Singapore’s Simba Telecom is spending SGD1 billion (US$780 million) to acquire a majority stake in M1, the third largest telecom provider in the country.

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.

Singapore’s Keppel Ltd. is looking to divest its interest in one of the country’s major telecommunication providers for an estimated S$222 million ($173 million) accounting loss, as it seeks to ramp up a drive to offload legacy assets.