Updated August 23, 2026 · through Special Situations Digest #29 (Aug 23, 2026) · 19 this week
A running index of spin-offs and corporate separations covered in the Special Situations Digest: 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 17 countries. Earlier coverage includes 262+ 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.
The full weekly digest covers 500 to 700 situations across 25+ markets every Sunday (608 in Digest #29), with Excel/PDF/JSON exports, Copy-for-LLM and a searchable database of 9,500+ situations. Subscribe for full access.
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United States 28 situations
Honeywell Technologies HON (US) · $215.90 · MCAP $68.4B · EV $94.5B
Honeywell Technologies (HON) completed the spin-off of its Aerospace Technologies unit on June 29, 2026, creating a pure-play industrial automation and energy technology compounder.
Featured in Issue #29 · Aug 23, 2026
ABVC BIOPHARMA, INC. ABVC (US) · $0.94 · MCAP $24M · EV $29M
ABVC BIOPHARMA, INC. (ABVC) is involved in a spin-off event.
Featured in Issue #29 · Aug 23, 2026
Madison Square Garden Sports MSGS (US) · $407.17 · MCAP $9.8B · EV $10.8B
Madison Square Garden Sports (MSGS) is spinning off its New York Rangers business into a separate public company to allow independent valuation of its franchises.
Featured in Issue #29 · Aug 23, 2026
VivoPower PLC VIVO (US) · $4.36 · MCAP $73.2M
VivoPower PLC (VIVO.L) is carving out its non-Nordic data center assets into a new Singapore-based AI Infrastructure Platform to isolate funding obligations for those assets.
Featured in Issue #29 · Aug 23, 2026
Madison Square Garden Sports Corp. MSGS (US) · $407.17 · MCAP $9.8B · EV $10.8B
Madison Square Garden Sports Corp. (MSGS) is spinning off its New York Rangers business from its New York Knicks business.
Featured in Issue #28 · Aug 16, 2026
MODINE MANUFACTURING CO MOD (US) · $209.50 · MCAP $11.1B · EV $11.7B
Modine Manufacturing Company (MOD) is separating its Performance Technologies business into a new entity, Platinum SpinCo Inc., to be combined with Gentherm Incorporated in a Reverse Morris Trust transaction.
Featured in Issue #28 · Aug 16, 2026
ABVC BioPharma, Inc. ABVC (US) · $0.90 · MCAP $23M · EV $27M
ABVC BioPharma postponed the distribution of BioKey (Cayman), Inc. ordinary shares from August 3, 2026 to August 21, 2026.
Featured in Issue #28 · Aug 16, 2026
Verdera Energy Corp. VUECF (US) · $0.34 · MCAP $21M · EV $8M
Verdera Energy Corp. (VUECF) is advancing a pro-rata distribution of 35,000,000 common shares to shareholders of enCore Energy Corp. Verdera filed Amendment No.
Featured in Issue #28 · Aug 16, 2026
Corteva, Inc. CTVA (US) · $76.83 · MCAP $51.3B · EV $54.0B
Fwd P/E: 19.4x · Fwd EV/EBITDA: 12.3x · Fwd EV/Sales: 2.9x · LTM EV/Sales: 3.0x · LTM EV/GP: 6.1x
Corteva, Inc. operates in the agriculture business. The company operates through two segments, Seed and Crop Protection.
Corteva is pursuing a plan to separate into two independent public companies: a crop protection business and a seed business to be held by Vylor Inc. Vylor commenced private exchange offers and consent solicitations for any and all of EIDP's outstanding 2.300% Senior Notes due 2030, 5.125% Senior Notes due 2032, and 4.800% Senior Notes due 2033. The exchange offers are conditioned on consummation of the separation and receipt of requisite consents by 5:00 p.m. NYC time on August 19, 2026. The separation is currently expected to be consummated on, as announced by Corteva on July 30, 2026.
Featured in Issue #27 · Aug 9, 2026
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk TLK (US) · $15.10 · MCAP $14.9B · EV $17.2B
Fwd P/E: 12.7x · Fwd EV/EBITDA: 4.1x · Fwd EV/GP: 3.4x · LTM EV/Sales: 2.1x · LTM EV/GP: 3.3x
PT Telekomunikasi Indonesia Tbk is Indonesia's state-owned telecommunications company, providing fixed-line, mobile, and data services.
PT Telekomunikasi Indonesia Tbk (Telkom) plans to spin off its Wholesale Fiber Connectivity Business Segment Phase-2 to its 99.9%-owned subsidiary PT Telkom Infrastruktur Indonesia (TIF). The transaction involves the transfer of partial assets and liabilities related to the Wholesale Fiber Connectivity Business to TIF. The proposed transaction value exceeds 20% of Telkom's equity, classifying it as a Material Transaction and Affiliated Transaction under Indonesian OJK regulations. Creditors have until 17:00 WIB on 21 August 2026 to submit written objections to the spin-off plan. The transaction is treated as a material affiliated transaction under Indonesian capital market rules but does not require an external appraisal or prior shareholder approval.
Featured in Issue #27 · Aug 9, 2026
Solventum SOLV (US) · $82.98 · MCAP $14.1B · EV $19.0B
Fwd P/E: 12.2x · Fwd EV/EBITDA: 10.4x · Fwd EV/Sales: 2.3x · LTM EV/Sales: 2.3x · LTM EV/GP: 4.2x
Solventum Corporation, a healthcare company, develops, manufactures, and commercializes a portfolio of solutions to address critical customer and patient needs in the United States and internationally.
Solventum plans to spin off its Health Information Systems business to become a more focused MedTech company. Health Information Systems generated $354 million in Q2 2026 revenue with a 41% operating margin. The separation is expected to take 12 to 18 months; a sale to a PE or strategic buyer is also possible. Solventum was itself spun out of 3M in April 2024, making this a second separation in under two years.
Featured in Issue #27 · Aug 9, 2026
ABVC BioPharma, Inc. ABVC (US) · $1.02 · MCAP $26M · EV $30M
Fwd P/E: NM · Fwd EV/Sales: NM · LTM EV/Sales: 38.7x · LTM EV/GP: 38.7x
ABVC BioPharma, Inc., a clinical-stage biopharmaceutical company, develops drugs and medical devices to fulfill unmet medical needs in the United States. The company has a co-development agreement with Rgene Corporation and collaboration agreements with BioHopeKing Corporation and BioFirst Corporation.
ABVC BioPharma, Inc. (ABVC) postponed the distribution of BioKey (Cayman), Inc. ordinary shares originally scheduled for August 3, 2026. The distribution ratio remains 0.169464 BioKey shares for each ABVC common share, and the record date is unchanged. The previously announced ex-dividend date is cancelled and will be revised once administrative, regulatory, and tax-related matters are completed. The spin-off is delayed rather than cancelled, preserving the locked economics of the distribution. This creates uncertainty regarding the new ex-date and timeline for ABVC holders seeking BioKey shares.
Featured in Issue #27 · Aug 9, 2026
Resideo Technologies Inc REZI (US) · $26.08 · MCAP $3.9B · EV $7.5B
Fwd P/E: 9.3x · Fwd EV/EBITDA: 8.9x · Fwd EV/Sales: 1.0x · LTM EV/Sales: 1.0x · LTM EV/GP: 3.4x
Resideo Technologies, Inc. develops, manufactures, sells, and distributes comfort, energy management, and safety and security solutions in the United States, Europe, and internationally. The company operates through Products and Solutions and ADI Global Distribution segments.
Resideo Technologies Inc (REZI) completed a pro-rata spin-off of ADI Global Distribution Inc on 04.08.2026. Shareholders received 0.5 ADI Global Distribution Inc shares for each REZI share held. Luzerner Kantonalbank issued a corporate action notice for its LUKB Actively Managed Tracker Certificate referencing REZI as the underlying. The distribution of ADI shares as a new publicly traded entity provides a catalyst for position rebalancing and sum-of-the-parts re-rating.
Featured in Issue #27 · Aug 9, 2026
ADI Global Distribution Inc. ADIG (US) · $27.03 · MCAP $2.0B · EV $3.1B
Fwd EV/GP: 2.9x · LTM EV/Sales: 0.6x
ADI Global Distribution Inc. operates as a distributor of security, AV, and smart living products in the United States and internationally. ADI Global Distribution Inc. operates as a subsidiary of Resideo Technologies, Inc.
Resideo distributed 100% of ADI common stock to Resideo stockholders at a ratio of one ADI share for every two Resideo shares held as of the July 20, 2026 record date. ADI paid Resideo a $900 million cash dividend, funded by $400 million in 7.125% Senior Notes due 2034 and a $600 million term loan, as partial consideration for the transferred assets. ADI also issued 150,000 shares of Series A Cumulative Convertible Participating Preferred Stock to Resideo as partial consideration. ADI's board expanded to eight directors effective upon the Distribution, with directors including William Galvin, Cynthia Hostetler, Michael Kaufmann, Stephen O. LeClair, Nathan Sleeper, and Brian Walker.
Featured in Issue #27 · Aug 9, 2026
Mobility Global Inc. MBGL (US) · $19.70 · MCAP $5.8B · EV $7.6B
Fwd P/E: 12.8x · Fwd EV/EBITDA: 9.9x · Fwd EV/Sales: 3.9x · LTM EV/Sales: 4.2x · LTM EV/GP: 5.9x
Mobility Global, Inc. offers data, analysis, insights, and advisory services for automotive industry. Mobility Global, Inc. operates as a subsidiary of S&P Global Inc.
Mobility Global Inc. (MBGL) initiated a quarterly cash dividend of $0.06 per share following its July 1, 2026 spin-off. The company reported Q2 2026 total revenue of $468 million, up 7% year-over-year, with adjusted EBITDA of $202 million and a 43% margin. Full-year 2026 revenue guidance is $1,870–$1,885 million, with adjusted EBITDA of $745–$760 million. The dividend initiation signals management confidence in cash generation and establishes a standalone baseline and capital-return policy.
Featured in Issue #27 · Aug 9, 2026
Flex Ltd. FLEX (US) · $113.75 · MCAP $42.0B · EV $45.1B
Fwd P/E: 21.8x · Fwd EV/EBITDA: 13.8x · Fwd EV/Sales: 1.2x · LTM EV/Sales: 1.5x · LTM EV/GP: 16.2x
Flex Ltd. provides technology innovation, supply chain, and manufacturing solutions to data center, communications, enterprise, consumer, automotive, healthcare, industrial, and power industries in the Americas, Asia, and Europe. The company operates through three segments: Integrated Technology Solutions (ITS).
Flex Ltd. (FLEX) is spinning off its cloud and power infrastructure business into an independent, publicly traded company. The company announced the Spinco executive leadership team, and plans three separation waves on August 31, September 28, and November 2, 2026, to move personnel and businesses into legal entities. Spinco is expected to operate as a standalone organization under Flex after the November wave. Flex expects to file a shareholder proxy statement and a Form 10 registration statement for Spinco with the SEC. The November 2 wave date serves as the next milestone for the commencement of standalone operations.
Featured in Issue #26 · Aug 2, 2026
Modine Manufacturing Company MOD (US) · $201.06 · MCAP $10.7B · EV $11.3B
Fwd P/E: 24.0x · Fwd EV/EBITDA: 15.0x · Fwd EV/Sales: 2.6x · LTM EV/Sales: 3.3x · LTM EV/GP: 15.0x
Modine Manufacturing Company designs, engineers, tests, manufactures, and sells mission-critical thermal solutions in the United States, Canada, Italy, Hungary, the United Kingdom, China, and internationally.
Modine Manufacturing Company (MOD) is spinning off its Performance Technologies segment into Platinum SpinCo Inc. to merge with Gentherm Incorporated via a Reverse Morris Trust. Gentherm has completed its S-4 submission to the SEC and will seek shareholder approval once the registration statement is effective. Modine has requested an IRS determination letter regarding the tax treatment of the transaction and expects a favorable ruling. The deal is expected to close by the end of calendar year 2026. The transaction creates a pure-play thermal management company while Modine retains its Data Centers and HVAC segments, with the IRS determination letter serving as the key gating item for the tax-free structure.
Featured in Issue #26 · Aug 2, 2026
Madison Square Garden Sports Corp. MSGS (US) · $393.68 · MCAP $9.5B · EV $10.5B
Fwd EV/EBITDA: NM · Fwd EV/Sales: 9.2x · LTM EV/Sales: 9.8x · LTM EV/GP: 33.2x
Madison Square Garden Sports Corp. operates as a professional sports company in the United States.
Madison Square Garden Sports Corp. (MSGS) is exploring a spin-off to separate its New York Knicks and New York Rangers businesses. The board has authorized the exploration, though no definitive timeline or transaction structure has been announced. The company maintains a net cash position with net-debt/EBITDA of approximately -7.14, while operating margin is currently negative at approximately -2.26%. A separation of the franchises could allow each to trade on a different investor multiple and execute independent commercial strategies, representing a potential value-unlock catalyst.
Featured in Issue #26 · Aug 2, 2026
KBR, Inc. KBR (US) · $36.61 · MCAP $4.6B · EV $7.1B
Fwd P/E: 8.9x · Fwd EV/EBITDA: 7.1x · Fwd EV/Sales: 0.9x · LTM EV/Sales: 0.9x · LTM EV/GP: 6.3x
KBR, Inc. provides scientific, technology, and engineering solutions to governments and commercial customers worldwide. The company operates through Government Solutions and Sustainable Technology Solutions segments.
KBR, Inc. (KBR) unveiled Trinzic as the planned name and brand for its Mission Technology Solutions spin-off, which it continues to target for January 4, 2027, subject to board approval and customary conditions. KBR said separation workstreams covering leadership, governance, operating model and branding are advancing. Sustainable Technology Solutions reported record backlog of $5.5 billion, and KBR reaffirmed its fiscal 2026 guidance.
Featured in Issue #26 · Aug 2, 2026
Modine Manufacturing Company MOD (US) · $241.79 · MCAP $12.8B · EV $13.4B
Fwd P/E: 31.0x · Fwd EV/EBITDA: 19.9x · Fwd EV/Sales: 3.3x · LTM EV/Sales: 4.2x · LTM EV/GP: 18.3x
Modine Manufacturing designs and manufactures thermal management solutions for data centers, commercial HVAC, and automotive/industrial markets.
Modine Manufacturing Company (MOD) is separating its Performance Technologies segment via a Reverse Morris Trust with Gentherm Incorporated. The transaction, announced in January 2026, is expected to close by the end of calendar 2026 and remains subject to Gentherm shareholder approval. To prepare for the separation, Modine reorganized its Climate Solutions business into Data Centers and Commercial HVAC segments effective April 1, 2026. The company filed an 8-K on July 24, 2026, providing recast unaudited historical segment financials. These financials provide the first look at standalone Data Centers and Commercial HVAC economics, while the tax-efficient structure requires monitoring the Gentherm proxy timeline for a vote date.
Featured in Issue #25 · Jul 27, 2026
Liberty Global Ltd. LBTYA (US) · $9.69 · MCAP $3.3B · EV $10.3B
Fwd EV/EBITDA: 7.5x · Fwd EV/GP: 3.1x · LTM EV/Sales: 2.1x · LTM EV/GP: 3.2x
Liberty Global Ltd., together with its subsidiaries, provides broadband internet, video, fixed-line telephony, and mobile communications services to residential and business customers in Europe. The company provides various tiers of digital video programming and audio services.
Liberty Global Ltd. (LBTYA) plans to spin off Ziggo Group as early as mid-2027 to create a pure-play Dutch telecom entity. The company expects to close the acquisition of a 50% stake in VodafoneZiggo by the end of July 2026. Supporting milestones include the June 2026 announcement of Ziggo Group management and the Belgian Competition Authority's approval of a fiber sharing agreement with Proximus to enable capital structure separation at Telenet and Wyre. Year-to-date asset monetizations total approximately $1.2 billion. The mid-2027 target is now supported by management appointments, regulatory clearance, and the consolidation of full ownership of VodafoneZiggo.
Featured in Issue #25 · Jul 27, 2026
Sagtec Global Limited SAGT (US) · $0.77 · MCAP $15M · EV $15M
Sagtec Global Limited is a Nasdaq-listed technology solutions provider headquartered in Kuala Lumpur, offering enterprise software, AI-powered platforms, and digital transformation services to over 12,000 clients across Southeast Asia and the Middle East.
Sagtec Global Limited (SAGT) is evaluating a potential spin-off and separate independent listing of its subsidiary, CL Technologies (International) Sdn. The subsidiary operates across AI implementation, cloud infrastructure, smart property tech, and data analytics. The potential spin-off would create a separately listed pure-play entity, potentially unlocking value as the process moves from adviser evaluation to a formal announcement.
Featured in Issue #25 · Jul 27, 2026
Flex Ltd. FLEX (US) · $118.51 · MCAP $43.4B · EV $45.5B
Fwd P/E: 26.1x · Fwd EV/EBITDA: 15.6x · Fwd EV/Sales: 1.4x · LTM EV/Sales: 1.6x · LTM EV/GP: 17.3x
Flex Ltd. is one of the world's largest contract manufacturers, producing components for automotive, healthcare, industrial, and consumer brands. Its cloud and power infrastructure segment provides power, cooling, and compute solutions for data centers, hyperscalers, and utilities.
Flex Ltd. (FLEX) plans to spin off its cloud and power infrastructure business into a separate publicly traded company called SpinCo. Revathi Advaithi will become CEO of SpinCo while remaining Chairman of Flex. The transaction is intended to be tax-free for U.S. federal income tax purposes and is expected to complete in early 2027. Flex filed DEFA14A soliciting materials to promote the move ahead of a shareholder vote. The spin-off separates a high-growth AI data center unit from legacy contract manufacturing, with the Nextracker precedent serving as a valuation blueprint.
Featured in Issue #25 · Jul 27, 2026
Comcast Corporation CMCSA (US) · $22.30 · MCAP $79.1B · EV $162.0B
Fwd P/E: 6.3x · Fwd EV/EBITDA: 4.9x · Fwd EV/Sales: 1.4x · LTM EV/Sales: 1.3x · LTM EV/GP: 1.9x
Comcast is a global media and technology company with two primary businesses: connectivity (broadband, wireless, and cable via Xfinity) and content (NBCUniversal, Sky, and the Peacock streaming service).
Comcast plans to separate NBCUniversal and Sky into a new publicly traded company. Peacock reached 'meaningful profitability' for the first time, adding 2 million paid subscribers to reach 48 million total. Peacock overall revenue grew 54% year-over-year, with advertising revenue up nearly 70%. Comcast will retain its core broadband and connectivity business post-spin, with a 'more aggressive push into wireless'.
Featured in Issue #25 · Jul 27, 2026
Genuine Parts Company GPC (US) · $124.21 · MCAP $17.1B · EV $23.2B
Fwd P/E: 15.5x · Fwd EV/EBITDA: 10.5x · Fwd EV/Sales: 0.9x · LTM EV/Sales: 0.9x · LTM EV/GP: 2.5x
Genuine Parts Company distributes automotive and industrial replacement parts through its NAPA Auto Parts and Motion Industries segments globally.
Genuine Parts Company (GPC) plans to separate its Automotive and Industrial businesses by the first quarter of 2027. The company confirmed this timeline during its Q2 2026 earnings call on July 21, 2026. Transaction structure and advisor details were not disclosed. The Q1 2027 window allows investors to model the spin-off and evaluate the standalone prospects of the two segments.
Featured in Issue #25 · Jul 27, 2026
Jet.AI JTAI (US) · $2.63 · MCAP $8.9M · EV $2.5M
Jet.AI Inc. engages in the development and operation of private aviation platforms. The company operates CharterGPT, a booking platform that functions as a prospecting and quoting platform to arrange private jet travel with its aircrafts and third-party carriers.
Jet.AI (JTAI) plans to spin off its data center business and ownership interest in AIIA Sponsor Ltd. into a separate publicly traded company under the reserved ticker DCTR. The company also signed a non-binding merger letter of intent with an undisclosed private operating company valuing the combined business at approximately $320 million in enterprise value. Existing Jet.AI shareholders would receive approximately $20 million, or roughly 5% to 6% of the pro forma combined company. The spin-off would be distributed via a Form 10 registration. The proposed structure would leave shareholders with stakes in both the merged operating company and the pure-play data center spin-off.
Featured in Issue #24 · Jul 19, 2026
ADI Global Distribution Inc. ADIG (US)
ADI is a global specialty distributor of professionally installed low-voltage products serving commercial and residential markets through an omnichannel go-to-market platform.
Resideo Technologies, Inc. expects to complete the spin-off of ADI Global Distribution Inc. (ADIG) on August 3, 2026, subject to the satisfaction or waiver of applicable conditions. ADIG common stock is expected to begin regular-way trading on the NYSE on August 4, 2026. The transaction is expected to be tax-free to Resideo shareholders for U.S. federal income-tax purposes, except for cash received in lieu of fractional shares. ADI targets revenue CAGR of 4%-6% to approximately $6 billion by 2030, gross profit margin expansion of 40-50 basis points, adjusted EBITDA CAGR above 10%, adjusted EBITDA margin above 8%, and cumulative cash flow from operations above $1 billion by 2030. It also targets more than $80 million of run-rate operating savings by the end of 2027.
Featured in Issue #24 · Jul 19, 2026
Resideo Technologies, Inc. REZI (US) · $35.83 · MCAP $5.4B · EV $9.0B
Fwd P/E: 9.2x · Fwd EV/EBITDA: 8.6x · Fwd EV/GP: 3.6x · LTM EV/Sales: 1.1x · LTM EV/GP: 3.8x
Resideo Technologies, Inc. develops, manufactures, sells, and distributes comfort, energy management, and safety and security solutions in the United States, Europe, and internationally. The company operates through Products and Solutions and ADI Global Distribution segments.
Resideo Technologies (REZI) is spinning off ADI Global Distribution to transition into a pure-play building technologies company. The transaction is expected to be tax-free to Resideo shareholders for U.S. purposes. ADI common stock is expected to begin regular-way trading on the NYSE under the ticker symbol ADIG following the completion of the spin-off. This separation creates two independent publicly traded companies.
Featured in Issue #24 · Jul 19, 2026
India 19 situations
K M Sugar Mills Ltd 532673.BO (IN) · ₹33.55 · MCAP $32M · EV $58M
K M Sugar Mills Ltd (532673.BO) will separate its distillery division into a wholly owned subsidiary, KM Spirits and Allied Industries Limited.
Featured in Issue #29 · Aug 23, 2026
Veranda Learning Solutions Limited 543514.BO (IN) · ₹259.05 · MCAP $261M · EV $297M
Veranda Learning Solutions Limited (543514.BO) is proceeding with a composite amalgamation and demerger following a sanction order from the NCLT Chennai Bench-I dated August 20, 2026.
Featured in Issue #29 · Aug 23, 2026
HEG Limited HEG.NS (IN) · ₹710.75 · MCAP $1.4B · EV $1.4B
HEG Limited (HEG.NS) secured NCLT Indore Bench approval for a Composite Scheme of Arrangement to split into two separately listed entities focused on graphite electrodes and advanced materials and energy solutions.
Featured in Issue #29 · Aug 23, 2026
Lemon Tree Hotels Ltd LEMONTREE.NS (IN) · INR 108.92 · MCAP $902M · EV $1.2B
Lemon Tree Hotels Limited (LEMONTREE.NS) is planning a demerger to split its asset-light brand from Fleur Hotels, which will become a listed hotel ownership platform.
Featured in Issue #28 · Aug 16, 2026
Pricol Ltd PRICOL.BO (IN) · ₹737.90 · MCAP $945M · EV $972M
Fwd P/E: 27.0x · Fwd EV/EBITDA: 15.5x · Fwd EV/GP: 7.4x · LTM EV/Sales: 2.2x · LTM EV/GP: 7.1x
Pricol Ltd is a Coimbatore-based Indian auto components manufacturer specializing in driver information and connected vehicle solutions (DICVS).
Pricol Ltd plans to spin off its driver information and connected vehicle solutions (DICVS) business. Advent International and EQT are among the PE firms evaluating an investment in the demerged entity.
Featured in Issue #27 · Aug 9, 2026
Vedanta Limited VEDL.NS (IN) · ₹264.25 · MCAP $10.8B · EV $14.6B
Fwd P/E: 8.3x · Fwd EV/EBITDA: 4.3x · Fwd EV/Sales: 1.4x · LTM EV/Sales: 1.6x · LTM EV/GP: 3.0x
Vedanta Limited, a diversified natural resources company, explores, extracts, and processes minerals, and oil and gas in India, Europe, China, the United States, Mexico, and internationally.
Vedanta Limited (VEDL.NS) plans a vertical demerger of surplus real estate into Vedanta Property Platforms (VPPL), with one VPPL share for every 20 Vedanta shares. The portfolio comprises 2,200 acres of industrial land and 55,000 sq ft of residential/commercial property across Maharashtra, Gujarat, Goa, Karnataka and Tamil Nadu, with management citing a potential ₹30,000 crore opportunity. Vedanta is expected to hold 54.72% of VPPL after the split; the public would hold the balance. The scheme requires NCLT Mumbai approval, and filings with other regulators are expected in August 2026.
Featured in Issue #26 · Aug 2, 2026
Jubilant Agri and Consumer Products Limited 544355.BO (IN) · ₹1,815.60 · MCAP $283M · EV $287M
LTM EV/Sales: 1.4x · LTM EV/GP: 3.5x
Jubilant Agri and Consumer Products Limited manufactures and sells performance polymers, chemicals, and agri products in India and internationally. The company offers consumer products, including woodworking adhesives and wood finishes under the Jivanjor, Vamicol, Polystic, Charmwood, Hero.
Jubilant Agri and Consumer Products Limited (544355.BO) is pursuing a demerger of its Agri Business into Jubilant Agri Solutions Limited under a scheme of arrangement. The NCLT Allahabad Bench has directed meetings of equity shareholders and unsecured creditors for September 5, 2026.
Featured in Issue #26 · Aug 2, 2026
India Glycols Limited INDGLYCO.NS (IN)
India Glycols Limited is a publicly listed Indian company that manufactures bio-based chemicals, including industrial gases, ethanol, and glycols.
India Glycols Limited (INDGLYCO.NS) is demerging its Biopharma and Spirits & Biofuel undertakings into Ennature Bio Pharma Limited and IGL Spirits Limited, respectively. The NCLT Allahabad bench sanctioned the scheme after reported shareholder and creditor approvals; it involves no corporate debt restructuring or reduction in paid-up equity share capital. Shares of the resulting companies held by India Glycols are to be cancelled when the scheme becomes effective. Distribution of shares to India Glycols shareholders remains subject to the scheme becoming effective and the related implementation steps.
Featured in Issue #26 · Aug 2, 2026
Anant Raj Ltd ANANTRAJ.NS (IN) · ₹586.55 · MCAP $2.2B · EV $2.2B
Fwd P/E: 28.0x · Fwd EV/EBITDA: 19.5x · Fwd EV/Sales: 6.6x · LTM EV/Sales: 8.3x · LTM EV/GP: 28.0x
Anant Raj Ltd is an Indian real estate and infrastructure company that is also building a data centre and cloud services platform, including AI-ready cloud infrastructure, co-location, and sovereign public cloud services.
Anant Raj Ltd (ANANTRAJ.NS) is spinning off its data center and cloud operations into a new listed entity, Ashok Cloud. Eligible shareholders will receive two Ashok Cloud shares for every one Anant Raj share held on a pending record date. The demerger scheme requires approvals from the NCLT, SEBI, and other regulatory bodies. This transaction creates a pure-play data center and AI-cloud infrastructure company alongside the legacy real estate business. The record date remains the next catalyst to monitor.
Featured in Issue #25 · Jul 27, 2026
Crest Ventures Limited 511413.BO (IN) · ₹370.30 · MCAP $108M · EV $113M
Crest Ventures Limited is an Indian holding company with investments across real estate, financial services, and other sectors.
Crest Ventures Limited (511413.BO) is moving toward a demerger of an undertaking into its wholly-owned subsidiary, Crest Capital and Investment Limited. The BSE and NSE issued observation letters with no adverse observations on July 20, 2026, clearing the way for the scheme to be filed with the NCLT. This observation letter is valid for six months, establishing a deadline for the NCLT submission. Crest Capital and Investment Limited will be listed on the exchanges post-demerger, subject to SEBI granting relaxation under Rule 19(2)(b) of the Securities Contract (Regulation) Rules, 1957. The exchange observation letters are the key regulatory milestone before NCLT filing, and the six-month validity period creates a defined timeline for the next step.
Featured in Issue #25 · Jul 27, 2026
Triveni Engineering & Industries Limited TRIVENIENG.NS (IN)
Triveni Engineering is an Indian producer of sugar and ethanol. Triveni Power Transmission manufactures gearboxes and power-transmission equipment with over 14,000 installations across more than 80 countries.
Triveni Engineering & Industries Limited (TRIVENIENG.NS) has spun off its power-transmission business into a separate entity, Triveni Power Transmission Limited. Triveni Engineering shares now trade ex-entitlement with a post-adjustment market capitalization of Rs 5,982 crore (~$620M). The next catalyst is the independent listing of Triveni Power Transmission on the NSE and BSE, which may trigger forced selling by shareholders seeking only the sugar and ethanol parent.
Featured in Issue #25 · Jul 27, 2026
Inox Green Energy Services Limited 543667.BO (IN) · ₹192.20 · MCAP $758M · EV $716M
Inox Green Energy Services Limited is an Indian wind energy operations and maintenance services provider.
Inox Green Energy Services Limited (543667.BO) is spinning off Inox Renewable Solutions Limited via a scheme of arrangement. Shareholders of record as of August 1, 2026, will receive 122 equity shares of Inox Renewable Solutions Limited for every 1,000 equity shares held in Inox Green Energy Services Limited. The scheme has become effective and no outstanding warrants exist. This record date crystallizes the distribution and creates a post-record-date trading dynamic.
Featured in Issue #25 · Jul 27, 2026
Lupin Ltd LUPIN.NS (IN) · ₹2,370.50 · MCAP $11.2B · EV $11.1B
Lupin Ltd is a global pharmaceutical company developing and manufacturing generic and branded formulations and active pharmaceutical ingredients.
Lupin Limited (500257.BO) is spinning out two oncology programs into a new independent entity, Kaveri Therapeutics. Led by CEO Kristi Jones and CMO Robert Pierce, Kaveri will seek external capital for clinical development. Lupin will provide seed funding and retain a significant equity stake in the new entity. The spin-out allows Lupin to maintain potential upside from the programs' advancement without fully funding them.
Featured in Issue #25 · Jul 27, 2026
Triveni Engineering and Industries TRIVENI.NS (IN) · ₹472.15 · MCAP $1.1B · EV $1.3B
Fwd P/E: 22.4x · Fwd EV/EBITDA: 15.6x
Triveni Engineering & Industries Limited engages in the sugar and allied businesses, and engineering businesses in India and internationally. The company is involved in the production of refined sugar, multi-grade white crystal sugar, and pharmaceutical-grade sugar.
Triveni Engineering and Industries (TRIVENI.NS) is distributing shares of its demerged power transmission business, Triveni Power Transmission (TPTL), to shareholders. Under the effective scheme of arrangement, shareholders will receive one TPTL share for every three TRIVENI.NS shares held. The power transmission business was transferred to TPTL effective 01 April 2026. The record date for the distribution is 22 July 2026. The company set a record date of July 22, 2026, for a demerger with a 1:3 share conversion ratio.
Featured in Issue #24 · Jul 19, 2026
Kalpataru Limited KALPATARU.NS (IN) · INR 288.05 · MCAP $622M · EV $1.5B
Fwd P/E: 72.5x · Fwd EV/EBITDA: NM · LTM EV/GP: 21.9x
Mumbai-based real estate developer operating through subsidiaries including Kalpataru Properties Limited; develops large residential and mixed-use projects.
Kalpataru Limited (KALPATARU.NS) received an NCLT Mumbai Bench Court III order on July 8, 2026 permitting withdrawal of an internal scheme of arrangement. The scheme would have demerged Project Magnus in Bandra (East), Mumbai from Kalpataru Properties Limited, a step-down wholly owned subsidiary, into Kalpataru Limited on a going-concern basis. Kalpataru's Executive Committee had approved the withdrawal on June 2, 2026 because the envisaged benefits were no longer relevant. No third-party acquirer, sale consideration or change of control was involved; Project Magnus remains within the subsidiary.
Featured in Issue #23 · Jul 12, 2026
Lux Industries Ltd LUXIND.NS (IN) · INR 1,282 · MCAP $405M · EV $441M
Fwd P/E: 23.0x · Fwd EV/EBITDA: 15.4x · Fwd EV/Sales: 1.2x · LTM EV/Sales: 1.4x · LTM EV/GP: 4.9x
Manufactures and markets innerwear, thermals, and casuals under various brands, with 'LUX' as the flagship. Exports approximately 65% under the Lux brand, with the remainder as jobwork for international brands including Byfors (UK) and Polo (South Africa).
A strategic corporate restructuring is underway at Lux Industries (LUXIND.NS), a manufacturer and marketer of innerwear, thermals, and casuals, which has granted in-principle board approval to demerge Verticals A and C into two new wholly owned subsidiaries. The company also executed a revised brand licensing agreement with Biswanth Hosiery Mills Ltd (BHML), under which the principal 'LUX' trademark remains the exclusive property of BHML and is perpetually licensed to the listed entity and the resulting spin-offs for corporate use only. Separate licensing agreements for the ONN, GenX, and Lyra brands were executed with promoter-group entities. The announcement triggered sharp stock volatility, including a 7% intraday drop and subsequent 16% surge. This demerger creates two new listed entities, but the fact that the flagship 'LUX' trademark is owned by a promoter entity rather than the listed company presents a structural governance overhang. No record date, share ratio, or vertical financials have been disclosed.
Featured in Issue #23 · Jul 12, 2026
Triveni Engineering & Industries Ltd TRIVENI.NS (IN) · INR 458.65 · MCAP $1.1B · EV $1.3B
Fwd P/E: 24.9x · Fwd EV/EBITDA: 17.0x · Fwd EV/Sales: 1.8x · LTM EV/Sales: 1.9x · LTM EV/GP: 7.1x
Triveni Engineering & Industries Ltd is an Indian diversified industrial company with operations in sugar, engineering, and power transmission. Triveni Power Transmission Limited (TPTL) is the demerged power transmission business unit.
A diversified industrial company, Triveni Engineering & Industries Ltd (TRIVENI.NS), set a record date for the distribution of shares in its demerged power transmission unit, Triveni Power Transmission Limited (TPTL). The Composite Scheme of Arrangement became effective May 19, 2026. Shareholders will receive one TPTL share for every three Triveni Engineering shares held. The record date for this issuance is July 22, 2026. This announcement crystallizes the entitlement for the demerged unit, though trading details and valuation for TPTL remain undisclosed.
Featured in Issue #23 · Jul 12, 2026
Delta Corp Limited DELTACORP.NS (IN) · INR 64.99 · MCAP $182M · EV $160M
LTM EV/GP: 4.5x
Delta Corp Limited is an Indian integrated gaming, hospitality, and cruise operator, with offshore casino assets in Goa and a portfolio of luxury hotels and real estate.
Delta Corp Limited (DELTACORP.NS) has convened an NCLT-directed equity-shareholder meeting for August 13, 2026, to consider its revised composite scheme of arrangement. Under the scheme, the Dhargal hospitality project would be demerged into Deltin Hotel & Resorts Private Limited, a wholly owned subsidiary of Delta Penland Limited, while the remaining hospitality and real-estate business would be demerged into Delta Penland; Deltin Cruises and Entertainment Private Limited would be amalgamated into Delta Corp. Delta Penland is intended to list on BSE and NSE, and the share entitlement is already disclosed: one fully paid Delta Penland share for each Delta Corp share held on the record date. The source's treatment of GST demands exceeding ₹23,000 crore as an unresolved critical overhang is stale: on May 28, 2026, Delta Corp said the Supreme Court's pronouncement was favorable to its method of computing GST, although the written order was still awaited. The August 13 vote is the next scheme milestone.
Featured in Issue #23 · Jul 12, 2026
Bhagyanagar India Ltd BHAGYANGR.NS (IN) · INR 383.10 · MCAP $129M · EV $155M
LTM EV/GP: 7.6x
Bhagyanagar India is a secondary copper producer in India with over four decades of experience, 35,000 MTPA capacity, and more than 500 customers. It manufactures copper products including value-added silver-plated and tin-plated bus bars for AI data centres, EVs, renewable energy, and power infrastructure.
A strategic move to unlock value is underway as Bhagyanagar India Ltd (BHAGYANGR.NS), a secondary copper producer in India, plans to demerge its copper segment into a separately listed company. The existing listed entity will retain real estate and windmill assets. Management has obtained shareholder, creditor, and regulatory approvals and filed a joint petition with the NCLT. In FY26, the company reported revenue of Rs 2,377.8 crore (~$249M) with operational EBITDA over Rs 100 crore (~$10M), and value-added products rose to 62% of sales. The NCLT filing is the next procedural step toward creating a pure-play listed copper company, allowing for separate valuation of the copper and real estate/windmill businesses.
Featured in Issue #23 · Jul 12, 2026
Canada 14 situations
Palamina Corp. PA.V (CA) · C$0.15 · MCAP $10.2M
The amended arrangement agreement changes the consideration from 0.33 Colt Silver shares per Palamina share to one Colt Silver share for every 4 Palamina shares held.
Featured in Issue #29 · Aug 23, 2026
Aldebaran Resources Inc. ALDE.V (CA) · CAD 3.31 · MCAP $442M · EV $423M
Aldebaran shareholders approved the statutory plan of arrangement to spin out Centauri Minerals at a special meeting held August 7, 2026.
Featured in Issue #28 · Aug 16, 2026
Barrick Mining Corp. ABX.TO (CA) · CAD 57.80 · MCAP $68.6B · EV $77.0B
Barrick Mining Corporation (ABX-T) appointed Sebastiaan Bock as CEO of its newly created Rest of World division to oversee mines in Africa, the Middle East, Latin America, and Asia Pacific.
Featured in Issue #28 · Aug 16, 2026
NGEx Minerals Ltd. NGEX (CA) · C$28.91 · MCAP $4.5B · EV $4.2B
NGEx Minerals is a Canada-based copper and gold exploration company focused on the Lunahuasi project in Argentina and the Los Helados project in Chile, both within the Vicuña District.
NGEx Minerals entered into an arrangement agreement to spin out its Valle Ancho project in Argentina into a new subsidiary (Spinco). NGEx shareholders will receive Spinco shares pro rata, retaining their existing NGEx shares, resulting in no change to their NGEx holdings. Spinco will apply to list its shares on the TSX Venture Exchange (TSXV) following completion of the arrangement. The arrangement requires approval by at least 66 2/3% of votes cast by NGEx shareholders at a special meeting in Q4 2026, plus court and stock exchange approvals.
Featured in Issue #27 · Aug 9, 2026
Benton Resources Inc. BEX.V (CA) · C$0.08 · MCAP $17M · EV $15M
Benton Resources Inc. engages in the acquisition, exploration, and development of mineral properties. The company explores for gold, silver, nickel, copper, platinum group elements, and lithium assets.
Benton Resources Inc. (BEX.V) plans to spin out substantially all shares of a new public Spinco holding the Great Burnt copper-gold project to Benton shareholders pro rata via a British Columbia statutory plan of arrangement. Benton shareholders would collectively own a direct 45% stake in Spinco, while Benton would retain a 5% Spinco stake and a 1% uncapped NSR royalty. A concurrent $10 million private placement is intended to fund 33.3% of Spinco and implies a $15 million value for the Great Burnt project. Completion requires a 66 2/3% shareholder vote, Supreme Court of British Columbia approval and TSX-V approvals; the meeting is targeted for mid-October 2026 and closing for November 2026.
Featured in Issue #26 · Aug 2, 2026
Aldebaran Resources Inc. ALDE.V (CA) · C$2.81 · MCAP $372M · EV $354M
Aldebaran Resources Inc. engages in the acquisition, exploration, and evaluation of mineral properties in Canada and Argentina. The company primarily explores for copper and gold.
Aldebaran Resources Inc. (ALDE.V) is advancing the Centauri Minerals spin-out after Centauri closed a C$25.486 million subscription-receipt financing: 17.486 million brokered receipts and 8.0 million non-brokered receipts, each priced at C$1.00. The funds are escrowed pending arrangement conditions, including TSX-V listing approval. If the escrow-release conditions are not met by September 30, 2026, each receipt entitles its holder to 1.1 Centauri common shares; otherwise each receipt converts into one common share. The financing satisfies the offering condition for the spin-out, subject to the remaining arrangement conditions.
Featured in Issue #26 · Aug 2, 2026
White Gold Corp. WGO.V (CA) · C$1.57 · MCAP $247M · EV $233M
White Gold Corp. is a Canadian gold exploration company focused on its flagship White Gold project in the Yukon, which hosts one of Canada's highest-grade undeveloped open-pit gold resources.
White Gold Corp. (WGO.V) is spinning out its Yukon critical mineral assets into a separate public entity, W2 Critical Minerals Corp., via a dividend-in-kind to shareholders. The transaction is structured as a plan of arrangement under Ontario law, with a shareholder vote scheduled for August 11, 2026, requiring two-thirds approval. White Gold will retain an approximate 19.9% ownership interest in the new company, which intends to list on the TSX Venture Exchange. This separate listing creates a dedicated vehicle for the copper-molybdenum-tungsten portfolio and may surface value not reflected in the current gold-focused equity story.
Featured in Issue #25 · Jul 27, 2026
Aldebaran Resources Inc. ALDE.V (CA) · C$2.77 · MCAP $364M · EV $346M
Aldebaran Resources is a mineral exploration company holding an 80% interest in the Altar copper-gold project in San Juan, Argentina.
Centauri Minerals Inc. closed a C$25,486,000 (~$18M) subscription receipt offering at C$1.00 per receipt to enable its spin-out from Aldebaran Resources Inc. (ALDE.V). The financing consisted of a C$17.486M (~$12M) brokered placement and a C$8M (~$5.7M) non-brokered placement, with proceeds earmarked for the Rio Grande gold-copper project. Escrow release conditions must be satisfied by September 30, 2026, or each receipt converts to 1.1 Centauri common shares. This closing removes a key gating item for the spin-out, while the September 30 deadline and the 1.1-share penalty conversion establish a timeline and floor for the arrangement.
Featured in Issue #25 · Jul 27, 2026
Golconda Gold GG.V (CA) · C$2.07 · MCAP $105M · EV $99M
Fwd P/E: NM · Fwd EV/EBITDA: 4.9x · Fwd EV/Sales: 1.5x · LTM EV/Sales: 2.4x · LTM EV/GP: 5.2x
Golconda Gold operates two producing gold mines and holds the Summit silver project.
Golconda Gold (GG.V) plans to spin off its Summit silver project by Q4 2026 to unlock value via a sum-of-the-parts catalyst. The company is simultaneously pursuing a self-funded expansion to double output within 2.5 years from its two producing mines. Golconda currently trades at a $107 million market cap, representing 0.3x its projected $375 million NAV. The planned separation could address this steep discount and drive higher valuation multiples for the parent.
Featured in Issue #25 · Jul 27, 2026
Gold X2 Mining Inc. AUXX.V (CA) · C$1.08 · MCAP $465M · EV $382M
Gold X2 Mining Inc., engages in the exploration and development of gold and metal mineral properties in Canada. The company was formerly known as Goldshore Resources Inc. and changed its name to Gold X2 Mining Inc. in September 2025.
Gold X2 Mining Inc. (AUXX.V) intends to spin out a 1.00% Net Smelter Royalty on the Moss Gold Project to shareholders via a plan of arrangement. The royalty shares will be distributed pro rata and are not expected to be listed initially. Concurrently, Gold X2 applied for a listing on NYSE American and is seeking TSXV approval for a 6:1 share consolidation. Definitive agreements and the record date have not been disclosed. The proposed spin-out creates a potential standalone royalty vehicle while the uplisting and consolidation signal a push toward U.S. institutional visibility.
Featured in Issue #25 · Jul 27, 2026
Element79 Gold Corp. ELEM.CN (CA) · C$0.02 · MCAP $3M · EV $4M
Element79 Gold Corp., a exploration stage company, engages in the acquisition, exploration, and development of mining properties in Peru, Canada, and the United States. The company primarily explores for gold, silver, and associated metals.
Element79 Gold Corp. (ELEM.CN) received a final order from the Supreme Court of British Columbia approving its plan of arrangement with Synergy Metals Corp. The court order followed approval of the arrangement by Element79 securityholders at a special meeting held on 3 July 2026. Completion remains subject to other customary closing conditions and is expected in July 2026; upon closing, the Synergy Metals shares distributed under the arrangement are expected to be listed on the Canadian Securities Exchange.
Featured in Issue #24 · Jul 19, 2026
Riverside Resources Inc. RRI.V (CA) · C$0.32 · MCAP $21M · EV $16M
Riverside Resources Inc. engages in the acquisition, exploration, and evaluation of mineral assets in Canada, the United States, and Mexico.
Riverside Resources Inc. (RRI.V) is proposing a spin-out of its subsidiary, Ravena Resources Corp., to list its Mexican exploration portfolio on the TSX Venture Exchange. Ravena recently completed a non-brokered private placement of 4,962,815 common shares at C$0.20 per share, raising C$992,563 (~$708.0K) to advance the Los Cuarentas project and update technical disclosures. A listing is targeted for the first half of 2027, subject to regulatory acceptance and further financings. This reorganization follows a model previously used by Riverside to list Capitan Silver and Blue Jay Gold. The company will maintain long-term exposure to the new entity through its share position and a portfolio of net smelter return royalties.
Featured in Issue #24 · Jul 19, 2026
Gold X2 Mining Inc. AUXX.V (CA) · C$1.04 · MCAP $450M · EV $366M
Gold X2 Mining Inc., engages in the exploration and development of gold and metal mineral properties in Canada. The company was formerly known as Goldshore Resources Inc. and changed its name to Gold X2 Mining Inc. in September 2025.
Gold X2 Mining Inc. (AUXX.V) intends to spin out a 1.00% Net Smelter Royalty on the Moss Gold Project to shareholders via a plan of arrangement. Shares of the unnamed SpinCo would be distributed pro rata and are not expected to be listed on any stock exchange initially. Gold X2 has also applied to list its common shares on NYSE American and is seeking TSXV approval for a 6:1 share consolidation. Definitive agreements have not been executed, and there is no certainty the spin-out will proceed. The proposed royalty entity could unlock value if it pursues a future listing, though the transaction remains non-binding with no record date set.
Featured in Issue #24 · Jul 19, 2026
World Copper Ltd. WCU.V (CA) · C$0.20 · MCAP $2M · EV -$2M
World Copper Ltd., an exploration stage junior mining company, engages in the identification, acquisition, and exploration of mineral resources in Chile and the United States.
World Copper Ltd. (WCU) is spinning out its Chilean subsidiaries and associated assets and liabilities to a wholly owned subsidiary, World Copper Holdings Ltd. The closing of the arrangement is subject to remaining conditions precedent, including final approval from the TSX Venture Exchange. The expected close date is July 20, 2026.
Featured in Issue #24 · Jul 19, 2026
Germany 9 situations
Siemens Energy ENR.DE (DE) · €153.36 · MCAP $153.3B · EV $144.3B
Siemens Energy (ENR.DE) is deliberating a potential spin-off during a supervisory board meeting scheduled for August 25.
Featured in Issue #29 · Aug 23, 2026
Siemens Healthineers AG SHL.DE (DE) · €39.81 · MCAP $51.8B · EV $66.6B
Siemens AG reached an agreement with German tax authorities on a tax-free structure for the planned distribution of Siemens Healthineers AG (SHL.DE) shares to its shareholders.
Featured in Issue #29 · Aug 23, 2026
BASF Se BAS.DE (DE) · €51.67 · MCAP $51.9B · EV $75.2B
BASF SE (BAS.DE) is separating its Agricultural Solutions unit, with operational carve-outs in North America, South America, and Europe largely complete.
Featured in Issue #29 · Aug 23, 2026
Siemens AG SIE.DE (DE) · €282.30 · MCAP $251.2B · EV $304.3B
Siemens confirmed with German tax authorities that the planned distribution of Healthineers shares to its own shareholders will be tax-free.
Featured in Issue #29 · Aug 23, 2026
Thyssenkrupp AG TKA.DE (DE) · MCAP $11.5B
Shareholders voted 99.99% in favor of spinning off materials trading arm tk accelis at an extraordinary general meeting.
Featured in Issue #28 · Aug 16, 2026
Thyssenkrupp AG TKA.DE (DE) · €12.54 · MCAP $9.0B · EV $7.2B
Fwd P/E: 16.1x · Fwd EV/EBITDA: 3.7x · Fwd EV/Sales: 0.2x · LTM EV/Sales: 0.2x · LTM EV/GP: 1.5x
thyssenkrupp AG, together with its subsidiaries, provides industrial and technology solutions and services in Germany and internationally. The company operates in five segments: Automotive Technology, Decarbon Technologies, Materials Services, Steel Europe, and Marine Systems.
Thyssenkrupp AG (TKA.DE) is spinning off its materials distribution arm, TK Accelis, to unlock a division that generates nearly a third of group-wide revenue. Shareholders approved the carve-out at the August 7 AGM. Thyssenkrupp will retain a 51% controlling stake, while shareholders will receive the remaining 49% via an exchange ratio of 1 TK Accelis share for every 20 Thyssenkrupp shares. Thyssenkrupp reports Q3 results on August 13. The event provides direct exposure to both the remaining conglomerate and the spun-off materials business.
Featured in Issue #27 · Aug 9, 2026
Thyssenkrupp AG TKA.DE (DE) · €12.28 · MCAP $8.7B · EV $6.9B
Fwd P/E: 15.7x · Fwd EV/EBITDA: 3.6x · Fwd EV/Sales: 0.2x · LTM EV/Sales: 0.2x · LTM EV/GP: 1.4x
thyssenkrupp AG, together with its subsidiaries, provides industrial and technology solutions and services in Germany and internationally. The company operates in five segments: Automotive Technology, Decarbon Technologies, Materials Services, Steel Europe, and Marine Systems.
Thyssenkrupp AG (TKA.DE) plans to spin off its materials division, TK Accelis, as a listed entity while retaining a 51% stake. TK Accelis recorded €11.4 billion (~$13.0B) in sales and a 2.0% EBITDA margin in the 2024/25 financial year, with management targeting a 4–5% margin. Shareholders will vote on the demerger at an extraordinary general meeting. The vote is a binary catalyst to determine if TK Accelis becomes a standalone listing that could re-rate independently of steel division headwinds.
Featured in Issue #25 · Jul 27, 2026
Pentixapharm Holding AG PTP.DE (DE) · €2.03 · MCAP $57M · EV $51M
Pentixapharm Holding AG is a Germany-based clinical-stage radiopharmaceutical development company focused on theranostics for blood cancer, cardiovascular, endocrine, and inflammatory diseases.
BaFin launched a review of Eckert & Ziegler's 2024 financial statements on July 15 regarding the accounting treatment of the October 2024 Pentixapharm Holding AG (PTP.DE) spin-off. The regulator has indications the spin-off was incorrectly accounted for as having no impact on earnings due to an incorrect statement of the ultimate controlling party. Eckert & Ziegler stated any correction would result in additional profit from discontinued operations in 2024 without impacting operating metrics or subsequent years. The regulatory probe into the parent's spin-off accounting creates a sentiment overhang for the recently separated spinco.
Featured in Issue #25 · Jul 27, 2026
Eckert & Ziegler SE EUZ.DE (DE) · €13.30 · MCAP $947M · EV $856M
Fwd P/E: 15.6x · Fwd EV/EBITDA: 7.8x · Fwd EV/Sales: 2.3x · LTM EV/Sales: 2.4x · LTM EV/GP: 4.9x
Eckert & Ziegler SE is a German specialist in isotope-related components for nuclear medicine and radiation therapy, offering services from development to contract manufacturing and distribution.
BaFin is conducting a special review of Eckert & Ziegler SE (EUZ.DE) and its 2024 consolidated financial statements regarding the October 2024 spin-off of Pentixapharm AG. The regulator is questioning whether the assets and liabilities of the spun-off entity were properly written off from the balance sheet. If adjustments are required, the company states only additional profit from discontinued operations in 2024 would be recognized. There would be no impact on subsequent years or other key figures. This review introduces regulatory overhang on a completed spin-off, though any restatement would be narrowly scoped to 2024 discontinued-operations profit.
Featured in Issue #25 · Jul 27, 2026
Other markets 4 situations
Corteva, Inc. is spinning off Vylor Inc. (VYLOR) to list the company on the New York Stock Exchange.
Featured in Issue #28 · Aug 16, 2026
Terra Balcanica Resources Corp. MCAP C$3.43M CAD
Terra Balcanica Resources Corp. is a mineral exploration company focused on silver and antimony projects in the Balkans, notably its Viogor project in Bosnia and Herzegovina.
Terra Balcanica Resources Corp. (TERA) is advancing the spin-off of Terra North Resources Corp. toward a going-public transaction. Terra North issued 5.6 million shares to Fulcrum Metals (Canada) Ltd. under an amended option agreement for Saskatchewan exploration assets, with shares subject to voluntary hold terms tied to the future listing. Simultaneously, Terra Balcanica extended the closing of a C$750,000 (~$538.2K) non-brokered private placement to September 8, 2026, with units priced at C$0.05. Proceeds will fund a prospective UK stock exchange listing and exploration work in Bosnia. This concurrent financing and restructuring signal a dual-track effort to surface value from both the Balkan and Saskatchewan asset portfolios.
Featured in Issue #27 · Aug 9, 2026
Telkom Indonesia MCAP $14.91B USD
Indonesia's largest telecommunications provider, offering fixed-line and mobile telephony (via subsidiary Telkomsel), broadband internet and data-communications services across Indonesia.
Telkom Indonesia plans a second-phase transfer of its wholesale fibre connectivity business. The assets will be transferred to subsidiary Telkom Infrastruktur Indonesia. The transaction values the assets.
Featured in Issue #27 · Aug 9, 2026
ABVC BioPharma, Inc. postponed the spin-off distribution of BioKey (Cayman), Inc. (BKYI) originally scheduled for August 3, 2026. The distribution ratio remains 0.169464 BioKey shares per ABVC share, though the previously announced ex-dividend date is revoked. The company cited the need to complete administrative, regulatory, and tax-related matters. The postponement removes the near-term catalyst for ABVC shareholders to capture the distribution and introduces uncertainty around the spin-off timeline.
Featured in Issue #27 · Aug 9, 2026
Hong Kong 4 situations
Jiangxi Copper Company Limited 358.HK (HK) · HK$34.62 · MCAP $19.1B · EV $26.8B
Jiangxi Copper Company Limited is one of China's largest copper producers, engaged in mining, smelting, and refining of copper, gold, and silver. Its subsidiary JCC Copper Foil manufactures copper foil used in electronics and electric-vehicle batteries.
Jiangxi Copper Company Limited (358.HK) proposes to spin off its subsidiary JCC Copper Foil for a separate listing on the Main Board of the Hong Kong Stock Exchange. The listing will involve a public offering and international placement of new H shares with a par value of RMB1.00 per share. The initial issuance size is capped at 15% of JCC Copper Foil's total post-issuance share capital, with an over-allotment option of up to 15% of the initial issue size. Shareholders will vote on the spin-off at an EGM and separate class meetings on 7 August 2026. The 7 August vote is the next approval gate for the creation of this pure-play copper foil entity.
Featured in Issue #25 · Jul 27, 2026
JBM (Healthcare) Limited 2161.HK (HK) · HK$1.97 · MCAP $206M · EV $240M
Fwd EV/EBITDA: 5.9x · Fwd EV/Sales: 2.1x · LTM EV/Sales: 2.3x · LTM EV/GP: 4.1x
JBM (Healthcare) Limited, an investment holding company, engages in the manufacture, marketing, distribution, and sale of branded healthcare and wellness products in Hong Kong, Macau, Mainland China, Singapore, and internationally. The company also offers consumer healthcare and proprietary Chinese medicines.
JBM (Healthcare) Limited (2161.HK) is spinning off its branded PCM products and Chinese medicine clinic services business, JPJ (TCM) Limited, for a separate listing on the Main Board of the Hong Kong Stock Exchange. JPJ submitted its listing application (Form A1) on 17 July 2026 following a 26 June 2026 confirmation from the Listing Committee. JBM will retain at least 50% of JPJ's issued share capital upon completion, and the transaction is expected to be a discloseable transaction under Chapter 14 of the HK Listing Rules. This move may unlock a sum-of-the-parts discount at the parent and will disclose JPJ's standalone financials for the first time.
Featured in Issue #25 · Jul 27, 2026
JBM (Healthcare) Limited 2161.HK (HK) · HK$1.98 · MCAP $207M · EV $242M
Fwd P/E: 7.7x · Fwd EV/EBITDA: 6.0x
JBM (Healthcare) Limited, an investment holding company, engages in the manufacture, marketing, distribution, and sale of branded healthcare and wellness products in Hong Kong, Macau, Mainland China, Singapore, and internationally. The company also offers consumer healthcare and proprietary Chinese medicines.
JBM (Healthcare) Limited (2161) proposes to spin-off and separately list JPJ (TCM) Limited on the Main Board of the Stock Exchange of Hong Kong Limited. The transaction will separate the group's branded PCM products and Chinese medicine clinic services businesses via a global offering of JPJ shares. This separate listing constitutes a spin-off under PN15. Details regarding assured entitlement have not yet been finalized.
Featured in Issue #24 · Jul 19, 2026
Jiangxi Copper Company Limited 358.HK (HK) · HKD 30.58 · MCAP $17.3B · EV $25.0B
Fwd P/E: 9.3x
Jiangxi Copper Company Limited is one of China's largest copper producers, engaged in copper mining, smelting, and processing. Its subsidiary JCC Copper Foil manufactures copper foil used in printed circuit boards and lithium-ion batteries.
Jiangxi Copper Company Limited (0358.HK) proposes to spin off controlled subsidiary JCC Copper Foil through an IPO and Main Board listing in Hong Kong. The board approved the plan on July 15, 2026. The initial H-share issuance would not exceed 15% of post-issuance share capital before an over-allotment option of up to 15% of the initial issue. Pricing and timing remain undisclosed, and the transaction requires shareholder, Stock Exchange and CSRC approvals. Jiangxi Copper expects to retain control and continue consolidating JCC Copper Foil. The proposal contemplates an assured preferential allocation only for Jiangxi Copper H-shareholders, subject to separate approvals; it is not a pro-rata distribution to all shareholders.
Featured in Issue #24 · Jul 19, 2026
Finland 3 situations
UPM-Kymmene Oyj UPM.HE (FI) · €23.67 · MCAP $14.6B · EV $19.0B
WISA listing supplement approved, clearing the way for the plywood business spin-off.
Featured in Issue #29 · Aug 23, 2026
Aspo Plc ASPO.HE (FI) · €7.08 · MCAP $257M · EV $496M
Fwd P/E: 10.1x · Fwd EV/EBITDA: 6.6x · Fwd EV/Sales: 0.9x · LTM EV/Sales: 0.9x · LTM EV/GP: 2.2x
Finnish industrial group operating ESL Shipping (dry-bulk sea transportation in Northern Europe) and Telko (distributor of industrial chemicals and plastics), after divesting its Leipurin food-ingredients unit in 2026.
Aspo Oyj (ASPO) plans to separate ESL Shipping through a partial demerger and list the entity as an independent company on Nasdaq Helsinki. The Board of Directors has approved the plan to transfer the dry bulk carrier into a newly listed company to provide direct access to capital markets and support its investment programme. The transaction is conditional on approval by an Extraordinary General Meeting scheduled for December 2026. This separation creates a standalone catalyst for the shipping business.
Featured in Issue #27 · Aug 9, 2026
UPM-Kymmene Corporation UPM.HE (FI) · €27.16 · MCAP $14.1B · EV $18.1B
Fwd P/E: 14.4x · Fwd EV/EBITDA: 9.0x
UPM-Kymmene Oyj, together with its subsidiaries, engages in the forest-based bioindustry worldwide. The company offers softwood, birch, and eucalyptus pulp for tissue, specialty papers, packaging papers, graphic papers, and board; sawn timber for joinery, packaging, furniture, planning, and construction industries.
UPM-Kymmene Oyj (UPM) is carving out its plywood business into a new entity, WISA Group Plc, following the Finnish Financial Supervisory Authority's approval of the demerger and listing prospectus. The transaction involves transferring assets and liabilities relating to the plywood business area to WISA without liquidation. The UPM Board of Directors has proposed that shareholders approve the demerger plan at an extraordinary general meeting on August 31, 2026. The expected closing date is October 31, 2026. This corporate action creates a listing catalyst for WISA Group Plc.
Featured in Issue #24 · Jul 19, 2026
South Korea 3 situations
Kakao Corp. 035720.KS (KR) · ₩35,800.00 · MCAP $11.4B · EV $9.2B
Kakao Corp. (035720.KS) will undergo a vertical spin-off into a newly established KakaoAI and a surviving entity, KakaoX.
Featured in Issue #29 · Aug 23, 2026
Hanwha Corporation 000880.KS (KR) · ₩83,800.00 · MCAP $3.8B
Fwd P/E: 6.1x
Hanwha Corporation engages in the manufacture and sale of explosives and industrial machinery, trading, and general construction businesses. The company operates through Gunpowder Manufacturing; Wholesale and Retail; Chemical Manufacturing; Shipbuilding Industry; Construction Industry; Leisure & Service; Photovoltaic Business; Financial Institutions.
Hanwha Corporation (000880.KS) is spinning off Hanwha Machinery & Service Holdings on August 1 to separate its listed and unlisted asset holdings. One existing Hanwha share will receive 1.22 shares of the new entity, with a partitioning ratio of 0.756 surviving and 0.244 new. Surviving Hanwha retains Hanwha Aerospace, Hanwha Solutions, and Hanwha Life Insurance, while the new entity will hold Hanwha Vision, Hanwha Galleria, and Hanwha Hotel & Resort. Trading will be suspended starting July 30, with both entities relisting on August 24. This corporate action creates a pure-play holding company for unlisted assets and a mechanical mispricing to monitor through the August 24 relisting.
Featured in Issue #26 · Aug 2, 2026
Hanwha Corporation 000880.KS (KR) · ₩93,200.00 · MCAP $5.6B · EV $31.8B
Fwd P/E: 5.2x
Hanwha Corporation serves as the holding company of Hanwha Group. Following the planned spin-off, the surviving company will remain centered on defense, shipbuilding, offshore, energy and finance, while the new company will hold machinery, semiconductor equipment, robotics, distribution and service affiliates.
Hanwha Corporation shareholders approved a spin-off to divide the holding company into a surviving entity and a newly established company. The surviving company will focus on defense, shipbuilding, energy, and finance, while the new entity, tentatively named Hanwha Machinery & Service Holdings, will manage machinery, robotics, semiconductor equipment, and distribution. The split ratio is 0.7563533 for the surviving company and 0.2436467 for the new company, based on the book value of net assets. This corporate governance restructuring facilitates an independent responsible management system for third-generation owners.
Featured in Issue #24 · Jul 19, 2026
Singapore 3 situations
Olam Group Limited VC2.SI (SG) · S$1.09 · MCAP $3.2B · EV $9.9B
Olam Group Limited (VC2.SI) secured a US$1.05 billion multi-tranche facility for its wholly owned subsidiary, olam food ingredients, to support a planned IPO and demerger of ofi Group Limited.
Featured in Issue #29 · Aug 23, 2026
Addvalue Technologies Ltd A31.SI (SG) · S$0.15 · MCAP $427M · EV $418M
Addvalue Technologies Ltd (A31.SI) plans to spin off its wholly-owned subsidiary Addvalue Solutions Pte.
Featured in Issue #29 · Aug 23, 2026
Addvalue Technologies Ltd A31.SI (SG) · S$0.14 · MCAP $402M · EV $394M
Fwd P/E: 53.1x · Fwd EV/EBITDA: 36.5x
Addvalue Technologies Ltd, an investment holding company, provides satellite-based communication and digital broadband products and solutions in Europe, the Middle East, and Africa, North America, and the Asia Pacific.
Addvalue Technologies Ltd (AVT) is pursuing a spin-off listing of its wholly-owned subsidiary, Addvalue Solutions Pte. Ltd., on the Nasdaq Stock Market or the New York Stock Exchange. The subsidiary handles business and commercial activities involving the Inter-Satellite Data Relay System. The Singapore Exchange Securities Trading Limited has concurred that the move would not amount to a chain listing, subject to compliance with listing requirements. AVT has engaged a financial advisor, underwriter, legal counsels, and a US auditor to support preparatory work. The transaction is subject to shareholder approval via an upcoming extraordinary general meeting.
Featured in Issue #24 · Jul 19, 2026
Japan 3 situations
FUJIFILM Holdings 4901.T (JP) · ¥3,329.00 · MCAP $25.0B · EV $31.0B
FUJIFILM Holdings (4901.T) is evaluating a partial spin-off and Tokyo Stock Exchange listing of its Business Innovation unit to potentially unlock value through separate market multiples.
Featured in Issue #29 · Aug 23, 2026
Management Solutions 7033.T (JP) · ¥1,520.00 · MCAP $151M · EV $133M
Management Solutions (7033.T) is preparing to spin off its PROEVER project management business into a new subsidiary via a simplified absorption-type company split.
Featured in Issue #29 · Aug 23, 2026
FUJIFILM Holdings Corporation 4901.T (JP) · JPY 3,329 · MCAP $25.0B · EV $31.0B
FUJIFILM Holdings Corporation (4901.T) is assessing a partial spin-off of its FUJIFILM Business Innovation Corporation subsidiary, which may include a public listing of the unit's shares.
Featured in Issue #28 · Aug 16, 2026
Taiwan 3 situations
Longchen Paper & Packaging Co., Ltd. 1909.TW (TW) · TWD 10.60 · MCAP $432M · EV $1.4B
Longchen Paper & Packaging Co., Ltd. (1909.TW) is spinning off its Taiwan industrial paper and corrugated box business to wholly-owned subsidiary Rong Cheng Low-Carbon Corrugated Box Company to transition into an…
Featured in Issue #28 · Aug 16, 2026
Good Will Instrument Co., Ltd. 2423.TW (TW) · TWD 76.50 · MCAP $344M · EV $320M
Fwd P/E: 88.8x · Fwd EV/EBITDA: 16.3x · Fwd EV/Sales: 2.9x · LTM EV/Sales: 3.3x · LTM EV/GP: 6.1x
Taiwanese manufacturer of electronic test-and-measurement instruments, including oscilloscopes, spectrum analyzers, signal generators and power supplies, sold worldwide under the GW Instek brand.
GW Instek is spinning off its Imaging Security Business – Rail Division into a new 100%-owned subsidiary, Ruitong Technology Co., Ltd. The spin-off base date was originally set for June 30, 2026, per the May 12, 2026 board resolution. The base date has been adjusted forward to August 31, 2026, due to internal operational timeline adjustments. The company states the date change has no impact on its financials or operations.
Featured in Issue #27 · Aug 9, 2026
Coretronic Corporation 5371.TW (TW) · TWD 73.70 · MCAP $892M · EV $1.0B
Fwd P/E: 49.9x · Fwd EV/EBITDA: 14.3x · Fwd EV/GP: 5.0x · LTM EV/Sales: 0.8x · LTM EV/GP: 4.8x
A Taiwan-based optical and display technology manufacturer producing DLP projectors (including the Optoma brand), LCD backlight modules, touch modules, and industrial/medical LCD displays.
Coretronic Corporation (5371.TW) will undergo a 1:1 share conversion into a newly created holding company, CoreIntelligence Holdings Corporation (3718). The share conversion reference date and delisting of 5371 is September 3, 2026; the new holding company shares (3718) begin trading the same day. The last trading day for Coretronic (5371) is August 21, 2026, with trading suspended from August 24, 2026. The transaction was approved by shareholders on June 12, 2026, and received Taipei Exchange approval on July 29, 2026.
Featured in Issue #26 · Aug 2, 2026
Norway 2 situations
Bruton Limited BRUT (NO) · NOK 64.00 · MCAP $424M · EV $411M
Bruton Limited board resolved to distribute OMC Tankers shares to Bruton shareholders as Norwegian Depository Receipts.
Featured in Issue #29 · Aug 23, 2026
Bruton Limited BRUT (NO) · MCAP $417M
Bruton's board approved a demerger plan in July 2026 to transfer eight VLCC newbuildings to a separate Bermuda-incorporated entity, OMC Tankers Ltd. The demerger is conditional upon a completed stock exchange listing of…
Featured in Issue #28 · Aug 16, 2026
Brazil 1 situation
Cosan S.A. CSAN3.SA (BR) · MCAP $479M
Cosan S.A. (CSAN3.SA) is spinning off Radar II Propriedades Agrícolas to simplify its corporate structure and reduce governance costs.
Featured in Issue #28 · Aug 16, 2026
Switzerland 1 situation
WestProp Holdings Limited WESTP.VX (CH)
WestProp Holdings is a Victoria Falls Stock Exchange-listed property company with income-generating operations and a 161.51-hectare development-stage land bank called Pomona City.
Proposed Scheme of Reconstruction will transfer the Pomona City land bank to a new unlisted entity, Alpha Holdings Africa Private Limited, with shares distributed pro-rata to existing WestProp shareholders. A Voluntary Exit Offer allows minority shareholders to tender their Alpha Holdings Africa shares, a 200% premium to NAV, settled via transfer of existing WestProp shares held by the majority shareholder. A 100-for-3 share split will subdivide WestProp's 30 million issued shares into 1 billion shares to improve retail accessibility and liquidity on the VFEX.
Featured in Issue #27 · Aug 9, 2026
Italy 1 situation
YOLO Group S.p.A. YOLO.MI (IT) · €0.63 · MCAP $11M
Yolo Group S.p.A. provides digital insurance services to the individuals and small and medium-sized enterprises in Italy and internationally. The company also operates an Insurtech platform for companies to manage their insurance products.
YOLO Group's board resolved to convene an extraordinary shareholders' meeting to approve the demerger of its Tech Services Business Line. The demerger is pursuant to Article 2506.1 of the Italian Civil Code and executes a preliminary agreement with ATUM S.r.l. announced July 14, 2026. The board also resolved to increase its size from 6 to 7 members, to be voted on at the same meeting. The meeting date will be set once the demerger project is registered with the Milan Companies' Register.
Featured in Issue #27 · Aug 9, 2026
United Kingdom 1 situation
Unilever PLC ULVR.L (UK) · £45.76 · MCAP $131.2B · EV $160.6B
Fwd P/E: 16.4x · Fwd EV/EBITDA: 11.9x · Fwd EV/Sales: 2.7x · LTM EV/Sales: 2.7x · LTM EV/GP: 5.8x
Unilever PLC is a multinational consumer goods company with a portfolio spanning foods, home care, and personal care products.
McCormick & Company proposed a $45 billion acquisition of the Unilever PLC (ULVR.L) foods business via a Reverse Morris Trust. The mixed consideration structure would leave Unilever shareholders with a 65% stake in the resulting combined entity. The UK Competition and Markets Authority has opened a consultation on the proposed transaction. This consultation is the first regulatory milestone to determine if the deal proceeds on current terms or requires remedies. McCormick is merging with the Unilever (ULVR.L) Foods business in a $45 billion transaction expected to close by mid-2027.
Featured in Issue #25 · Jul 27, 2026
Australia 1 situation
Brazilian Rare Earths Limited BRE.AX (AU) · A$3.78 · MCAP $740M · EV $627M
Brazilian Rare Earths is an ASX-listed explorer developing rare-earth and critical-mineral projects in Brazil.
Alurion Resources accepted applications for 47,619,048 new fully paid ordinary shares at A$1.05 per share, for gross proceeds of approximately A$50 million (~$35M). Brazilian Rare Earths shareholders approved the demerger of the Amargosa Bauxite-Gallium Project into Alurion with 99.94% of votes cast in favour at the 10 July 2026 general meeting. Alurion is expected to be admitted to the ASX official list on 30 July 2026, with normal settlement trading under the code 'ALU' expected to commence on 3 August 2026, subject to ASX approval.
Featured in Issue #25 · Jul 27, 2026
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