© Reuters. FILE PHOTO: Workers clean the windows of the office building of Chilean telecommunications company Entel at the district of San Isidro in Lima, Peru September 1, 2018. REUTERS/Mariana Bazo/File Photo
SANTIAGO (Reuters) – Chilean telecoms giant Entel said on Saturday it would sell the assets of its fiber optic business, which provides services to homes, to local company ON*NET Fibra in a deal worth $358 million.
The sale, led by investment banks BNP Paribas (OTC:), Santander (BME:) and financial adviser Scotiabank, is subject to approval by Chile’s economic regulator, expected in the first half of 2023.
Entel and ON*NET Fibra signed an agreement as part of the deal that will enable Entel to continue offering internet services for residences on ON*NET’s network, Entel said in a statement.
“By selling our network, rather than leaving the fixed market, we are increasing coverage rapidly to offer our internet services to the home at efficient costs and without the need to invest the sums required for a fiber deployment with this coverage,” the statement added.
Following the closing of this transaction, ON*NET Fibra is expected to reach more than 4.3 million homes in 2024.
Entel has operations in Chile and Peru and has more than 20 million mobile subscribers.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
