StarHub holds talks with Keppel over potential M1 deal

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.

In separate bourse filings, both companies said discussions were ongoing, but added there was no certainty that any transaction will materialise.

StarHub said it was in discussions with Keppel “regarding a possible transaction in relation to M1 Limited”.

“There 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,” it added.

Keppel, which is M1's parent company, similarly confirmed the discussions, saying that nothing definitive had been reached.

The company said it continued to explore consolidation opportunities involving the telco as it believes consolidation is "needed for Singapore's telco sector".

“In the meantime, the company is focused on strengthening M1’s performance to maximise its strategic value in any future industry consolidation,” Keppel said.

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.