GFiber and Stonepeak agreed on 11 March to combine Alphabet's fibre internet business with Astound Broadband, creating an independent fibre provider majority-owned by Stonepeak, with Alphabet retaining a significant minority stake.
Why Stonepeak (via Astound Broadband) is buying GFiber (formerly Google Fiber)
Alphabet president Ruth Porat said GFiber would be able to serve more communities by combining with Astound. GFiber said the deal gives it the external capital and strategic focus for its next phase and moves it towards operational and financial independence. Stonepeak's Andrew Thomas called the partnership transformational.
Deal terms and financing
Financial terms were not announced. The combined company will be led by GFiber's executive team, headed by chief executive Dinni Jain, and will pair GFiber's metropolitan fibre networks with Astound's established footprint.
Regulatory approvals and timing
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2026.
Market context
Stonepeak teamed up with Patriot Media to buy Astound for $8.1bn in November 2020 and is its largest investor. The deal adds to a wave of consolidation in US broadband.
