Renewed merger talks between Maxis and U Mobile are back on the table, and the news is already shifting the telecom market. Shareholders should pay attention because the talks could change the size of Malaysia’s biggest operators.

Maxis, whose major shareholders include Krishnan’s holding firm Usaha Tegas, has asked banks and law firms to submit proposals for a possible merger with U Mobile, Bloomberg reported. The company is looking for advisers to guide the process.

U Mobile is more than 50% owned by Mawar Setia, an investment vehicle co‑founded by Malaysian princess Tunku Tun Aminah Sultan Ibrahim Ismail and businessman Vincent Tan. The owners may seek a valuation of at least RM10 billion, after earlier talks stalled over a RM14 billion asking price.

Maxis has a market capitalization of about RM28.3 billion, and a merger could create a telecom group larger than the current top operator CelcomDigi, whose market cap stands at around RM29 billion. Maxis shares fell 4.38% in late trading after reports of the renewed merger plans.

For the financial year ended December 2025, Maxis recorded a post‑tax profit of RM1.56 billion, while U Mobile posted a headline net loss of RM1.62 billion. The contrasting results highlight how the merger could reshape earnings and market power for both shareholders.