Keppel subsidiary M1 buys 70% stake in Vietnamese IT firm ADG for $29 mln
M1 Limited (M1), a telecommunications firm under Singaporean conglomerate Keppel, will acquire a 70% stake in Vietnam-based information technology (IT) solutions provider ADG for SGD37.8 million ($28.5 million).
In a Tuesday statement, Keppel said M1 has signed an agreement for the acquisition with Vietnam-based ADG National Investment and Technology Development Corp (ADG).
ADG’s remaining 30% stake will continue to be held by the existing shareholders, including chairman and founder Vu Minh Tuan, Keppel added.
Executives of ADG and M1 sign an acquisition deal, October 28, 2024. Photo courtesy of M1.
ADG leadership, including Vu Minh Tuan, COO Pham Thi Thanh Tam, general director Dang Vu Toan, and vice chairman Huynh Minh Vu will continue to play active roles as the firm’s senior management, it said.
The acquisition of a majority stake in ADG marks M1’s strategic entry into the Vietnamese market. This will allow it to diversify its portfolio and tap into new growth opportunities in Vietnam’s booming technology sector, with growing focus on Vietnam’s National Digital Transformation Program, Keppel said.
The transaction is expected to be completed in the first quarter of 2025, subject to regulatory approvals and the fulfilment of mutually agreed conditions.
ADG operates a network of more than 2,000 local agents and partners in the four major cities of Hanoi, Ho Chi Minh City, Danang, and Can Tho.
It brings computing and storage solutions, high-performance networking solutions, and innovative computing and IT services to the market through its network of over 20 global technology partners including CommScope, Dell Technologies, Fujitsu, Hewlett Packard Enterprise, Juniper Networks, Nvidia, and Oracle.
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