星和(StarHub)传有意收购吉宝(Keppel)旗下M1电信业务 | 联合早报
https://www.zaobao.com.sg/finance/singapore/story20260923-9724299
Here’s the full detailed account in English:
StarHub in Talks to Acquire M1 from Keppel • 23 September 2026
Announcement
- Date: 23 September 2026
- StarHub confirmed via SGX filing that it is in discussions with Keppel regarding a potential acquisition of M1’s telecommunications business
- The confirmation came in response to an earlier report in The Business Times that StarHub had submitted an offer
- StarHub statement: "Discussions are ongoing; there can be no assurance that these discussions will result in any transaction"
- Keppel statement: It continues to explore consolidation opportunities for M1, which it believes is necessary for Singapore’s telecom sector; no definitive agreement reached
Background Timeline
Aug 2025 – Original Deal: Simba to Buy M1
- Keppel agreed to sell M1’s telecom business to Simba Telecom (owned by Australia-listed Tuas) for S$1.43 billion
May 2026 – Simba Deal Collapses
- 18 May: IMDA suspended its review of the acquisition, revealing an investigation into unauthorised spectrum use by Simba — using frequency bands not assigned to it to provide services, in potential breach of the Telecommunications Act
- 21 May: Sale agreement lapsed; Keppel would not extend
- 22 May: Tuas formally terminated the deal
- Keppel recorded a S$65 million net loss related to the failed transaction
- 23 Sep (same day): Tuas acknowledged in its annual report that Simba had used spectrum "intermittently" for unapproved purposes; Tuas share price fell over 20%
July 2026 – Keppel’s Strategic Direction
- Keppel stated it is actively seeking alternative buyers for M1
- Launched a 3-year transformation plan targeting S$70 million in annual cost savings by 2028
Market & Deal Context
- A StarHub–M1 combination would reduce Singapore’s mobile network operators from 4 to 3 (Singtel, StarHub+M1, Simba), subject to IMDA approval
- StarHub and M1 previously explored a merger in 2024 but did not proceed
- Advisers appointed: JPMorgan for StarHub; DBS for Keppel/M1
- Analyst estimates: S$65–75 million in annual synergies possible by FY2029
Current Status
- Talks are ongoing but not finalised
- No price or terms disclosed
- Any transaction would require IMDA regulatory approval
- Both companies have advised shareholders to exercise caution
Sources: StarHub & Keppel SGX filings, The Business Times, The Straits Times, IMDA, Lianhe Zaobao