Singapore’s Infocomm Media Development Authority (IMDA) has suspended its assessment of the proposed consolidation between M1 and Simba worth S$1.43 billion ($1.12 billion), pending the outcome of an investigation into Simba’s use of radio frequency spectrum.
M1, under Singapore’s Keppel, Simba, StarHub, and Singtel are four major telecommunications companies in Singapore.
In a statement on Monday, the regulator said it has reviewed the proposed transaction under the Telecom and Media Competition Code, including whether the deal could significantly lessen competition or raise public interest concerns. The review also covered cybersecurity requirements linked to the operation of critical telecommunications infrastructure.
During the review process, the IMDA said Simba may have been using radio frequency bands that were not assigned to the company to provide mobile services. Such use could constitute unauthorized use of frequency spectrum and may breach the Telecommunications Act 1999 and the conditions of Simba’s Facilities-Based Operations Licence, the IMDA said.
IMDA said it is investigating the matter and would take enforcement action if violations are established. The regulator added that because the findings of the investigation could affect its assessment of the proposed consolidation, it is set to suspend the review until the investigation is completed.
In August 2025, Keppel said it entered into a share purchase agreement through its subsidiaries to divest the telecommunications business of M1 to Simba Telecom for an enterprise value of S$1.43 billion. The move was subject to post-completion adjustments and regulatory approval.
Keppel said it expects to receive close to S$1.0 billion in cash proceeds for its 83.9% effective stake in M1 while retaining M1’s information and communications technology business, which it said complements Keppel’s digital infrastructure operations, including data centers and subsea cables.