GFiber and Stonepeak announced an agreement to combine GFiber with Astound Broadband, forming a new independent fiber internet provider that will expand high-speed broadband infrastructure across the United States.
Under the agreement, the new entity will be majority owned by Stonepeak, an infrastructure investment firm specializing in real assets and digital infrastructure. Alphabet will retain a significant minority stake in the venture, reflecting its continued confidence in GFiber’s long-term growth prospects.
The combined business will be led by the existing GFiber executive team, which will oversee the integrated network footprint created by combining GFiber’s fast-growing metropolitan fiber networks with Astound Broadband’s established infrastructure and operational capabilities. The companies said the combination will create a complementary national platform designed to support growing demand for high-speed connectivity.
The transaction marks a strategic step in GFiber’s evolution toward operational and financial independence. By partnering with Stonepeak and integrating Astound Broadband’s assets, the new company expects to gain access to additional capital and resources needed to accelerate network expansion and extend fiber connectivity to more communities.
Company executives said the partnership will allow GFiber to scale its customer-first service model and continue developing advanced fiber technologies while meeting rising demand for high-capacity broadband networks driven by cloud computing, streaming services, and artificial intelligence applications.
The transaction remains subject to customary regulatory approvals and closing conditions. The companies expect the deal to close in the fourth quarter of this year.
KEY QUOTES
“Building on GFiber’s success as a leading independent US fiber internet provider, this is an exciting next phase of their growth. GFiber will now have the opportunity to provide better internet access to more communities across the country as they combine with Stonepeak’s Astound business, while continuing to provide their award winning customer experience.”
Ruth Porat, President & Chief Investment Officer, Alphabet and Google
“GFiber has always been about pushing the boundaries of what’s possible for internet speed and service. This partnership with Astound and Stonepeak is the next step in our decade-long mission to redefine what customers can expect from their internet provider. It’s a strategic opportunity to scale our customer-focused approach to connect more households to a truly different type of internet service.”
Dinni Jain, Chief Executive Officer, GFiber
“We are excited to be working with GFiber and Alphabet on this transaction. This partnership will be transformational for the businesses, with GFiber and Astound’s complementary networks and extraordinary teams enabling the combined company to better serve millions of customers and the demand for a next generation network and ubiquitous connectivity. Stonepeak has a strong track record of building world-class digital infrastructure and we look forward to supporting the company with Alphabet as a co-investor.”
Andrew Thomas, Senior Managing Director, Stonepeak
