MyRepublic seeks private equity backing for M1 bid

After it had lost bid to become the fourth telco operator.

Bloomberg Markets said MyRepublic Ltd., the Singapore internet provider backed by billionaire Xavier Niel, is seeking a private equity partner as it bids for local wireless carrier M1 Ltd., according to people with knowledge of the matter.

MyRepublic, which last year unsuccessfully bid for Singapore’s fourth mobile operator license, has been approaching buyout firms about helping finance its planned offer for M1, the people said, asking not to be identified because the process is private. M1 shares have risen 14% this year, giving the company a market value of about $2.1b.

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