Keppel Sells M1 Stake to Simba for S$1.43B
Keppel Sells M1 Stake to Simba for S$1.43B

Keppel Sells M1 Stake to Simba for S$1.43B

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Keppel Ltd. has agreed to sell its 83.9% stake in Singapore-based mobile carrier M1 to Simba Telecom, a unit of Australian-listed Tuas Ltd, in a transaction that values M1 at S$1.43 billion (US$1.11 billion). The deal will provide Keppel with nearly S$1 billion in cash, but result in an estimated accounting loss of S$222 million. Keppel will retain M1’s ICT business, including data centers and subsea cable assets, aligning with its strategy to focus on digital infrastructure and adopt an asset-light model. Simba Telecom, Singapore’s fourth-largest mobile operator, expects to achieve significant synergies and accelerate 5G investments through the acquisition. The transaction is expected to consolidate Singapore’s telecom market, create new revenue opportunities, and allow Keppel to fund growth, reduce debt, and reward shareholders. Completion is subject to regulatory approval and is anticipated within a few months.

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