KKR & Co Inc (NYSE:KKR) disclosed a deal to acquire a majority stake in PangeaCo and the existing fiber optic networks of Telefonica del Peru SAA (OTC:CPNBF) and Entel Perú.

As per the deal, KKR will buy a stake in PangeaCo, which will subsequently acquire the existing fiber optic networks of Telefónica del Perú and Entel Perú. 

The deal will combine the existing fiber optic networks of PangeaCo, Telefónica del Perú, and Entel Perú into an independent company controlled by KKR. 

Through the combination of these networks, KKR will establish ON*NET Fibra de Perú as the new name for the platform, which will independently build and operate the largest fiber optic network with world-class quality standards. 

KKR will own a 54% stake in ON*NET Fibra de Perú, with Telefónica Hispanoamérica and Entel Perú holding 36% and 10%, respectively. 

The company also intends to invest around $200 million to more than double the ultra-fast fiber network to reach 5.2 million homes across 86 provinces (from over 2 million homes passed YTD) by 2026.

Price Action: KKR shares closed lower by 2.46% at $53.91 on Thursday.