Singapore – M1 Limited, a telecommunications firm, has recently entered into a strategic agreement to acquire a 70% stake in Vietnam’s ADG National Investment and Technology Development Corp. This acquisition marks the company’s expansion in the Vietnamese market as well as into the enterprise solutions space.
According to the firm, the initiative also enables M1 to broaden its portfolio and capitalise on new growth opportunities for the country’s technology sector, particularly aligned with the country’s National Digital Transformation Programme.
It also strengthens M1’s regional expansion strategy while further synergising with M1 subsidiary Asia-Pacific’s hybrid multi-cloud competencies, AI solutions, managed services, and established partnerships with key technology vendors.
Additionally, the new acquisition will serve as a global centre of excellence for application development, with ADG benefiting from M1’s advanced telecommunications technology, extensive coverage across diverse industry verticals, and partnerships with key technology and channel partners. This move will further enhance ADG’s service capabilities and competitive edge in the IT sector.
Meanwhile, the remaining 30% of ADG will stay under the ownership of its existing shareholders, including its chairman and founder, Mr. Vu Minh Tuan. The company, through its wholly-owned subsidiary AP Tech Holdings Pte. Ltd. will also pay a total purchase consideration of VND 719,875,000,000 (approximately S$37.8m).
ADG’s Board of Directors will maintain its active presence in senior management roles. These include Mr. Vu Minh Tuan, Chairman and Founder; Ms. Pham Thi Thanh Tam, Chief Operating Officer; Mr. Dang Vu Toan, General Director; and Mr. Huynh Minh Vu, Vice Chairman and Ho Chi Minh City Branch Director.
Manjot Singh Mann, CEO, Connectivity at Keppel Ltd. and CEO at M1, said, “This acquisition marks a significant milestone as we expand M1’s footprint into Vietnam and continue our expansion into the enterprise solutions space, following our acquisitions of AsiaPac in Singapore and Glocomp in Malaysia.”
“Through this acquisition, M1 will be able to leverage ADG’s expertise and local presence in Vietnam to further enhance our ability to deliver innovative and comprehensive solutions to our customers in the country. M1’s investment in ADG will also augment Keppel’s suite of connectivity offerings for enterprises,” he added.
Vu Minh Tuan, chairman and founder at ADG, remarked, “We are excited to join forces with M1. This partnership will enable ADG to leverage M1’s cutting-edge technology and expertise, enhancing our ability to serve our customers and drive growth in the Vietnamese market.”
The transaction is anticipated to be completed in the first quarter of 2025, subject to regulatory approvals and the fulfilment of mutually agreed conditions.
