Google Fiber will be sold to private equity firm and merge with cable company

Google's parent company Alphabet is selling its fiber internet service GFiber to private equity firm Stonepeak, which will merge it with cable company Astound Broadband to create a larger ISP. Alphabet will retain only a minority stake in GFiber, which launched in 2012 but scaled back expansion plans in 2016. The merger creates what the companies call "a leading independent fiber provider" majority-owned by Stonepeak, an infrastructure investment firm. The sale price was not disclosed, and the deal requires regulatory approval. The transaction is expected to close in the fourth quarter of this year.