Singtel shares surge 7.5% after talks for potential merger with Australian rivals

Its Australia segment generates over half of the revenues for Singtel.

Singtel shares advanced 7.5% after its announcement that it has been in talks with its Australia’s Vodafone Hutchison and TPG Telecom for a potential merger, Bloomberg reported.

Its Australia segment generates over half of the revenues for Singtel.

“If a deal does proceed, we believe it would be positive for Singtel’s Australian business, Optus,” Citigroup Global Markets Inc.’s analyst Arthur Pineda writes in a note.

Singtel is also said to be eyeing a possible bid for Amaysim Australia which would give it access to the operator’s more than 1.1 million mobile subscribers.

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