Representatives from P1 spotted at TM’s event

UPDATE: TM invests RM350 million for 57% stake in P1 to roll out LTE services. More details here.

It looks like the acquisition talk of P1 is looking pretty solid. A couple of key people wearing P1’s trademark black turtleneck are spotted in today’s announcement event.

Today TM is expected to acquire a major stake in P1 making it a strong wireless player in Malaysia. Both TM and Greenpacket – its holding company, has suspended trading of share today, adding more fuel to its earlier speculation.

The acquisition will give TM a good head start with their LTE roll out as it will gain an existing subscriber base and access to P1’s 2,000 over base stations across the country. Most importantly is P1’s valuable spectrum which they have rights to operate WiMAX at 2.3GHz and 4G LTE at 2.6MHz. This compliments TM’s existing spectrum at 450MHz and 850MHz.

It is no secret that TM plans to venture into the wireless business and has set high targets of 1 million subscribers by 2017. By acquiring an establish wireless operator, TM will catapult itself forward in the 4G LTE race.