Tuas terminates $1.6b deal to acquire M1 after regulator reviews possible radio band violation
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The news: TPG Telecom spin-off Tuas has terminated plans to acquire Singaporean telecommunications company M1 for SGD1.43 billion ($1.59 billion) as the regulator looks into possible unauthorised use of radio frequency bands.
The context: Under the deal terms, Tuas said it could be terminated if conditions precedent were not fulfilled or waived on or before the long-stop date. The date was previously extended to 21 May 2026 and Tuas said “several conditions precedent [were] not met” before that date.
Tuas previously told the exchange on Monday that Singapore’s telco regulator IMDA had suspended its review of Tuas subsidiary Simba’s plan to acquire M1 from Keppel Konnect and Konnectivity.
According to Tuas, IMDA informed the telco on Sunday that its review of the deal had been suspended because “it had learned that Simba may have been using radio frequency bands that it was not authorised to use, which would be a breach of the Telecommunications Act and the conditions of Simba’s Facilities-based Operations Licence”.
Ahead of its announcement on Monday, the ASX had denied a request to enter a trading halt.
On Friday, Tuas said Simba “continues to co-operate with the investigation being undertaken by the Infocomm Media Development Authority into potential breaches of the Telecommunications Act and the conditions of Simba’s Facilities-based Operator Licence”.
What they said: “In the meantime, Simba continues to operate its business in the Singapore telecommunications market with industry leading plans and products,” Tuas told the exchange.
The source: ASX
