Telefónica is negotiating with the US venture capital fund KKR the sale of a majority stake in fiber optics in Peru, according to Expansión.
The relationship between Telefónica y KKR It is not recent, given that the Spanish company has already transferred 60% of On-Net Fibra in Chile and Colombia in 2021. Those subsidiaries were valued at $1 billion and $500 million, respectively.
KKR is not the only candidate that is still alive in the competitive process coordinated by Banco Santander, although it is one of the main favorites.
For its part, PangeaCo is a company incorporated in March 2020 by Telefónica in Peru to complement its broadband development strategy in this geography by deploying fiber optics throughout the country.
Its regarding Sole wholesale fiber operator in Peru, which signed a concession for this purpose in January 2021 for a renewable 20-year term.
PangeaCo, which began operating in January 2022, is expected to serve some 4 million urban households in 2024. To do this, Telefónica needs guarantee partners such as KKR or other funds that allow it to face such a large investment .
The Spanish group already launched a similar initiative in 2019 in alliance with Facebook, IDB Invest and CAF (the development bank for Latin America), when it launched the vehicle Internet for All (IPT) with the aim of bringing 4G mobile networks to rural areas of Peru.
It has not transcended the assessment to which it aspires Telefónica for PangeaCo, although it is possible that it will reach several hundred million euros, in line with the operations in Chile and Colombia, whose size is similar, with 3.5 and 4.3 million households respectively, to that of the Peruvian subsidiary.
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