GFiber, Alphabet’s fiber internet unit, announced today that it will merge with Astound Broadband to form a new, independent fiber internet provider. The transaction will fuse GFiber’s metropolitan network strengths with Astound’s established infrastructure and customer base to accelerate nationwide expansion.
The combined company will be majority owned by Stonepeak, an infrastructure-focused private equity firm, while Alphabet will retain a significant minority stake. The GFiber management team will continue to lead the integrated operation, positioning the business to scale more rapidly while maintaining the customer-focused approach GFiber is known for.
Alphabet president and chief investment officer Ruth Porat described the deal as a way to extend GFiber’s reach. “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,” Porat said.
GFiber CEO Dinni Jain called the partnership “the next step in our decade-long mission to redefine what customers can expect from their internet provider,” signaling confidence that the merger will fuel faster market growth across multiple regions.
Stonepeak said it plans to back the expansion of the combined company, with the private equity firm set to hold the majority stake and Alphabet remaining a sizable investor. The deal is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of this year. No financial terms were disclosed at the time of the announcement.
