Chilean telecom giant Entel to sell optical fiber assets for $358 million

CTOnews.com, October 23 (Reuters)-Chilean telecom giant Entel said on October 22 that it would sell its optical fiber business assets providing home services to local company ON*NET Fibra at a transaction price of $358 million (about 2.592 billion yuan).

The sale, led by investment banks BNP Paribas, Banco Santander and financial adviser Banco Fengye, is subject to approval by Chile's economic regulator and is expected to take place in the first half of 2023.

CTOnews.com learned that Entel said in a statement that as part of the agreement, Entel signed an agreement with ON*NET fibera that would allow Entel to continue to provide Internet services to users on the ON*NET network.

After the deal is completed, ON*NET fibera is expected to cover more than 4.3 million households by 2024. Entel operates in Chile and Peru and has more than 2000 million mobile phone users.