Australian-listed telecoms company Tuas Limited has called off its planned acquisition of Singapore telecoms operator M1 after key conditions attached to the deal failed to be met before the agreed deadline.
The termination brings to an end a Sale and Purchase Agreement under which Tuas’s subsidiary Simba Telecom had sought to purchase shares in M1.
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The agreement, first struck on 11 August 2025, was entered into between Tuas, Simba, and sellers Keppel Konnect and Konnectivity.
Under its terms, Simba Telecom would have acquired 100% of M1 Limited— excluding its information and communications technology businesses—at an enterprise value of S$1.43bn ($1.11bn) on a debt-free, cash-free basis.
The agreement stipulated that the deal would automatically lapse if outstanding conditions precedent were neither fulfilled nor waived by the Long-Stop Date, which had previously been extended to 21 May 2026.
With those conditions remaining unmet, the agreement—except for certain surviving clauses—ceased to have effect, releasing all parties from their respective obligations.
The collapse follows a significant regulatory development days earlier.
On 18 May 2026, Singapore’s Infocomm Media Development Authority (IMDA) suspended its assessment of the proposed consolidation pending further investigation.
The regulator said it had received information during its review suggesting that Simba may have been using radio frequency bands not assigned to it to deliver mobile services.
Such conduct would constitute unauthorised use of spectrum and a breach of both the Telecommunications Act 1999 and the conditions of Simba’s Facilities-Based Operator Licence.
IMDA noted that the findings of the investigation could be material to its evaluation of the merger.
Simba has said it is co-operating with the IMDA investigation.
The company continues to operate in the Singapore telecommunications market, and Tuas has committed to keeping shareholders informed as the matter progresses.
The termination announcement was authorised for release by the Tuas Executive Chairman.
