Keppel and StarHub confirm talks over possible M1 deal

TL;DR: Keppel and StarHub said in separate Singapore stock exchange disclosures on September 24, 2026, that they are in talks over a possible transaction involving M1. Keppel holds a controlling interest in M1, Singapore's third-largest telecom operator. The talks follow the collapse in May of Simba Telecom's proposed S$1.43 billion acquisition of M1's telecom business.

Keppel and StarHub confirmed on September 24, 2026, that they are in ongoing discussions over a possible transaction involving M1. Both companies said in separate filings to the Singapore Exchange that there is no certainty that the talks will lead to a deal.

Keppel has a controlling interest in M1, which the companies described as Singapore's third-largest telecom operator. Keppel said it is continuing to explore consolidation opportunities related to M1 and is focused on improving M1's performance while discussions continue.

The talks come after Simba Telecom's proposed purchase of M1's telecom business for S$1.43 billion, or US$1.12 billion, collapsed in May 2026. Keppel first announced that proposed sale in August 2025, but the process stalled after the Infocomm Media Development Authority suspended its review, and Keppel allowed the share purchase agreement with Simba to expire.

If a sale to StarHub proceeds, it would be the first telecom consolidation in Singapore's history. StarHub and M1 currently rank second and third by market share in Singapore, respectively.