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SINGAPORE: StarHub and Keppel confirmed on Wednesday (Sep 23) that they are in talks over a potential deal involving telecommunications company M1, months after a proposed acquisition of M1 by rival Simba fell through.<\/p>\n
In separate bourse filings, both companies said discussions were ongoing, but added there was no certainty that any transaction will materialise.<\/p>\n
StarHub said it was in discussions with Keppel \u201cregarding a possible transaction in relation to M1 Limited\u201d.<\/p>\n
\u201cThere is no certainty or assurance whatsoever that these discussions will progress beyond the current stage or that any transaction in respect of M1 Limited will arise,\u201d it added.<\/p>\n
Keppel, which is M1’s parent company, similarly confirmed the discussions, saying that nothing definitive had been reached.<\/p>\n
The company said it continued to explore consolidation opportunities involving the telco as it believes consolidation is “needed for Singapore’s telco sector”.<\/p>\n
\u201cIn the meantime, the company is focused on strengthening M1\u2019s performance to maximise its strategic value in any future industry consolidation,\u201d Keppel said.<\/p>\n
The statements were issued in response to a Business Times report on Wednesday that said StarHub was in advanced talks with Keppel over an M1 deal.<\/p>\n
A S$1.43 billion (US$1.12 billion) bid by telco Simba to acquire M1 was scuppered earlier this year<\/span> after the Infocomm Media Development Authority (IMDA) suspended its assessment of the proposed acquisition over a potential regulatory breach.<\/p>\n IMDA had been investigating whether Simba had used radio frequency bands that were not assigned to it<\/span> to provide mobile services.<\/p>\n