StarHub, Keppel confirm talks over potential M1 deal
Keppel says the discussions are part of its efforts to explore consolidation opportunities for M1
Singapore telecommunications providers StarHub and Keppel have confirmed they are in discussions regarding a potential deal involving M1, as reported by The Business Times on September 23. Both companies stated in separate filings that they are exploring consolidation opportunities related to M1, but emphasized that there is no certainty a transaction will materialize.
Keppel expressed its belief in the necessity of consolidation for the telco sector in Singapore. The talks follow the collapse of Simba's proposed $1.4 billion acquisition of M1's telco business in May, which was suspended by the Infocomm Media Development Authority due to Simba's unauthorized spectrum usage. StarHub and M1 had previously explored a merger in 2024, but no deal was finalized.
After the failed Simba deal, both StarHub and Keppel have appointed financial advisers, with JPMorgan advising StarHub and DBS assisting Keppel and M1. If successful, the deal would reduce the number of mobile network operators in Singapore from four to three, pending regulatory approval. The deal would involve two telcos with connections to Temasek's portfolio, with Temasek holding a 56.1% stake in StarHub and a 21.5% stake in Keppel.
The potential consolidation aims to improve mobile-service revenue for incumbent operators amidst intense price competition.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- StarHub in advanced talks with Keppel over M1 deal: sources businesstimes.com.sg
- StarHub, Keppel confirm talks over potential M1 deal straitstimes.com
