MADRID, 24 Oct. (EUROPA PRESS) -

Telefónica and KKR, through their joint fiber optic subsidiary On Net, have acquired the network of 1.2 million households with fiber optics from Entel in Chile in an operation valued at 358 million dollars (almost 365 million euros per change).

On Net, controlled 60% by KKR and 40% by the Spanish firm, thus consolidates its position as the main fiber optic wholesale operator in the Andean country by adding 3.9 million real estate units, once the operation is completed .

The operation also includes the commitment to reach 4.3 million by 2024 and to provide long-term services to Entel, both fiber access and housing services, a support contract, a pipeline contract and cameras and a transition agreement in the provision of services, as reported by the seller to the Chilean stock market.

The operation is expected to close in the first half of 2023, once all the relevant authorizations have been received.

The transaction thus involves Telefónica and its biggest competitor in Chile. Entel had commissioned BNP Paribas with a process to find partners or sell its fiber optic network.

For its part, Telefónica already gave entry to KKR to form On Net last year in an operation that valued the company's fiber network at 1,000 million euros and allowed it to reduce its debt by 400 million euros.