[SINGAPORE] StarHub has acquired the remaining 49.9 per cent stake in MyRepublic’s broadband business that it did not already own, through its wholly owned subsidiary StarHub Online, the telco said on Tuesday (Aug 12).
The acquisition, which makes MyRepublic Broadband a wholly owned StarHub subsidiary, comes one day after the years-long speculation of StarHub acquiring M1 from Keppel was quashed when the asset manager announced its proposed sale of the telco to Simba Telecom.
“The acquisition allows StarHub to assume full ownership of MyRepublic Broadband, enabling greater strategic alignment,” StarHub said.
Nikhil Eapen, chief executive of StarHub, said: “We’ve laid a strong foundation for growth and with MyRepublic Broadband fully under our wing, we can move faster, go further, and serve customers with even greater clarity and care.”
StarHub in March 2022 received regulatory approval from the Infocomm Media Development Authority (IMDA) to acquire a 50.1 per cent stake in MyRepublic’s broadband unit.
IMDA said then that the proposed move could result in a horizontal consolidation as both companies compete in public Internet access services, Internet protocol telephony services and managed data network services.
Shares of StarHub ended Monday 4.9 per cent or S$0.06 lower at S$1.16.
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