GFiber and Stonepeak’s Astound to combine, creating a leading independent broadband provider

Stonepeak to become majority shareholder in new venture combining GFiber and Astound Broadband; Alphabet to retain minority stake

MOUNTAIN VIEW, CA, and NEW YORK, NY — GFiber (formerly Google Fiber) and Stonepeak today announced that they have entered an agreement to combine GFiber with Astound Broadband, creating a leading independent fiber provider. The new company will be majority owned by Stonepeak, an investment firm specializing in infrastructure and real assets. Alphabet will remain a significant minority shareholder, reflecting its confidence in GFiber’s growth opportunity and leadership.

The combined business will be led by the existing GFiber executive team, utilizing their expertise in high-speed fiber innovation to manage the combined network footprint. The combination of GFiber’s high-growth metropolitan networks with Astound’s established infrastructure, team and capabilities creates a highly complementary, national network platform.

This agreement advances GFiber’s mission of redefining internet connectivity and represents a major step toward its goal of operational and financial independence. GFiber will have the external capital and strategic focus needed to accelerate its next phase of growth, expanding its customer-first approach and pioneering fiber technology across the country.

“Building on GFiber’s success as a leading independent US fiber internet provider, this is an exciting next phase of their growth,” said Ruth Porat, President & Chief Investment Officer, Alphabet and Google. “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.”

“GFiber has always been about pushing the boundaries of what’s possible for internet speed and service,” said Dinni Jain, GFiber CEO. “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.”

“We are excited to be working with GFiber and Alphabet on this transaction,” said Andrew Thomas, Senior Managing Director at Stonepeak. “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.”

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in Q4 of this year.