Google Combines Fiber Internet Provider with Astound Broadband in Deal Backed by Stonepeak

Googlehas announced that it will combine GFiber with Astound Broadband in a deal backed by infrastructure investment firm Stonepeak. The tech giant, which is owned by Alphabet, is taking this action to establish a separate fiber internet provider with a wider national network reach.As per the agreement, Alphabet will remain a significant minority shareholder in the combined company, while Stonepeak will hold a majority stake. According to the companies, the deal is meant to help expand fiber broadband services and supply more funding to accelerate network expansion.Google announced in a blog post that the existing GFiber executive team will continue to lead the combined business. The companies said the deal will bring together GFiber’s metropolitan fiber networks with Astound’s infrastructure and operational capabilities to form a broader platform for high-speed internet services.Israel Iran WarUS-Israel-Iran War News Live Updates: Saudi intercepts drone headed to Shaybah oil field; Israeli strikes 10 Hezbollah targets in Beirut'Legitimate targets': Iran issues warning to US tech firms including Google, Amazon, Microsoft, NvidiaSafe Passage For Indian Vessels: Iran clears Indian-flagged ships in Hormuz; US, Europe, Israel face curbsThe transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the fourth quarter of this year.How this deal will help Google expand fibre infrastructureThe companies' executives stated that the partnership aims to enhance fiber deployment and broaden internet access in more American communities.Ruth Porat, president and chief investment officer at Alphabet and Google, said the deal marks the next stage of GFiber's development.“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,"Porat said.Dinni Jain, chief executive officer of GFiber, said the partnership aligns with the company’s long-term effort to expand fiber connectivity."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,"Jain noted.Andrew Thomas, senior managing director at Stonepeak, said the deal would combine complementary networks and teams to support growing demand for next-generation connectivity.“We are excited to be working with GFiber and Alphabet on this transaction,”Thomas said, adding that the partnership could help the combined company serve millions of customers.