Australia's Tuas Terminates Deal to Buy Keppel's M1 Stake ...
Singapore’s telecom regulator is probing whether Simba used unassigned radio frequencies, and Tuas said the lapse of sale conditions ends the S$1.43 billion deal.
- On Friday, Australian firm Tuas terminated its agreement to purchase M1 from Singapore's Keppel via Simba Telecom in a deal valued at S$1.43 billion, with shares falling nearly 10% in early Sydney trading.
- The Infocomm Media Development Authority probe into whether Simba used unassigned radio frequency bands prompted the termination, citing potential breaches of the Telecommunications Act and Simba's Facilities-Based Operations Licence.
- Tuas' stock crashed more than 60% on Monday following the regulator's statement, with potential penalties reaching S$1 million or 10% of the licensee's annual turnover for any breaches.
- Keppel stated the termination is not expected to have any "immediate material financial impact," while Singtel CEO Yuen Kuan Moon is seeking clarification on participating in future market consolidation.
- Simba continues to operate in the Singapore telecommunications market while Tuas confirmed the unit is cooperating with the ongoing regulatory probe into potential licence breaches.
11 Articles
11 Articles
M1 telco sale scrapped after deadline expires
A foretold demise of a deal to sell the telecoms business of Singaporean operator M1 Group came to pass after a deadline to complete expired. Australian player Tuas hoped to acquire the business through its Simba Telecom subsidiary in an SGD1.4 billion ($1.1 billion) deal arranged with M1’s majority stakeholder Keppel in 2025. Reports earlier this week indicated Keppel was ready to let the agreement lapse after a deadline of 21 May and Tuas toda…
Australia's Tuas ends $1.1B M1-Simba telco merger in Singapore
Australia’s Tuas Limited, the parent firm of Singapore telecommunication heavyweight Simba Telecom, has terminated the merger between Simba and M1. In a Friday filing with the Australia Securities Exchange (ASX), Tuas stressed that the Long-Stop Date, the deadline by which all regulatory and other conditions had to be satisfied, was extended once, to May 21, but the deal then collapsed. Related parties were released and discharged from their res…
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