This week’s additions and highlights
1. SPIN-OFFS
- Siemens Energy (ENR GY). Siemens Energy is rumored to be considering spinning off its “Transformation of Industry” division, which makes compressors and steam turbines. This unit generates ~€5.5bn revenues (roughly 14% of group sales), with the reports also mentioning that this could grow to €10-11bn by 2031 and thereby tripling profits. Nice.UPDATE (August 25, 2026) It looks like before pursuing a spin, Siemens will field offers from PE for a (majority) stake in its Transformation of Industry division (steam turbines). They’ve hired Goldman to run the process, with CVC, EQT, Bain, Brookfield and KKR all reported to be evaluating bids. There’s a board meeting today to discuss next steps.
2. STRATEGIC ALTERNATIVES & REVIEWS
(Potential take-outs, asset sales, M&A, etc.)
- Algorhythm Holdings (RIME US). Algorhythm announced a strategic review that includes ‘evaluating acquisitions in the rapidly growing energy‑infrastructure market serving data centers’. They’ve already disclosed that they are assessing a potential deal with ‘an energy business developing highly scalable, dispatchable island‑power solutions tailored for hyperscale and AI‑driven data‑center demand’. In other words, this sounds like a reverse takeover, which are often interesting to keep an eye on.
- Banqup (BANQ BB). Banqup’s H1 revenue rose only 5.7% overall, with a 42% subscription growth in Digital Services but weak transaction activity and a sharp decline in Traditional Communications. Profitability deteriorated, €6.1m negative EBITDA on higher platform and transformation costs. Why is this important? Because as a reminder, Banqup launched a ‘strategic simplification plan’, exploring a split of its business units and potential divestments or even a full group sale, all the result of an eight‑month strategic review. No concrete updates yet, but the strong difference in underlying performance of the units, as well as a new divisional leadership structure (each its own management), suggests they’re clearly working towards a split…