T-Mobile will invest $4.9 billion into a new joint venture that plans to acquire broadband internet company Metronet, a key move in a larger plan by the Bellevue, Wash.-based company to expand beyond its traditional wireless business.
The plan, announced Wednesday morning, will give T-Mobile a 50% stake in the new joint venture with investment firm KKR. It’s no small deal for the company, which reported $6.7 billion in cash and equivalents as of the end of March.
As part of the deal, T-Mobile will absorb Metronet’s residential fiber retail operations and customer base. Metronet currently serves 2 million homes and businesses in 17 states, with that number projected to reach 6.5 million homes by the end of 2030. ;;;
The company offers its fiber internet service, T-Mobile Fiber, in parts of California, Colorado, Florida, Illinois, Michigan, Minnesota, New York and Wisconsin. It separately offers 5G Home Internet service using excess wireless capacity.
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