Chile's Entel to sell fiber optic assets for $358 million

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, Santander and financial adviser Scotiabank, is subject to approval by Chile's economic regulator, expected in the first half of 2023.