Singapore’s Keppel to sell M1 stake to Simba Telecom for a net $778 million

SINGAPORE: Singapore’s Keppel is selling its 83.9% stake in subsidiary M1 Ltd to Simba Telecom while retaining the non-telecoms operations of its unit in a deal that will give the asset manager net cash of S$1 billion ($778.15 million).

Keppel said on Monday it will sell M1’s telecoms operations for an enterprise value of S$1.43 billion, and retain the fast-growing information and communications technology business, which also includes data centres and subsea cables.