SINGAPORE (Oct 1): Changes in dynamics among Singapore’s telco players could see StarHub or M1 turn acquirer during an industry consolidation in two to three years, says UOB KayHian.

In a Monday report, UOB KayHian analyst Jonathan Koh says possible M&A scenarios include StarHub acquiring TPG Singapore, M1 acquiring TPG Singapore or StarHub and M1 in a merger of equals, says UOB KayHian.

Firstly, Keppel Corporation and Singapore Press Holdings have made a joint pre-conditional voluntary general offer for M1 at $2.06.

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