Singtel Surges After Report of Talks for $11 Billion Optus Sale

Singapore Telecommunications Ltd. is in advanced discussions to sell carrier Optus to Brookfield for about A$16 billion ($10.6 billion), the Australian Financial Review reported, citing unidentified sources.

Singapore’s largest carrier gained as much as 4.2%, its biggest intraday gain since May 2022, before it was suspended from trading pending an announcement. According to the AFR report, Brookfield may bring a consortium partner such as the Canada Pension Plan Investment Board into a deal that could value Optus at as much as A$18 billion.

Optus, which competes with Telstra Group Ltd., came under fire last year for a widespread ...