Just a reminder that we've got another Happy Hour coming up on August 28th, 15 minutes after the market close (4:15 pm ET) with American financial journalist Herb Greenberg! Register here.Thanks for reading KEDM Lite. Subscribe for free to receive new posts and support our work.If you value this service, please like and hit the “share” button below. Thank you.ShareDisclaimer. KEDM Lite is provided for informative purposes only. No due diligence has (yet) been performed on the names on this list. The list might change strongly on a regular basis. This overview does not constitute advice; always do your own due diligence. The list is dynamic; it continues to grow and change. If you have interesting additions to the list, feel free to contact us at info@kedm.com or on Twitter. For the full disclaimer, please go here.This week’s additions and highlights1. SPIN-OFFSSiemens 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.