Singapore telco M1 Limited, a subsidiary of asset manager and operator Keppel Ltd, has acquired a 70% stake in Vietnam-based ADG National Investment and Technology Development Corp, according to an announcement.
M1, through its wholly-owned subsidiary AP Tech Holdings Pte. Ltd., will pay a total purchase consideration of 719 billion dong ($28.3 million).
ADG’s remaining 30% stake will continue to be held by the existing shareholders, including its chairman and founder Vu Minh Tuan.
ADG is a provider of IT products and services in Vietnam, with a network of over 2,000 local agents and partners, and operations in the four major cities of Ha Noi, Ho Chi Minh City, Da Nang and Can Tho.
ADG serves as a trusted enabler between Technology Principals and System Integrators, providing advanced technology products and a full suite of customised solutions such as professional training, solution consulting, system deployment and technical support to small and medium-sized businesses and other enterprise customers.
M1 is a subsidiary of Keppel Ltd., a global asset manager and operator, which has a longstanding and strong presence in Vietnam, especially in the real estate sector.
The acquisition of a majority stake in ADG is a strategic move by M1 to enter the Vietnamese market, diversifying its portfolio and accessing new growth opportunities within Vietnam’s technology sector and digital transformation initiatives.
This acquisition will expand M1’s regional presence and align with AsiaPac’s expertise in hybrid multi-cloud solutions, AI, managed services, and strategic partnerships with leading technology vendors. Additionally, ADG will become a global center of excellence for application development.
ADG will leverage M1’s advanced telecommunications technology, industry coverage, and partnerships to enhance its IT service capabilities and competitive edge.
“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,” said Manjot Singh Mann, CEO, Connectivity of Keppel Ltd. and CEO of M1.
“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,” said Vu Minh Tuan, Chairman and Founder of ADG.
The transaction is expected to be completed in the first quarter of 2025, subject to regulatory approvals and the fulfilment of mutually agreed conditions.
