Summary

  • StarHub’s proposed purchase of MyRepublic’s Singapore mobile business is priced around customers and their revenue, not a disclosed fixed sum.
  • Separate cash milestones reward migration progress, while the June subscriber and profit figures are only a baseline; the transaction has not closed.

The sequence matters. On 6 August, StarHub and MyRepublic announced that MyRepublic’s 4G customers would move from M1 to StarHub’s network. the 6 August network announcement StarHub already hosted MyRepublic’s 5G service under a wholesale agreement dating to 2022. On 8 October, StarHub announced a different step: it will acquire MyRepublic’s mobile business in Singapore. The acquisition announcement says customers will keep the MyRepublic brand, plans and service, and that completion remains subject to applicable conditions precedent.

The commercial detail reported by The Straits Times is more revealing than a headline purchase price. The transaction value is variable: it depends on the number of 4G and 5G subscribers, the ARPU of active customers and subscriber lifetime. The report does not disclose the weights, any base amount or a completed valuation. It also describes two additional cash milestones: S$1 million when 25,000 customers have migrated, and another S$1 million if 50,000 have migrated by 14 March 2027.

That formula puts the customer relationship in the centre of the deal. The network host was being consolidated before ownership changed. The acquisition therefore appears to bring StarHub the mobile business and its customer proposition on top of a network relationship already in transition; this is an inference from the public sequence, not a disclosed inventory of the assets being transferred.

The reported June baseline gives the milestones scale without fixing the closing denominator. MyRepublic’s mobile business had about 85,000 active subscribers, blended monthly ARPU of S$13 and net profit of S$2.4 million for the 12 months ended 30 June 2026. At that earlier count, 25,000 and 50,000 would equal roughly 29% and 59% of the base. Those are reference ratios only: customer count, mix and retention can change before closing.

The brand promise is continuity, not immediate integration. MyRepublic’s customer notice says the brand and current service remain. StarHub also says customers’ plans will continue without disruption. That protects the retail distinction while the network sits with StarHub. The deal must not be confused with the separate MyRepublic Broadband acquisition completed in 2025.

The reported completion target is 30 April 2027, while StarHub’s own release says only that applicable conditions precedent must be met. Until the parties disclose the final consideration, subscriber count at closing and the way “subscriber lifetime” is measured, investors can see the pricing logic but not the purchase multiple.