StarHub has just announced this morning that it will acquire a majority interest in a new entity which will hold MyRepublic’s broadband business in Singapore, providing broadband services for residential and enterprise customers.

StarHub to acquire 50.1% stake in MyRepublic’s broadband business in Singapore to drive long-term synergies.
Named MyRepublic Broadband Pte Ltd, the new entity has been incorporated by MyRepublic to hold MyRepublic’s Singapore broadband business.
The acquisition will materialise commercial and operational synergies, as well as plans to strengthen both parties’ customer offerings and long-term business outlook.
The partnership creates an opportunity for StarHub to participate in MyRepublic’s regional growth and is an important milestone in MyRepublic’s IPO journey.
StarHub’s total investment will be up to $162.8 million, with an initial consideration of $70.8 million for 50.1% shares of MyRepublic Broadband Pte Ltd and a deferred consideration of up to $92 million should future financial performance matrices are met.
The proposed transaction will consolidate and strengthen StarHub’s position in the Singapore broadband market, expanding its market presence to 40% and steering long-term business growth.
MyRepublic will retain the remaining 49.9% and its senior management team and its brand identity post-acquisition.
More details below from the press release.
Singapore, 22 September 2021 – StarHub Ltd (“StarHub”) and MyRepublic Group Limited (“MyRepublic”) announced today an agreement for StarHub’s wholly-owned subsidiary, StarHub Online Pte. Ltd., to acquire a majority interest in a new entity which will hold MyRepublic’s broadband business in Singapore, providing broadband services for residential and enterprise customers.
Named MyRepublic Broadband Pte Ltd (“MyRepublic Broadband”), the new entity has been incorporated by MyRepublic.
StarHub’s total investment will be up to $162.8 million, with an initial consideration of $70.8 million for 50.1% shares of MyRepublic Broadband and a deferred consideration of up to $92 million should future financial performance matrices are met.
MyRepublic Broadband, a profitable and growing business, currently holds 6% share of Singapore’s broadband market and has built a strong brand and amassed a loyal base of customers.
The proposed transaction will consolidate and strengthen StarHub’s position in the Singapore broadband market, expanding its market presence to 40% and steering long-term business growth.
In the future, MyRepublic’s broadband customer base will stand to gain access to enhanced offerings from StarHub’s Consumer and Enterprise Business Groups, including the growing suite of products and services offering connectivity, Over-the-top content, cloud gaming and other experiences.
“StarHub’s investment and partnership with us validate the vision of digital transformation we set out to bring to the industry, in Singapore and beyond. Everything consumers and enterprises love about MyRepublic is about to get even bigger and better through the commercial and operational synergies from this partnership. More importantly, this milestone propels us forward in MyRepublic’s journey towards IPO. With StarHub onboard as a key investor, we are charting a new course for the long-term direction of the industry,” said Malcolm Rodrigues, Chief Executive Officer, MyRepublic.
The partnership would also create mutually beneficial opportunities through scale and synergies – in terms of joint go-to-market opportunities, future wholesale offerings, and cost savings.
In addition to equity, StarHub has agreed to refinance $74.2 million of debt for MyRepublic for a period of three years, on completion of the transaction.
MyRepublic will retain the remaining 49.9% and its senior management team, helmed by Co-Founder and CEO Malcolm Rodrigues, who will continue to lead MyRepublic Broadband with the same principles and values that have steered the company to its current position as a Singaporean household brand from its inception a decade ago.
Upon completion of the acquisition, MyRepublic Broadband will be a StarHub subsidiary.
The transaction is a mix of equity and debt and will be funded using StarHub’s internal cash resources.
It is expected to close by December 2021, subject to the fulfilment of mutually agreed conditions and regulatory approvals.
Tags: acquisitions, broadband, corporate, industry, Internet, mergers, MyRepublic, news, Singapore, StarHub, telcos
Alamak I just changed from Starhub to myrepublic last month. Now I’m back with Starhub again! LOL
StarHub will be glad to welcome you back to the fold.
Yeah, return of the prodigal son! ROFLMAO!!!
;-D