SIMBA Telecom, Singapore’s youngest mobile operator, is preparing to take a major leap with the acquisition of rival M1. This transaction, valued at S$1.43 billion, represents the first significant consolidation in Singapore’s telecoms sector and signals a new phase in the market’s development.
SIMBA’s story began in 2016 when, then known as TPG Singapore, it secured spectrum rights in a government auction. Initially part of TPG Telecom Australia, the Singapore business became independent in 2020 following the merger of its Australian parent with Vodafone Hutchison. The local unit was listed under Tuas Ltd and later rebranded as SIMBA in 2022. Over the past few years, the operator has steadily grown its customer base to more than one million subscribers, doubling its mobile connections in the space of two and a half years. Its lean cost structure, no-frills approach and competitive pricing have allowed it to establish itself as a disruptive challenger in a highly competitive environment.
M1, by contrast, is one of Singapore’s established operators with a history stretching back to the mid-1990s. Today it serves more than two million mobile customers and over 200,000 fixed broadband households. The company has invested heavily in 5G, building a standalone network that covers much of the island, and it has also developed a growing enterprise business. For the financial year ending April 2025, M1’s telecom operations generated S$806.1 million in revenue and S$195.4 million in EBITDA.
Bringing SIMBA and M1 together would create a company with over 3.2 million mobile connections and almost 240,000 fixed broadband lines. That scale would push the merged operator into second place in the mobile market, behind Singtel with its 4.5 million customers and ahead of StarHub with 2.4 million. On the broadband side, the combined business would hold just under 16 per cent of the market, still far behind Singtel and StarHub but with room to grow.
From an infrastructure standpoint, the benefits for SIMBA are clear. The company has been rolling out its own 5G network but remains at an earlier stage than its competitors. By combining with M1, SIMBA gains access to a denser radio footprint, both indoors and outdoors, as well as stronger fixed broadband infrastructure and an established enterprise platform. The merger also consolidates spectrum resources, giving the enlarged operator more capacity to support high-speed services and to compete on network quality as well as price.
Operationally, Tuas, SIMBA’s parent company, expects significant synergies. The two operators have relatively little overlap in resources, which makes it easier to combine their networks and retail footprints while avoiding duplication. Analysts expect efficiency gains in spectrum use, site sharing and core network integration. Together, the businesses generated S$948.8 million in revenue and S$256 million in EBITDA in the past year, providing a strong financial base for further investment.
The deal comes at a time when Singapore’s telecoms sector is under pressure from falling revenue per user. Mobile virtual network operators have been driving down prices with low-cost plans, forcing the main players to compete aggressively for subscribers. Consolidation from four operators to three is likely to ease some of that pricing pressure, allowing the remaining players to focus on improving network quality and investing in new technologies such as advanced 5G and future fibre upgrades.
For the market leader Singtel and its close rival StarHub, the emergence of a larger SIMBA-M1 entity presents both a challenge and an opportunity. On the one hand, competition becomes sharper as a stronger second player emerges. On the other, consolidation reduces the intensity of price competition that has squeezed all operators in recent years.
Regulatory approval will be required from the Infocomm Media Development Authority (IMDA). If approved, SIMBA’s acquisition of M1 will mark a turning point in Singapore’s telecoms industry. It will create a more balanced market structure, strengthen investment capacity and reshape competition, with SIMBA moving from a challenger to a genuine contender for market leadership in the years ahead.
