MyRepublic said to seek private-equity backing for M1 pursuit

SINGAPORE (May 31): MyRepublic, the Singapore internet provider backed by billionaire Xavier Niel, is seeking a private-equity partner as it bids for local wireless carrier M1 Ltd., according to people with knowledge of the matter.

MyRepublic, which last year unsuccessfully bid for Singapore’s fourth mobile operator license, has been approaching buyout firms about helping finance its planned offer for M1, the people said, asking not to be identified because the process is private. M1 shares have risen 14% this year, giving the company a market value of about $2.1 billion.

Warburg Pincus had earlier expressed interest in M1, though the private equity firm is no longer pursuing a deal, the people said. Shanxi Meijin Energy Co. and China Broadband Capital also submitted first-round offers for Singapore’s third-largest carrier, people with knowledge of the matter said last month.

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