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Report: Singapore's MyRepublic seeks private equity backing for M1 bid

Singaporean internet provider MyRepublic is looking for a private equity partner to join its bid for local telco M1 Ltd., Bloomberg News reported May 31, citing people with knowledge of the matter.

MyRepublic, which lost to Australia's TPG Telecom Ltd. to become the city-state's fourth mobile operator, has been approaching buyout firms to aid in its planned takeover of M1, the sources added.

Warburg Pincus, Chinese coal miner Shanxi Meijin Energy and China Broadband Capital also explored the possibility of making offers for the telco, according to the report.

M1's major stakeholders Axiata Group Berhad, Keppel Telecommunications & Transportation and Singapore Press Holdings were reported to be considering offers for their combined 61% shareholding in the telco, having appointed Morgan Stanley as their joint financial adviser.