By Michael Susin and Mark R. LongT-Mobile said it agreed to spend around $4.9 billion to form a joint venture with investment firm KKR to buy fiber-optic internet company Metronet, in a bid to reach more residential broadband users. Evansville, Ind.-based Metronet is expected to reach 6.5 million homes and businesses by the end of 2030. In April, T-Mobile said it would invest about $950 million for half of a joint venture with investment firm EQT to buy fiber-optic network company Lumos. T-Mobile said it would invest an additional half-billion dollars to help Lumos reach 3.5 million homes by the end of 2028. The new joint venture will acquire shareholder Oak Hill Capital's majority stake in Metronet.

Source: Wall Street Journal July 24, 2024 17:05 UTC