Global investment firm, KKR will acquire a majority interest in PangeaCo and the existing fiber optic networks of Telefónica del Perú and Entel Perú to build Perú’s first nationwide open access wholesale fiber optics company to aid greater access to fiber optics connectivity across the country.
KKR plans to make ~$200M of additional investment to more than double the ultra-fast fiber network from more than 2M homes to reach 5.2M homes by the end of 2026.
Under the terms of the agreement, KKR will acquire a controlling interest in PangeaCo, which will subsequently acquire the existing fiber optic networks of Telefónica del Perú and Entel Perú.
KKR will own a 54% interest in ON*NET Fibra de Perú alongside Telefónica Hispanoamérica, which will own 36%, and Entel Perú, which will own 10%.
The transaction is subject to regulatory approvals, including the approval of the Peruvian antitrust agency.