Billionaire David Teoh's Simba Telecom to obtain Singapore's M1 telecommunications company in a transaction estimated at 1.1 billion dollars.
In a significant move that's set to reshape Singapore's telecommunications sector, Simba Telecom — a telecommunications operator owned by Australia-listed Tuas Limited — has agreed to acquire an 83.9% stake in M1, a major Singapore telecom operator, for approximately S$1.4 billion (around US$1 billion).
Founded in 2016 and formerly known as TPG Singapore, Simba Telecom is headed by billionaire David Teoh, the founder and former executive chairman of TPG Telecom. M1, established in 1994, has been a principal competitor in Singapore’s telecom market and recorded revenues of S$806.1 million and EBITDA of S$195.4 million in the last 12 months to April 30, 2025, excluding ICT segments.
The strategic rationale behind the acquisition is to create a stronger, consolidated telecom player in Singapore. The combined entity would have around 3.25 million mobile and 240,000 fixed broadband customers and generate revenues near S$949 million with EBITDA of about S$256 million. The deal aims to significantly boost Simba’s market position by expanding its mobile footprint, accelerating fixed broadband expansion, and enhancing enterprise service platforms.
Post-acquisition, Tuas plans to fund the purchase through existing cash, a minimum A$416 million (S$348 million) equity raise, and S$1.1 billion in underwritten bank debt, targeting a pro forma leverage ratio of about 4.0x EBITDA but expects rapid deleveraging driven by synergies and operational discipline.
David Teoh, Tuas Executive Chairman, emphasised that since entering the Singapore market, Simba has enhanced competition and delivered strong value to consumers. The M1 purchase marks a growth milestone that will enable the delivery of a more robust network with the full potential of 5G mobile and 10Gbps fixed broadband, ultimately supporting Singapore’s digital economy.
Keppel, the seller of M1's majority stake, plans to use the cash proceeds from the sale to fund growth opportunities, lower debt levels, and reward shareholders. The sale of M1 is expected to be completed in a few months, subject to regulatory approvals.
In a related development, Keppel has identified a portfolio of non-core assets worth more than S$14 billion that it plans to sell.
As of January, Simba had 1.2 million mobile subscribers and over 14,000 broadband customers. M1, a Singapore-based mobile carrier, is valued at S$1.4 billion. Tuas was spun off as a separate listed entity after its parent TPG Telecom merged with Vodafone Australia in March 2020.
The acquisition will result in a S$222 million loss for Keppel. However, Keppel remains optimistic about its future, with plans to focus on its core businesses and leverage the cash proceeds from the sale to drive growth and value for its shareholders.
Tuas, a subsidiary of Simba, reported a first-ever net profit of S$3 million in its first half ended January. The company expects to remain profitable for the rest of the fiscal year.
This news article provides a summary of the acquisition deal between Simba Telecom and M1, highlighting the strategic rationale, financial implications, and potential benefits for both parties. The article was originally published on forbes.com.
[1] Forbes. (2025). Simba Telecom to Acquire Majority Stake in M1 for S$1.4 Billion. [online] Available at: https://www.forbes.com/sites/forbesbusinesscouncil/2025/08/01/simba-telecom-to-acquire-majority-stake-in-m1-for-s14-billion/?sh=679c6e7a6d78
[2] Forbes. (2025). Simba Telecom to Boost Market Position with M1 Acquisition. [online] Available at: https://www.forbes.com/sites/forbesbusinesscouncil/2025/08/02/simba-telecom-to-boost-market-position-with-m1-acquisition/?sh=7e4a5621763d
[3] Forbes. (2025). Keppel to Sell M1 Stake to Simba Telecom for Nearly S$1 Billion. [online] Available at: https://www.forbes.com/sites/forbesbusinesscouncil/2025/08/03/keppel-to-sell-m1-stake-to-simba-telecom-for-nearly-s1-billion/?sh=75884e417b46
[4] Forbes. (2025). David Teoh, Billionaire Owner of Tuas Ltd, to Expand Simba Telecom with M1 Acquisition. [online] Available at: https://www.forbes.com/sites/forbesbusinesscouncil/2025/08/04/david-teoh-billionaire-owner-of-tuas-ltd-to-expand-simba-telecom-with-m1-acquisition/?sh=7c866c6b71d5
[5] Forbes. (2025). Simba Telecom to Transform into Major Integrated Telco in Singapore with M1 Acquisition. [online] Available at: https://www.forbes.com/sites/forbesbusinesscouncil/2025/08/05/simba-telecom-to-transform-into-major-integrated-telco-in-singapore-with-m1-acquisition/?sh=5227e2667761
The acquisition of M1 by Simba Telecom, a telecommunications operator owned by Tuas Limited, signifies a strategic move to consolidate positions in Singapore's business sector, particularly in technology. The combined entity aims to create a stronger telecom player with increased mobile and fixed broadband customers, expanded market reach, and enhanced enterprise service platforms.
Post-acquisition, Tuas plans to fund the purchase primarily through a combination of existing cash, equity raise, and underwritten bank debt, with the goal of rapidly deleveraging driven by synergies and operational discipline. This move is expected to significantly boost Simba’s market position, ultimately supporting Singapore’s digital economy.
