Keppel to sell M1’s telco business to Simba Telecom for $1.43b

Keppel will receive about $1b for its 83.9% stake in M1.

Keppel Ltd. has agreed to sell M1’s telecommunications business to Simba Telecom Pte. Ltd. for $1.43b in cash, subject to adjustments.

Keppel will receive about $1b for its 83.9% stake in M1.

Keppel will keep M1’s fast-growing ICT business, which supports its data centres and subsea cable operations. The deal values M1 at 7.3 times EV/EBITDA.

The sale is expected to strengthen Singapore’s telecom sector by combining M1’s cloud-based network with Simba’s digital consumer platform. The new entity aims to offer better services and more innovation.

The move fits Keppel’s strategy to focus on digital infrastructure as an asset-light operator.

Whilst Keppel will record an estimated accounting loss of $222m, the company expects to have generated over $700m in cumulative cash returns from M1 since its initial investment in 1994.

Simba’s all-cash offer was the highest amongst bidders and is expected to create new growth opportunities with little overlap in resources.

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