A Malaysian tycoon, Ananda Krishnan, plans to buy out the country’s largest mobile phone operator, Maxis Communications, the company said on Monday, in a deal that could be worth at least $5 billion. Maxis gave no reason for the buyout plan, but industry analysts speculated that Mr. Krishnan, left, might want to relist Maxis offshore and raise foreign capital to finance international expansion. Maxis, which faces a price war and a maturing market at home, is expanding into larger and less-developed Asian markets to drive growth. Chong Tjen San, a telecom analyst at Malaysia’s Aseambankers, said the buyout plan could be a first step toward raising money to finance major investments in India and Indonesia. Usaha Tegas, which is controlled by Mr. Krishnan and is a major shareholder in Maxis, has notified the company that it and its affiliates will make an offer by Thursday, Maxis said.

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