Tuas, through its controlled Simba Telecom, is acquiring the Singapore telecommunications business of Keppel’s subsidary M1 in a S$1.43bn (€955m) deal.
Simba, previously known as TPG Singapore, is the telecom business of Tuas and is controlled by entrepreneur David Teoh.
Teoh, Tuas executive chairman, said: “Since entering the Singapore market, Simba has enhanced competition and delivered exceptional value to consumers. The acquisition of M1 represents an exciting new chapter in our growth journey. It will strengthen our market position and enable us to deliver an even more robust network, unlocking the full potential of 5G mobile and 10Gbps broadband for consumers.”
Australia-listed Tuas has launched a placement and share purchase plan to raise A$416m (€233m) to part fund the acquisition of the business which has a S$1.43bn (€955m) enterprise value.
Keppel will receive close to S$1bn in cash proceeds for its 83.9% stake in M1, while retaining M1’s ICT business. Loh Chin Hua, CEO of Keppel, said: “The proposed transaction offers a strategic path to sustainable growth for Singapore’s telco sector. M1 and Simba are a highly synergistic combination — together, they can scale more efficiently, optimise infrastructure, and accelerate 5G and digital investments, greatly enhancing service quality while contributing to a more resilient, future-ready telco industry.
“For Keppel, the divestment of M1’s telco business is the latest step in our transformation, as we simplify our business and advance our strategy and focus as a global asset manager and operator.”
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