation uplift.
Featured in Issue #16 ·
China Resources Power Holdings Company Limited 0836.HK (HK) · MCAP $9.6B · EV $38.5B
Fwd P/E: 8.3x · EV/EBITDA: 5.3x · EV/Sales: 2.9x · EV/GP: 10.9x (FY2026)
China Resources Power is a major Hong Kong-listed integrated Chinese power producer with a portfolio spanning coal-fired plants, gas-fired units, wind farms, and solar projects. It sells electricity into regional grids and is pivoting toward low-carbon generation under China's carbon neutrality targets.
China Resources Power (0836.HK) received CSRC approval on May 15, 2026, for the registration of its renewable energy subsidiary's A-share listing on the Shenzhen Stock Exchange main board. The spin-off involves China Resources New Energy Holdings, which holds the group's wind, solar, and clean energy assets. Parent China Resources Power Holdings Company Limited will retain a significant stake in the listed entity, with the final transaction subject to market conditions and further implementation steps. The move aims to surface standalone valuation for the renewables business and narrow valuation discounts against mainland pure-play peers. This spin-off creates a capital-raising vehicle to support decarbonization efforts within the diversified utility company.
Featured in Issue #15 ·
Ten Pao Group Holdings Limited 1979.HK (HK) · MCAP $370M · EV $264M
Fwd P/E: 5.6x · EV/EBITDA: 2.9x · EV/Sales: 0.3x · EV/GP: 1.7x (FY2026)
Ten Pao Group is a Hong Kong-listed manufacturer. The subsidiary being spun off (SpinCo) makes chargers, adaptors, new energy power conversion systems, and power function accessories.
Ten Pao Group Holdings Limited (1979.HK) submitted a spin-off application to the HKEX on April 27, 2026, for the separate A-share listing of its subsidiary, Ten Pao Electronics (Huizhou) Co., Ltd., on a PRC stock exchange. The HKEX has confirmed the company may proceed with the proposed transaction under Practice Note 15. The subsidiary, which manufactures chargers, adaptors, and new energy power conversion systems, will remain a consolidated subsidiary of the group following the listing. Terms, offering size, and the specific PRC exchange have not yet been finalized. The transaction is subject to board and shareholder approvals, as well as regulatory clearance from the CSRC.
Featured in Issue #15 ·
Australia 4 situations
Godolphin Resources Limited GRL.AX (AU) · MCAP $12M · EV $10M
Godolphin Resources is an ASX-listed explorer with a multi-commodity portfolio in NSW's Lachlan Fold Belt, anchored by the Lewis Ponds gold-silver-base metals project and the Narraburra rare earths project.
Godolphin Resources Limited (GRL.AX) plans to spin off its Narraburra Rare Earths Project into a new ASX-listed entity, Matrix Critical Minerals, with a targeted IPO in H2 2026. The transaction will be structured as an in-specie distribution to Godolphin shareholders while the parent company retains a large stake. Narraburra hosts a 94.9Mt resource grading 739ppm TREO, with lab testing producing a 57.8% TREO mixed rare earths concentrate with high terbium, dysprosium, and yttrium content. Matrix intends to conduct resource definition drilling to lift the indicated resource toward 70% and establish a demonstration-scale plant at ANSTO to support a scoping study. The spin-off serves as a sum-of-the-parts unlock for a vehicle containing assets with pricing detached from the broader rare earths basket while securing access to a non-dilutive US government funding channel through DIB consortium membership.
Featured in Issue #18 ·
Pacgold Limited PGO.AX (AU) · MCAP $37M · EV $30M
Pacgold Limited is an ASX-listed gold explorer and developer with assets in Queensland, Australia, including the near-term production-stage White Dam project and the earlier-stage Alice River and St George gold-antimony projects.
Pacgold Limited (PGO.AX) is demerging its Alice River and St George gold-antimony assets into a new entity, Manda Resources Ltd, via an in-specie distribution. Under the terms of the $21M transaction, eligible shareholders will receive one Manda share for every 6.7 PGO shares held while Pacgold refocuses on near-term production at its White Dam project. Manda Resources will concurrently acquire Territory Minerals to consolidate a gold resource inventory of 1.33Moz across a tenement package exceeding 1,700km². The spin-off is backed by Emerald Resources (ASX:EMR), which targets an approximate 20% stake in Manda at the time of its projected late 2026 listing. The demerger creates a new gold exploration vehicle backed by a proven mine builder, with the 1:6.7 distribution ratio providing a concrete valuation reference point once IPO pricing is set.
Featured in Issue #18 ·
Brazilian Rare Earths Limited BRE.AX (AU) · MCAP $987M · EV $846M
Brazilian Rare Earths Limited is an ASX-listed explorer focused on rare earth mineral assets in Brazil. Alurion Resources, the unlisted spin-co, appears to hold a distinct resource asset being separated from BRE.
Brazilian Rare Earths Limited (BRE.AX) filed a short-form prospectus on June 5, 2026, for the in-specie distribution of 157.1M Alurion Resources shares to eligible shareholders. Under the proposal, shareholders will receive approximately 0.5607 Alurion shares for each BRE share held on a pro-rata basis. The distribution is conditional on shareholder approval of a capital reduction and the in-specie distribution at a forthcoming meeting. Alurion is an unlisted public company and its shares will not trade on the ASX upon issue, while ineligible shareholders will have their entitlements liquidated via a sale agent. This Australian in-specie spin-off creates an illiquid stub for BRE holders as Alurion will not be listed on issue, requiring a separate ASX IPO and admission process for a future exit.
Featured in Issue #18 ·
Brazilian Rare Earths Limited BRE.AX (AU) · MCAP $1.3B · EV $618M
EV/Sales: 659.4x (LTM)
Alurion Resources will hold the Amargosa Bauxite-Gallium Project, a large-scale Brazilian deposit with a 568 Mt JORC resource, aiming to develop a direct-ship bauxite operation to supply seaborne markets.
Brazilian Rare Earths Limited (BRE.AX) plans to demerge its 100%-owned Amargosa Bauxite-Gallium Project into a new ASX-listed company, Alurion Resources Limited. BRE shareholders are expected to receive 0.5607 ALU shares for every share held via a pro-rata in-specie distribution. Alurion will concurrently conduct an IPO to raise A$30-50 million, after which BRE will retain a 17-18% strategic stake in the entity. A scoping study for the Amargosa project, which hosts a 568 Mt JORC resource, estimates an after-tax NPV8 of US$630 million and an 82% IRR on initial capital expenditure of US$119 million. The demerger is scheduled to close in late 2026 following a mid-2026 catalyst.
Featured in Issue #16 ·
Singapore 4 situations
Flex Ltd. FLEX (SG) · $150.78 · MCAP $55.2B · EV $22.7B
Fwd P/E: 33.7x · EV/EBITDA: 7.6x · EV/Sales: 0.7x · EV/GP: 7.4x (FY2027)
Flex is a global electronics manufacturing services (EMS) and original design manufacturing (ODM) provider offering design, prototyping, volume manufacturing, testing, and supply chain management across automotive, healthcare, industrial, and communications end markets. The CPI segment being spun off focuses on data center thermal architecture, electrical infrastructure, and cooling solutions for hyperscalers, colocation providers, and silicon vendors.
Flex (FLEX) is preparing a tax-free spin-off of its CPI segment into a standalone public company focused on data center power, cooling, and electrical infrastructure. Management has guided for CPI revenue growth of 65%-75% in fiscal 2027 and over 80% in fiscal 2028, with approximately 90% of the fiscal 2027 revenue already booked. Flex intends to retain up to a 20% stake in the new entity to facilitate a potential debt-for-equity exchange, while the $22B+ revenue RemainCo will continue operating as a diversified electronics manufacturing platform. J.P. Morgan is advising on the transaction, which follows the precedent of the company's Nextracker separation that reached a $17B market cap. The spin-off creates a pure-play vehicle for AI data center infrastructure and a debt-reduction catalyst via the retained stake, with the Nextracker precedent providing a comparable for a potential valuation re-rating.
Featured in Issue #17 ·
Marco Polo Marine 5LY.SI (SG) · MCAP $522M · EV $220M
Fwd P/E: 19.6x · EV/EBITDA: 3.6x · EV/Sales: 1.6x · EV/GP: 3.6x (FY2026)
Singapore-listed regional offshore and marine logistics provider, operating an OSV fleet for offshore wind support in Taiwan/SE Asia and a 34-hectare Batam shipyard with four dry docks.
Marco Polo Marine (5LY.SI) signed a binding term sheet with Fuji Offset Plates Manufacturing for the sale of subsidiaries Marco Polo Shipyard and MP Marine in a S$139M reverse takeover spin-off. The transaction value includes a S$120M base plus an earn-out of up to S$19M tied to FY2026-27 profit targets. Consideration will be paid via new shares in the purchaser at S$0.701 per share, leaving Marco Polo Marine with an approximately 74.1% stake post-completion. The purchaser is expected to be renamed MPSE, creating a separately listed entity for the 34-hectare Batam shipyard and offshore marine services. The deal remains subject to due diligence, regulatory and shareholder approvals, and a whitewash waiver from Singapore's SIC.
Featured in Issue #16 ·
Flex Ltd FLEX (SG) · $137.86 · MCAP $50.7B · EV $22.7B
Fwd P/E: 31.1x · EV/EBITDA: 7.6x · EV/Sales: 0.7x · EV/GP: 7.5x (FY2027)
Flex Ltd is a global electronics manufacturing services and design partner, serving data center, communications, enterprise, automotive, and industrial customers. The to-be-spun Power and Cloud unit specializes in AI-driven power management and thermal systems.
Flex Ltd (FLEX) announced its board of directors has approved a plan to spin off its Power and Cloud business into a separate public company. The new entity will specialize in AI-oriented power management and thermal systems, creating a pure-play AI infrastructure vehicle. Revathi Advaithi is expected to lead the spin-off, while Michael Hartung will become CEO of Flex post-separation. The transaction will reshape Flex, which has a market capitalization of approximately $52.87B, into two focused public companies.
Featured in Issue #15 ·
Marco Polo Marine 5LY.SI (SG) · MCAP $571M · EV $219M
Fwd P/E: 21.4x · EV/EBITDA: 3.6x · EV/Sales: 1.6x · EV/GP: 3.6x (FY2026)
Marco Polo Marine is a Singapore-listed offshore support vessel owner and shipbuilder. Its shipyard business builds and repairs vessels, including those supporting the group's fleet renewal and expansion into offshore wind.
Marco Polo Marine (5LY.SI) entered a definitive agreement on 15 May 2026 to spin off its shipyard business via a reverse takeover with Fuji Offset Plates Manufacturing Ltd. Total consideration for the transaction is up to S$139.0M, comprising a S$120.0M base payment and up to S$19.0M in earn-out payments tied to FY2026 and FY2027 net profit targets. These terms will be satisfied entirely by issuing new Fuji Offset shares at S$0.701 per share, giving Marco Polo Marine a ~74.1% controlling stake in the enlarged entity. An additional S$10.0M in pre-completion dividends may be paid to Marco Polo Marine from the target companies. Upon completion, the purchaser will be renamed MPSE Ltd, establishing an independent listed platform to unlock the shipyard's value and eliminate consolidation-related earnings distortion.
Featured in Issue #15 ·
Canada 4 situations
Noble Mineral Exploration Inc. NOB.V (CA) · MCAP $14M · EV $7M
Canadian junior mineral exploration company with holdings in nickel, copper, gold, and REE properties across Ontario, Quebec, and Newfoundland. Holds equity stakes in Canada Nickel, Homeland Nickel, and East Timmins Nickel.
Noble Mineral Exploration Inc. (NOB.V) received a final court order on May 15, 2026, approving a plan of arrangement for the pro-rata distribution of Homeland Nickel shares to its shareholders. The distribution involves approximately 9 million Homeland shares, valued at roughly ~$4 million, with a record date and expected closing of May 27, 2026. Noble shareholders will receive approximately 0.034 shares of the TSX-V listed critical metals company for each Noble share held. Following the distribution. Noble will retain more than 10 million Homeland shares and may pursue further in-specie distributions. The transaction creates a special situation as the distribution of a new liquid security often leads to forced selling and mispricing upon listing.
Featured in Issue #16 ·
Barrick Mining B (CA) · $40.59 · MCAP $68.0B · EV $72.3B
Fwd P/E: 10.8x · EV/EBITDA: 6.1x · EV/Sales: 3.2x · EV/GP: 6.1x (FY2026)
Barrick Mining is a major global gold and copper producer with flagship operations including Nevada Gold Mines, Pueblo Viejo, and Loulo-Gounkoto. The company also holds significant copper projects such as Lumwana in Zambia and Reko Diq in Pakistan.
Barrick Mining (B) plans to list a minority stake in its North American gold assets via a dedicated spin-off vehicle by the end of 2026. The vehicle will bundle Nevada Gold Mines, Pueblo Viejo, and Fourmile, representing approximately 2.0M oz of annual gold production capacity. Restructuring is supported by Q1 attributable free cash flow of $1.21B and net cash of $2.4B, and a dedicated leadership team for the vehicle has been appointed. Barrick declared a quarterly dividend of $0.175 per share, payable June 15 with a May 29 record date. The listing is intended to unlock hidden value through a standalone multiple and a potential sum-of-the-parts re-rating opportunity.
Featured in Issue #15 ·
Kodiak Copper Corp. KDK.V (CA) · C$0.89 · MCAP $63M · EV $58M
EV/Sales: 0.1x (FY2026)
Copper-gold porphyry project explorer in Canada and US; early-stage mineral exploration company.
Kodiak Copper filed for a spin-off of its Kay Copper assets, which will become a new publicly traded copper explorer (Kay Copper Corp.) backed by Teck with ready-to-drill targets in Arizona. The LOI was signed April 29, 2026; close is targeted for Q3 2026. Kodiak and Teck will each hold 28% of Kay Copper, which is being capitalized at $5M with a TSXV listing target. Investment angle is early entry before Kay Copper lists and attracts coverage, with downside risk if the spinout does not proceed to listing or drilling results disappoint.
Featured in Issue #13 ·
Victory Square Technologies Inc. VST.CN (CA) · C$0.65 · MCAP $50M · EV $25M
Victory Square Technologies Inc. is a private equity and venture capital firm specializing in incubation, acquisition and invests in startups, Early stage and provides the senior leadership and resour…
Victory Square Technologies (CSE: VST) has declared a special dividend distributing 1,100,000 Class A common shares of Yocale.ai Inc. to VST shareholders, spinning out its stake in the AI-focused company ahead of Yocale's planned listing on the Canadian Securities Exchange. VST shareholders of record as of April 24, 2026 receive approximately 10.549 Yocale shares per 1,000 VST shares held, based on ~104.3 million VST shares outstanding; distribution is expected April 30, 2026. No valuation for Yocale shares has been disclosed. VST shareholders receive a direct, listed equity stake in Yocale.ai at no additional cost, with the CSE listing creating a publicly tradeable instrument out of what was a private portfolio holding — the classic venture-builder value-unlock mechanic. Yocale.ai is a development-stage company with no disclosed revenue or valuation; the 1,100,000 shares being distributed represent VST's entire disclosed position, leaving shareholders to hold an illiquid stub in a newly listed micro-cap with no established trading history. Record date is April 24, 2026; distribution of Yocale shares to VST holders is expected April 30, 2026, contingent on CSE approval of the listing.
Featured in Issue #12 ·
South Korea 3 situations
Yuhan Corp 000100.KS (KR) · MCAP $4.1B · EV $6.0B
Fwd P/E: 47.5x · EV/EBITDA: 58.5x · EV/Sales: 3.9x · EV/GP: 11.7x (FY2026)
Yuhan Corp is a South Korean pharmaceutical company that develops, manufactures, and distributes branded and partnered medicines across oncology, allergy, liver disease, and consumer healthcare. Its flagship product is the oncology drug Lazertinib (Lazecra in Korea), which generates ongoing royalties.
Yuhan Corp (000100.KS) announced plans at its Seoul R&D Day on May 28, 2026, to spin off its allergy treatment candidate, YH35324, into a separate NewCo. The proposal is part of a "post-Lazertinib" strategy to capture standalone value for the allergy pipeline while the parent retains existing oncology drug royalties. No official timetable or valuation for the transaction has been announced as of May 29, 2026. The key variables to watch for this pure-play biotech separation are the capital structure and ownership split at the NewCo, which have not yet been disclosed.
Featured in Issue #17 ·
Hanwha Corporation 000880.KS (KR)
Hanwha Corporation is a large Korean conglomerate with diversified operations spanning defense, shipbuilding, energy, finance, and machinery/services, with the machinery and services segment managing subsidiaries in vision, hospitality, retail, momentum, and robotics.
Hanwha Corporation (000880.KS) filed an amended report on May 14, 2026, for the human spin-off of its machinery, services, and holdings segment into a new entity tentatively named Hanwha Machinery & Service Holdings. The spin-off ratio was revised to 0.7563533 for the surviving entity versus 0.2436467 for the new entity following treasury share cancellations. All key milestone dates were delayed by one month, with the shareholder meeting now scheduled for July 15, 2026, and the split date set for August 1, 2026. The new entity is expected to be re-listed on the KOSPI on August 25, 2026. This corporate split aims to streamline defense and energy businesses from machinery and services, creating a pure-play opportunity and a potential index rebalancing event.
Featured in Issue #15 ·
Hanwha Solutions 009830.KS (KR) · ₩45,450 · MCAP $5.2B · EV $10.3B
Fwd P/E: NM · EV/EBITDA: 13.8x · EV/Sales: 1.0x · EV/GP: 9.7x (FY2026)
Manufacturer of synthetic resins, chemicals, and advanced materials; leading South Korean producer serving automotive and construction sectors.
Hanwha Solutions (009830.KS) filed an amended corporate split decision report (회사분할결정) with Korea's DART on April 21, 2026 — the second amendment to an original filing dated January 14, 2026, with a prior amendment filed March 11, 2026. The DART filing index does not disclose spinco identity, valuation, exchange ratio, or expected completion date. Three rounds of filings over three months suggest the split structure remains in active negotiation. Korean corporate splits historically create re-rating opportunities as holding-company discounts compress around the separated entity.
Featured in Issue #12 ·
China 3 situations
Jiangsu Hengtong Optic-Electric Co., Ltd. 600487.SS (CN) · MCAP $27.9B · EV $10.5B
Fwd P/E: 27.9x · EV/EBITDA: 11.0x · EV/Sales: 0.9x · EV/GP: 7.2x (FY2026)
Hengtong Optic-Electric provides optical communication, smart grid, and marine energy solutions globally. Its subsidiary, Hengtong Huahai, specializes in end-to-end submarine optical cable communication systems and underwater equipment for marine observation and oil & gas projects.
Jiangsu Hengtong Optic-Electric Co., Ltd. (600487.SS) approved a plan on May 29, 2026, to list its subsidiary, Jiangsu Hengtong Huahai Technology Co., Ltd., on the Shanghai STAR Market. Hengtong Optic-Electric currently holds a 64.26% stake in the subsidiary and intends to retain majority control following the initial public offering. The marine communications unit reported a net profit of approximately RMB 365 million in 2025, which represents less than 10% of the parent’s total profit. The transaction requires approvals from shareholders, the Shanghai Stock Exchange, and the CSRC under China's domestic spin-off regulations. This carve-out creates a separate publicly traded entity with a pure-play valuation benchmark while allowing investors to monitor the CSRC registration timeline and potential pre-IPO liquidity events in existing minority stakes.
Featured in Issue #17 ·
OmniVision 603501.SS (CN) · MCAP $17.5B · EV $16.5B
Fwd P/E: 24.5x · EV/EBITDA: 19.8x
Anteryon International B.V. is a specialist in optical design and precision optical component manufacturing, serving as Will Semiconductor's dedicated overseas platform for advanced optics.
Will Semiconductor Co., Ltd. (603501.SS) received board approval to spin off its subsidiary, Anteryon International B.V., for an independent listing on Euronext Amsterdam. Anteryon serves as the parent company's dedicated overseas platform for advanced optics and specializes in optical design and precision optical component manufacturing. Will Semiconductor will retain control of Anteryon post-listing, and its own equity structure is expected to remain unchanged. The carve-out provides the subsidiary with independent capital access and may attract a different investor base to unlock a sum-of-the-parts valuation re-rating for the parent.
Featured in Issue #17 ·
Huaneng Power International, Inc. 0902.HK (CN) · MCAP $68.9B · EV $45.0B
Fwd P/E: 8.9x · EV/EBITDA: 3.5x · EV/Sales: 1.5x (FY2026)
Huaneng Power International is one of China's largest listed power producers, operating a diversified fleet of coal-fired, hydro, wind, and solar generation assets across the country.
Huaneng Power International (0902.HK) is proceeding with the spin-off of its Huaneng Qingdao Project coal-fired power cogeneration assets into a publicly offered infrastructure REIT. Application materials were submitted to the China Securities Regulatory Commission and the Shanghai Stock Exchange on 6 May 2026 and accepted on 12 May 2026. The issuance remains subject to further approvals from the Shanghai Stock Exchange, China Securities Regulatory Commission, SASAC, and the Hong Kong Stock Exchange. Huaneng Power International intends to use the spin-off to raise equity capital and optimize its financing structure. The formal acceptance of application materials de-risks the timeline for the transaction, which aims to monetize heavy assets while the company retains operational control.
Featured in Issue #15 ·
Germany 3 situations
Siemens Healthineers AG SIE.DE (DE) · MCAP $44.8B · EV $74.8B
Fwd P/E: 15.3x · EV/EBITDA: 14.3x · EV/Sales: 2.7x · EV/GP: 7.0x (FY2026)
Siemens Healthineers is a global medical technology company providing diagnostic imaging (MRI, CT, X-ray), in vitro diagnostics, and radiation oncology systems via its Varian unit. It generates recurring revenue from service contracts and consumables.
Siemens AG plans a pro-rata spin-off of nearly half of its ~67% stake in Siemens Healthineers (SHL.DE) directly to Siemens shareholders, reducing its holding to ~37%. A shareholder vote on the transaction is expected at the February 2027 annual general meeting. Longer-term, Siemens aims to cut its position below 20% to treat the remaining stake as a financial investment. The distribution of the approximately 30% stake is expected to create index-rebalancing and flow events while reducing parent overhang. Siemens Healthineers, which provides diagnostic imaging and radiation oncology systems, also recently received six US FDA clearances for technologies expanding its addressable market.
Featured in Issue #16 ·
Thyssenkrupp AG TKA.DE (DE) · MCAP $7.5B · EV $5.7B
Fwd P/E: 12.6x · EV/EBITDA: 3.0x · EV/Sales: 0.1x (LTM)
Thyssenkrupp is a German industrial conglomerate with businesses spanning materials trading, steel production, automotive technology, and industrial engineering.
Thyssenkrupp (TKA.DE) is considering an extraordinary general meeting in summer 2026 for a shareholder vote on the potential spin-off of its MX materials trading division. The restructuring effort, driven by CEO Miguel Lopez, is currently under active internal discussion according to two sources familiar with the matter. A spin-off of the MX unit would create a pure-play materials trading entity and potentially unlock shareholder value for the German industrial conglomerate.
Featured in Issue #16 ·
Siemens Healthineers AG SHL.DE (DE) · €33.40 · MCAP $43.5B · EV $74.9B
Fwd P/E: 14.8x · EV/EBITDA: 14.3x · EV/Sales: 2.7x · EV/GP: 7.0x (FY2026)
Siemens Healthineers is a global medical technology company with core businesses in diagnostic imaging, precision therapy, and in-vitro diagnostics, plus the Varian cancer-treatment unit. China is its second-largest market after the U.S.
Siemens Healthineers (SHL.DE) confirmed it is in discussions to spin off its diagnostics division after quarterly revenue in the unit fell 6.5% to €985 million. The company simultaneously reduced its 2026 revenue growth outlook to 4.5%-5% from 5%-6%, citing a decline in the China diagnostics market. A shareholder vote on the potential separation is expected in February 2027, with discussions having started in April 2026. Effective June 1, a leadership overhaul will name new heads for diagnostic imaging, advanced therapies, and the EMEA region. Shares fell 3.3% following the updated outlook, though analysts at JPMorgan, Barclays, and Citi have maintained buy ratings on the prospect of the spin-off.
Featured in Issue #15 ·
Finland 2 situations
UPM-Kymmene Corporation UPM.HE (FI) · €25.88 · MCAP $16.0B · EV $18.9B
Fwd P/E: 16.4x · EV/EBITDA: 10.5x · EV/Sales: 1.6x · EV/GP: 36.7x (FY2026)
Produces paper, pulp, and forest-based bioproducts; leading integrated forest company with vertically integrated operations.
UPM-Kymmene Corporation's board has approved a formal demerger plan to spin off its Plywood business area into a new, independently listed company to be named WISA Group Plc, with all plywood-related assets and liabilities transferring to the new entity. UPM carries Plywood as discontinued operations from Q2 2026, creating a sum-of-the-parts re-rating. The board retains an explicit right to abandon the demerger if circumstances change, and EGM rejection would collapse the entire trade thesis. Extraordinary General Meeting expected no later than early September 2026 to vote on the demerger; planned completion and listing date is October 31, 2026.
Featured in Issue #14 ·
UPM-Kymmene Corporation UPM.HE (FI) · €24.85 · MCAP $15.8B · EV $19.8B
Fwd P/E: 16.1x · EV/EBITDA: 10.5x · EV/Sales: 1.6x · EV/GP: 36.8x (FY2026)
Producer of forest-based products including papers, plywood, and specialty materials; global leader in sustainable bio-industry solutions.
Plywood demerger → new listed company WISA Group Plc; EGM by early September 2026; completion October 31, 2026; WISA Helsinki listing November 2; 1-for-1 share distribution; tax-neutral ruling received.
Featured in Issue #13 ·
OTHER 1 situations
Gujarat Gas Limited / Gujarat State Petronet ₹391.00 · MCAP $2.8B · EV $3.0B
Fwd P/E: 23.2x · EV/EBITDA: 18.9x · EV/Sales: 1.7x
Gujarat Gas Limited is a publicly listed company covered for a spinoff situation.
Gujarat State Petronet Limited (BSE: GSPL) and Gujarat Gas Limited (NSE: GUJGASLTD; BSE: 539336) are conducting a composite scheme of arrangement under the GSPC group restructuring. Record date May 12, 2026; scheme effective May 1, 2026; share swap 10 GGL : 13 GSPL; trading in GSPL ceased.
Featured in Issue #13 ·
United Kingdom 1 situations
Associated British Foods plc ABF.L (UK) · 1834.50 GBp · MCAP $17.4B · EV $25.0B
Fwd P/E: NM · EV/EBITDA: 6.2x · EV/Sales: 0.9x · EV/GP: 3.9x (FY2026)
Diversified food, ingredients, and retail conglomerate; operates grocery, sugar, agriculture, and ingredients businesses globally.
Associated British Foods plc has formally confirmed it will demerge its Retail business (Primark) from its Food business (FoodCo), with both entities to be separately listed. ABF shareholders will receive shares in both companies upon completion. Primark operates 486 stores across 19 markets with annual revenue of approximately £9.5 billion and over 83,000 employees. Controlling shareholder Wittington Investments Limited (Weston family) has confirmed support for the demerger and intends to maintain majority ownership in both resulting entities. The demerger separates two structurally distinct businesses — a low-cost fashion retailer and a diversified food group — allowing each to be valued and managed independently, removing the conglomerate discount that has likely weighed on ABF's valuation. Wittington's commitment to retaining majority control in both entities limits the float in each resulting company, which constrains liquidity and reduces the probability of any follow-on M&A premium.
Featured in Issue #12 ·
OTC 1 situations
ESG Inc. ESGH (OTC) · $2.50 · MCAP $65M · EV $141M
ESG Inc. develops and operates in plant-based ingredients, and food production and distribution businesses.
ESG Inc. (ESGH) is executing a negotiated split-off in which 100% of the shares of its ESG China subsidiary are distributed to DCG, with 10.43 million ESGH shares cancelled in exchange. Beyond the share cancellation: 10.43 million ESGH shares will be retired; no valuation of ESG China or additional financial terms were available in the materials provided. The cancellation of 10.43 million shares directly reduces the float and total share count, while the separation of China operations leaves a cleaner domestic entity that the market may re-rate on a standalone basis. No valuation has been disclosed for ESG China, leaving shareholders unable to assess whether the exchange ratio fairly reflects the subsidiary's worth relative to the shares being cancelled.
Featured in Issue #12 ·
Norway 1 situations
Kongsberg Maritime ASA KMAR.OL (NO) · NOK 63.27 · MCAP $6.0B
Fwd P/E: 21.6x (FY2026)
Kongsberg Maritime AS, along with its subsidiaries, provides products and systems for positioning and navigation, marine automation, onshore and offshore installations, merchant marine, and safety management solutions.
Kongsberg Gruppen ASA has completed the demerger of its Kongsberg Maritime business area, with Kongsberg Maritime ASA now separately listed on Euronext Oslo Børs as of April 23, 2026. KM ASA's new share capital is NOK 52,776,554.70 divided into 879,609,245 shares; demerger consideration shares are tradable from April 23, 2026. The completed listing creates a pure-play maritime technology vehicle for investors who were previously unable to access this segment without KOG ASA's defense and other operations, and the first day of trading establishes a standalone market-clearing price for the business. Post-demerger dissynergies — shared services, procurement, and corporate overhead that were allocated across the combined group — now fall entirely on KM ASA, and the standalone cost structure has not yet been disclosed.
Featured in Issue #12 ·
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