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Business deals

Singapore's Keppel and Straits Times to buy mobile carrier M1

Top investor Axiata of Malaysia accepts takeover offer

The M1 logo adorns a mobile phone shop in Singapore.   © Reuters

SINGAPORE -- Conglomerate Keppel Corp. and Straits Times publisher Singapore Press Holdings will together acquire a majority stake in Singapore's third-largest mobile carrier, M1, with top shareholder Axiata Group agreeing to unload its interest.

Axiata has accepted the offer and will "exit its investment in Singapore," the Malaysian telecommunications company said Friday.

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