Entel, a Chilean telecommunications company, has plan to sell the assets of its fiber-optic business to ON*NET Fibra, according to Reuters. The deal could fetch some $358 million.
As part of the deal, Entel will continue offering internet services for residences on ON*NET's network.
“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,” said a statement from Enel.
The sale is expected to close in the first half of 2023.
