(Updates with additional information, context)
MEXICO CITY, Oct 5 (Reuters) -
The parent companies of Chilean telecommunication providers VTR and Claro Chile received regulatory approval to launch a joint venture to offer fixed and mobile services such as internet, pay television and text messages, the Chilean regulator said Wednesday.
Parent companies America Movil and Liberty Latin America said last year they expected the joint venture to "enable significant investment for fixed fiber footprint expansion and to be at the forefront of 5G mobile delivery."
To comply with antitrust concerns, Claro will transfer its satellite television service to a trustee, who will divest the service to a third party, the regulator said.
VTR and Claro will also relinquish a portion of two wireless frequencies, returning 10 MHz from the mid band (3.5 GHz) and 10 MHz from the advanced wireless services (AWS) band to the state to address antitrust concerns, according to the regulator.
The companies hope to complete the transaction "immediately," America Movil said in a statement. (Reporting by Kylie Madry and Raul Cortes; Editing by Christian Plumb)