Key Points

Google said its GFiber unit is combing with Astound Broadband and forming a independent fiber provider.
The new entity will be majority owned by investment firm Stonepeak.
"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," GFiber CEO Dinni Jain said in a statement.

A technician gets cabling out of his truck to install Google Fiber.

George Frey | Reuters

Google said its fiber internet unit called GFiber is combining with Astound Broadband and forming an independent provider, with Google remaining as a minority shareholder.

The new company will be majority owned by investment firm Stonepeak and led by the existing GFiber executive team, "utilizing their expertise in high-speed fiber innovation to manage the combined network footprint," Google said in a press release on Wednesday.

This is developing news. Please check back for updates.

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Google sells partial stake in fiber business, becomes minority owner of new venture

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