SANTIAGO (Reuters) – Chilean telecoms big Entel stated on Saturday it could promote the belongings of its fiber optic enterprise, which offers providers to properties, to native firm ON*NET Fibra in a deal price $358 million.

The sale, led by funding banks BNP Paribas (OTC:), Santander (BME:) and monetary adviser Scotiabank, is topic to approval by Chile’s financial regulator, anticipated within the first half of 2023.

Entel and ON*NET Fibra signed an settlement as a part of the deal that may allow Entel to proceed providing web providers for residences on ON*NET’s community, Entel stated in a press release.

“By promoting our community, relatively than leaving the mounted market, we’re rising protection quickly to supply our web providers to the house at environment friendly prices and with out the necessity to make investments the sums required for a fiber deployment with this protection,” the assertion added.

Following the closing of this transaction, ON*NET Fibra is anticipated to succeed in greater than 4.3 million properties in 2024.

Entel has operations in Chile and Peru and has greater than 20 million cell subscribers.