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title: U Mobile stakeholder spurns rumoured buyout offer from Maxis - Developing Telecoms
description: Malayisan telco Maxis is reportedly keen to buy out rival operator U Mobile, but a deal looks uncertain with at least one major shareholder of U Mobile having already rejected the idea.
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date: 2024-07-17T10:34:09Z
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Malayisan telco Maxis is reportedly keen to buy out rival operator U Mobile, but a deal looks uncertain with at least one major shareholder of U Mobile having already rejected the idea.

According to Bloomberg, citing anonymous sources “with knowledge of the matter”, Maxis is in early-stage talks with U Mobile for a possible buyout deal to expand its network reach.

However, according to the report, price is already a sticking point, with U Mobile’s owners – which include Malaysian businessman and investor Vincent Tan Chee Yioun and Singapore Technologies Telemedia – seeking a valuation of more than MYR10 billion (US$2.1 billion).

Maxis and ST Telemedia did not respond to requests for comment, but Tan told Bloomberg in an email that U Mobile has rejected Maxis’ offer, and is pushing ahead with plans for an IPO at the end of July.

In addition, a U Mobile spokesperson declined to comment on “market speculation”, adding that the telco remains focused on building up its 5G services portfolio.

U Mobile and Maxis [both finalised their subscription share agreements](https://developingtelecoms.com/telecom-business/operator-news/16888-dnb-telco-investors-mostly-meet-deadline-to-finalise-equity-stakes.html) to take a stake in Digital Nasional Berhad, Malaysia's sole 5G network operator, last month, along with YTL and CelcomDigi’s Infranation. Both telcos have also [explicity expressed](https://developingtelecoms.com/telecom-business/operator-news/16821-maxis-ready-to-sign-dnb-ssa-get-cracking-on-new-5g-network-ceo.html) their intentions to participate in the country's planned second 5G network under the government’s planned dual network model.

[Earlier this month](https://developingtelecoms.com/telecom-technology/wireless-networks/16965-u-mobile-edotco-sign-deal-to-speed-up-rollout-of-second-5g-network.html), U Mobile and Axiata-owned telecoms infrastructure company Edotco formed a partnership to expedite rollout of the second 5G network.

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