Fresh indie broadband provider incoming as Google's fiber biz and Stonepeak’s Astound merge

Alphabet is spinning out its US Google Fiber business and combining it with Astound Broadband as part of a joint venture with private equity investor Stonepeak.

Google Fiber, now just GFiber, will merge with Stonepeak's Astound Broadband to create a new network provider. Stonepeak will hold a majority ownership stake, while the existing GFiber executive team will run the company.

According to the pair, the move gives GFiber the external capital and necessary focus to drive its next phase of expansion, allowing it to buildout its fiber footprint across the US.

The agreement is subject to the usual closing conditions and regulatory approvals, and is expected to close in calendar Q4. Financial details of the transaction were not disclosed, and the corporations have not confirmed what name the ...