Keppel has entered into a share purchase agreement via its subsidiaries to divest M1’s telco business to Simba Telecom for an enterprise value of S$1.43 billion ($1.1 billion). The consideration will be fully paid in cash.
Keppel made its initial investment in M1 in 1994 as one of its founding members. The company will now receive nearly S$1 billion ($779 million) in cash proceeds for its 83.9 percent effective stake in M1, while retaining M1’s fast-growing ICT business, which complements Keppel’s integrated connectivity business that includes data centers and subsea cables.
The proposed landmark transaction is expected to benefit Singapore’s telecommunications sector, bringing together M1’s digitally transformed, cloud-native network, able to deliver hyper-personalized services through an advanced tech stack, with Simba’s digital consumer model. Together, they could create a competitive digital-first telco to power Singapore’s digital economy.
Kep
