Temasek separated Singapore's state assets from policymaking
Singapore put 35 companies into Temasek in 1974; the S$354M portfolio grew into a global investment company.
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2,000 PUBLISHED CASES · REGULARLY UPDATEDST Engineering merged four state-linked units into a global group
Singapore combined four listed defence and engineering units in 1997, creating a focused platform that later passed S$12B revenue.
Read the caseSpecsavers kept succession in the family and scale in its partners
The Perkins family resisted selling and let store partners own economics, turning opticians into a global chain.
Read the caseS&P Global used 2020 to merge with IHS Markit into a data platform
S&P Global announced a $44B all-stock IHS Markit deal in 2020, then reorganized into a broader data giant.
Read the caseSony turned a canceled Nintendo project into the PlayStation platform
After Nintendo walked away, Sony chose to build its own CD-ROM console and won developers before the PlayStation shipped.
Read the caseSnowflake turned the 2020 cloud rush into a Data Cloud IPO
Snowflake went public in 2020 around consumption-priced data sharing, then posted 124% revenue growth.
Read the caseSlack killed its game and turned the team chat tool into a $27.7B exit
Tiny Speck shut Glitch and sold the internal chat system instead; Slack reached 10M DAUs and a Salesforce deal.
Read the caseSignify turned Philips Lighting into an LED and IoT company
After its 2016 spinout, Signify made LED and connected lighting the core; LED reached 71% of sales in 2018.
Read the caseSiemens Healthineers bought Varian in COVID and built an oncology platform
Siemens Healthineers used 2020's disruption to buy Varian for $16.4B and make cancer care its fourth segment.
Read the caseSGX turned club exchanges into a listed Asian gateway
Singapore merged and demutualised SES and SIMEX, then listed SGX to turn a member club into a regional market operator.
Read the caseServiceNow made workflows the enterprise platform and passed $8.9B
ServiceNow broadened from IT service desks to enterprise workflows; 2023 revenue rose 24% and net income topped $1.7B.
Read the caseSeera rebuilt around Almosafer and Lumi as travel reopened
Seera kept its travel-tech and car-rental platforms through COVID, then returned to SAR265M profit in 2023.
Read the caseSaudi Tadawul turned the exchange into a listed market-infrastructure group
Saudi Tadawul reorganized into four subsidiaries and listed 30%, creating a SAR12.6B public market-infrastructure company.
Read the caseSATS bought WFS and turned itself into a global cargo handler
SATS paid €1.3B for WFS, moving from a Singapore aviation-services base to a global cargo network and FY2024 profit.
Read the caseSalik turned Dubai toll gates into a listed mobility company
Dubai carved out Salik and sold 24.9% in 2022, raising over AED3.7B while keeping 75.1%.
Read the caseSAL carved out Saudia's cargo arm and became a listed logistics champion
SAL moved from Saudia Cargo carve-out to Tadawul listing, then lifted 2024 revenue to SAR1.63B and profit to SAR661M.
Read the caseRyanair copied Southwest and turned low fares into Europe's airline model
Near collapse, Ryanair stripped out frills, moved to low fares, and became Europe's defining budget carrier.
Read the caseLVMH turned Rimowa from German luggage maker into luxury culture
LVMH bought 80% of Rimowa for EUR640M and used retail control, collaborations and new categories to lift the heritage brand.
Read the caseReddit made community data a business and turned cash-flow positive
Reddit added content licensing to ads and subscriptions, lifting 2024 revenue 62% and free cash flow to $215.8M.
Read the caseQatarEnergy rebranded around LNG growth and the energy transition
Qatar Petroleum became QatarEnergy, tying a 126–127 mtpa LNG expansion to a cleaner-energy identity.
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