Maxis has sought advisers for a possible tie-up with U Mobile that could put the combined company ahead of CelcomDigi by market value, Bloomberg reported, as U Mobile’s owners may seek at least RM10 billion.
Bloomberg reported Oct. 28, citing people familiar with the discussions, that Maxis had begun seeking proposals for financial and legal advice on a potential transaction. The company could choose advisers soon, the report said, though people familiar with the talks cautioned that they might not result in an agreement.
Bloomberg put Maxis’ market value at about RM28.3 billion and CelcomDigi’s at about RM29 billion. It said U Mobile’s owners may seek a valuation of at least RM10 billion. That is a reported expectation, not an announced deal price.
The Edge reported in February that negotiations between Maxis and U Mobile shareholders had stalled over price. It said its sources at the time put the shareholders’ valuation expectation at RM14 billion, and noted that reports of a possible Maxis takeover had circulated since mid-2024. The reports do not establish whether the expectations or proposed terms have changed.
Maxis told Bernama it would promptly update the market if a significant corporate development took shape. Neither company has announced an agreement.
Maxis’ 2025 annual report lists Usaha Tegas among entities with a deemed indirect interest of 62.22% in the company, based on a register as of March 6, 2026. The register also records the late Ananda Krishnan Tatparanandam’s estate as a deemed holder through a discretionary trust, but says the estate receives no economic benefit from the shares.
U Mobile said Mawar Setia’s stake rose above 50% in March after it bought shares from Singapore Technologies Telemedia Pte Ltd. The company said Mawar Setia was founded by YAM Tunku Tun Aminah Binti Sultan Ibrahim Ismail and Tan Sri Dato’ Seri Vincent Tan Chee Yioun.
The Malaysian Communications and Multimedia Commission (MCMC) selected U Mobile in November 2024 to implement the country’s second 5G network. The Edge has described the appointment as a potential advantage for U Mobile in merger talks. Bloomberg said Maxis could select advisers soon but gave no date.
