T-Mobile and KKR Launch JV to Acquire Metronet

T Mobile said it entered into a definitive agreement to establish a joint venture (JV) with the investment firm KKR to acquire Metronet as the company aims to increase its fiber solution offer to U.S. consumers. The wireless broadband provider expects to invest around $4.9 billion to acquire a 50% equity stake in the joint venture and 100% of Metronet’s residential fiber retail operations and customers. The JV will also acquire Oak Hill Capital’s existing stake. Oak Hill Capital will make a reinvestment invest to retain a minority position, and its founder John Cinelli will also retain a minority position once the deal closes. Following the transaction’s close, Metronet will become a wholesale services provider for its retail customers, and its residential fiber retail operations and customers will be fully switched to T-Mobile.