T-Mobile Strengthens Next-Generation Broadband Portfolio with Two Strategic Fiber Partnerships

T-Mobile today announced it has entered into definitive agreements to form two strategic fiber joint ventures (JVs): a 50/50 partnership with Oak Hill Capital to acquire and combine GoNetspeed and Greenlight Networks, and a separate 50/50 joint venture with Wren House to acquire i3 Broadband. The transactions expand T-Mobile’s fiber footprint to bring fast, reliable internet to more than 1 million additional homes nationwide.

T-Mobile’s approach to broadband is simple: deliver the best product, at the best value with the best experience all on the best network. This strategy has made T-Mobile the nation’s leader in fixed wireless access, with 5G broadband leading the industry in growth for four consecutive years. At the same time, T-Mobile is rapidly scaling fiber as a complementary part of its broadband portfolio. Through wholesale partnerships and capital-efficient joint ventures, the company has quickly grown to serve approximately 1 million customers with ultra-fast fiber in just two years.

“These partnerships are about expanding access to high-performance fiber for more customers,” said André Almeida, Chief Broadband, Enterprise and Emerging Business Officer at T-Mobile. “We’ve built strong momentum in fiber, and these JVs allow us to scale faster by combining leading fiber operators with T-Mobile’s brand, distribution and customer experience to meet growing demand for fast connectivity options.”

Building on a Proven Fiber Model

Consistent with this strategy, T-Mobile today announced two new joint ventures that will further expand its fiber footprint:

• JV with Oak Hill Capital for GoNetspeed & Greenlight Networks
  T-Mobile and Oak Hill, a private equity firm with deep digital infrastructure experience, have agreed to form a 50/50 JV through which T-Mobile will acquire a 50% stake in a joint venture integrating two of Oak Hill’s existing fiber portfolio companies, GoNetspeed and Greenlight. The businesses will expand T-Fiber by T-Mobile to residential customers across attractive markets primarily in the Northeastern U.S. with a current presence in states including Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, and Rhode Island. The combined platform is expected to pass over 1.3 million households by the end of 2026.

• JV with Wren House for i3 Broadband
  In a separate transaction, T-Mobile will form a 50/50 JV with global infrastructure investor Wren House to acquire i3 Broadband, a high-quality fiber-to-the-premises (FTTP) provider serving residential customers. The partnership brings i3 Broadband into T-Mobile’s growing fiber portfolio, adding another scalable FTTP platform backed by strong operational expertise and long-term infrastructure capital. i3 Broadband is expected to pass approximately 500 thousand households by the end of 2026, across current markets including those in Missouri, Illinois and Rhode Island.

Expanding T-Mobile’s Broadband Leadership

These investments build on T-Mobile’s strategy to expand its broadband reach by combining its leading 5G broadband offering with a rapidly growing fiber footprint. While 5G continues to serve as a key growth engine, fiber adds multi-gig speeds and incremental capacity in targeted markets – enabling T-Mobile to offer more connectivity options to more customers. Through these joint ventures, T-Mobile pairs its national retail scale, powerful brand and award-winning customer experience with the proven fiber build capabilities of GoNetspeed, Greenlight and i3 Broadband, alongside experienced digital infrastructure investors Oak Hill and Wren House. Similar to T-Mobile’s existing fiber JVs, these companies will operate under wholesale models designed to scale efficiently while enabling the Un-carrier to deliver its differentiated value proposition – simple plans, transparent pricing and no annual service contracts, all backed by a brand known for putting customers first. Together, these transactions mark continued progress toward T-Mobile’s long-term broadband ambitions, adding incremental scale beyond T-Mobile’s existing path to serving 18 to 19 million total broadband customers by the end of 2030, including 3 to 4 million fiber customers.

“We have enjoyed Oak Hill’s partnerships with GoNetspeed and Greenlight and are tremendously proud of the growth we have achieved together with Richard Clark, Mark Murphy, and their respective teams,” said Scott Baker, Managing Partner at Oak Hill. “We are excited to partner again with T-Mobile in this new joint venture that builds on our shared conviction in the expansion of high-quality digital infrastructure and in the importance of excellence across network, product, value and customer experience. By leveraging T-Mobile’s capabilities, we believe that GoNetspeed and Greenlight are positioned to accelerate fiber-to-the-premises construction and to deliver reliable, high-speed connectivity to even more underserved communities across the Northeastern and mid-Atlantic U.S.”

Philippe Busslinger, CEO of Wren House, said, "We are proud that i3 Broadband has developed into a strong, scalable platform with real momentum, driven by the vision and execution of Paul Cronin and his leadership team. This is underscored today by T‑Mobile’s decision to include i3 as one of a limited number of businesses it partners with. We look forward to a successful partnership with T‑Mobile and the i3 leadership team to dramatically scale i3 Broadband for the benefit of the communities in which it operates."

Transaction Details

The transaction with Oak Hill is expected to close in 1H 2027, at which time T-Mobile expects to invest approximately $2.0 billion to acquire a 50% equity interest in the JV and substantially all existing residential fiber customers. The transaction with Wren House is expected to close in 2H 2026, at which time T-Mobile expects to invest approximately $700 million to acquire a 50% equity interest in the JV and substantially all existing residential fiber customers. The closing of these transactions are subject to customary closing conditions and regulatory approvals.

Together, these joint ventures mark another step in T-Mobile’s continued long-term broadband expansion, strengthening its ability to deliver more choice and better connectivity to customers nationwide.

NOVA Infrastructure Exceeds Target and Raises $1.45 Billion in Aggregate Capital Commitments for NOVA Fund II

NOVA Infrastructure, a middle-market-focused infrastructure investment firm, announced that it held a final close of its second managed fund, NOVA Fund II (“NOVA II” or “The Fund”). NOVA secured a total of $1.45 billion of aggregate capital commitments, exceeding NOVA II’s target by more than 30 percent and more than doubling the amount raised in NOVA’s inaugural fund, NOVA Fund !, which closed in 2022.  

“We believe the successful close of NOVA Fund II above our target reflects strong investor confidence in our investment strategy and approach,” said Chris Beall, Founder and Managing Partner of NOVA. “We are grateful for the continued support from so many of our limited partners and are pleased to welcome new investors to NOVA.”

NOVA II continues NOVA’s strategy of focusing on value-added, middle market infrastructure investments in North America, targeting operating businesses in the environmental services, transportation, energy and energy transition, and digital infrastructure sectors. The Fund has made two platform investments to date, which include DartPoints, a provider of enterprise data centers, and UGE International, a community solar and battery storage business. NOVA currently expects to deploy Fund II across 10-12 total investments among its target sectors primarily in North America.

The Fund received commitments from a diverse group of leading US and international investors, including pensions, insurance companies, consultants, registered investment advisers, and family offices. In addition to the very high reup rate from NOVA Fund I, NOVA II closed investors in new jurisdictions throughout North America, Europe, Asia, and the Middle East, with US sovereign and pension capital accounting for more than half of NOVA II’s capital commitments.  

“Our focus on real assets in the lower mid-market and our investment approach resonated with investors throughout the fundraising process,” said Allison Kingsley, Founder and Partner at NOVA. This achievement is a true testament to the hard work and dedication of our experienced and growing team.”

Lazard acted as NOVA’s placement agent for Fund II. Jones Day served as global fund counsel on NOVA Fund II’s structuring and offering.  

About NOVA Infrastructure

Founded in 2018, NOVA Infrastructure is a value-added, middle market infrastructure investment firm focused on North America. NOVA seeks to make investments which emphasize the downside protection features of the infrastructure asset class with operationally focused, value-added upside strategies. NOVA targets investments in environmental services, transportation, energy and energy transition, and digital infrastructure sectors. 

Hunter Communications Completes Acquisition by Oak Hill Capital to Accelerate Fiber Expansion Across Oregon

Hunter Communications, Oregon's largest privately owned fiber-optic internet provider, today announced the completion of its previously announced acquisition by Oak Hill Capital, a thematic, middle-market private equity firm.

As part of this new partnership, Hunter expects to accelerate the expansion of its 100% fiber network to serve more homes, businesses, and enterprise customers across Oregon and Northern California, supported by significant capital from Oak Hill. The Company plans to grow in both existing and new markets, including Salem, Eugene, and southern Oregon. Hunter will also continue delivering its commercial and enterprise services, including dedicated fiber connectivity and hosted voice solutions.

"Access to fast, reliable, affordable, and safe internet is more important than ever," said Michael Wynschenk, CEO of Hunter Communications. "Partnering with Oak Hill allows us to build on our momentum, expand our network faster, and reach more communities—while continuing to deliver high-quality service at a fair price. It's why our Google score is 4.8 out of 5, among the highest of internet service providers."

"Hunter has a strong track record of delivering high-quality fiber services across Oregon," said Jeff Butler, Principal at Oak Hill. "We look forward to supporting Michael and the team as they expand access to reliable, high-speed internet to more communities."

Salem is a key focus as Hunter increases investment in Oregon's capital city, with construction already underway to expand fiber access for residential, commercial, and government customers. Additional buildouts across Oregon and Northern California are expected to deliver multi-gig symmetrical speeds, low latency, and high reliability to support both everyday connectivity and enterprise-level needs.

The expanded network should introduce enhanced multi-gig services, with symmetrical speeds up to 8 Gbps in select markets, supporting growing demand for high-performance connectivity. As deployment accelerates, Hunter expects to create new jobs across the state, supporting roles in construction, network operations, and customer service, while expanding access to critical digital infrastructure.

Headquartered in Medford, Oregon, Hunter serves nearly 35,000 customers across communities including Medford, Grants Pass, Klamath Falls, Eugene, Salem, McMinnville, and parts of Northern California, and employs over 260 people statewide. Hunter is also an active member of the community, participating in the Oregon Lifeline Program and offering discounts for veterans, military families, and K–12 teachers.

GFiber and Stonepeak’s Astound to combine, creating a leading independent broadband provider

GFiber (formerly Google Fiber) and Stonepeak today announced that they have entered an agreement to combine GFiber with Astound Broadband, creating a leading independent fiber provider. The new company will be majority owned by Stonepeak, an investment firm specializing in infrastructure and real assets. Alphabet will remain a significant minority shareholder, reflecting its confidence in GFiber’s growth opportunity and leadership.

The combined business will be led by the existing GFiber executive team, utilizing their expertise in high-speed fiber innovation to manage the combined network footprint. The combination of GFiber’s high-growth metropolitan networks with Astound’s established infrastructure, team and capabilities creates a highly complementary, national network platform.

This agreement advances GFiber’s mission of redefining internet connectivity and represents a major step toward its goal of operational and financial independence. GFiber will have the external capital and strategic focus needed to accelerate its next phase of growth, expanding its customer-first approach and pioneering fiber technology across the country.

“Building on GFiber’s success as a leading independent US fiber internet provider, this is an exciting next phase of their growth,” said Ruth Porat, President & Chief Investment Officer, Alphabet and Google. “GFiber will now have the opportunity to provide better internet access to more communities across the country as they combine with Stonepeak’s Astound business, while continuing to provide their award winning customer experience.”

“GFiber has always been about pushing the boundaries of what’s possible for internet speed and service,” said Dinni Jain, GFiber CEO. “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. It’s a strategic opportunity to scale our customer-focused approach to connect more households to a truly different type of internet service.”

“We are excited to be working with GFiber and Alphabet on this transaction,” said Andrew Thomas, Senior Managing Director at Stonepeak. “This partnership will be transformational for the businesses, with GFiber and Astound’s complementary networks and extraordinary teams enabling the combined company to better serve millions of customers and the demand for a next generation network and ubiquitous connectivity. Stonepeak has a strong track record of building world-class digital infrastructure and we look forward to supporting the company with Alphabet as a co-investor.”

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in Q4 of this year.

Armstrong Enters into Definitive Agreement to Acquire MCTV

Armstrong and Massillon Cable TV, Inc. (MCTV) announced today that they have entered into a definitive purchase agreement for Armstrong to acquire MCTV and bring together two exceptional family-owned companies.

The addition of MCTV will expand Armstrong’s scale and footprint in the Ohio and West Virginia regions. This combination will unite two customer-focused providers with a shared mission: expanding access to fast, reliable connectivity while making sustained investments in local communities.

“We could not be more pleased to be welcoming MCTV customers and employees to the Armstrong family,” said Dru Sedwick, Armstrong Group CEO. “The joining of these two companies is something that makes perfect sense. We continue to believe strongly in this industry.”

"We will add more than 96,000 passings to the Armstrong footprint, which means more homes and businesses across six states will have access to our premier fiber network," said Jeff Ross, President of Armstrong. "MCTV's operations in Massillon, Wooster, and along the Ohio-West Virginia border complement our existing footprint perfectly. MCTV has made significant investments in fiber-to-the-home technology and is nearing completion of its network transformation, positioning the combined company for continued growth and innovation."

Armstrong is widely recognized for its customer-first philosophy, innovative technology, and commitment to bridging the digital divide, making it an ideal successor to MCTV.

“This decision was driven by our desire to ensure a strong, sustainable future for our employees, customers, and community. We’ve served our communities well for 60 years, and it’s time to pass the torch,” said Katherine Gessner, President of MCTV. “I’m confident that Armstrong will not only preserve MCTV’s legacy but will build on it. Armstrong holds dear many of the same values as MCTV, including reliable service, excellent customer service, and involvement in the communities it serves.”

The proposed transaction is subject to certain regulatory approvals and customary closing conditions and is expected to close in the second quarter of 2026.

Moorgate Securities LLC served as exclusive financial advisor, and Buckingham, Doolittle & Burroughs, LLC served as legal counsel to MCTV in connection with the transaction. Reed Smith LLP served as legal counsel to Armstrong.

Oak Hill Capital to Acquire Hunter Communications

Oak Hill Capital (“Oak Hill”), a thematic, middle-market private equity firm, today announced that it has entered into a definitive agreement to acquire Hunter Communications (“Hunter” or “the Company”), Oregon’s largest privately owned fiber-optic internet provider. Oak Hill’s investment and long-standing digital infrastructure expertise will assist Hunter in accelerating its fiber-to-the-premises (“FTTP”) network expansion plan around its existing fiber footprint in Oregon and Northern California. Financial terms were not disclosed.

Founded in 1994, Hunter is a leading regional residential, commercial, and enterprise fiber-optic internet provider operating more than 3,000 route miles of fiber network passing approximately 100,000 locations. Headquartered in Medford, Oregon, the Company delivers multi-gig symmetrical speeds, low latency, and high network availability to more than 25,000 customers across the Pacific Northwest. Oak Hill’s acquisition of Hunter marks the firm and its predecessors’ 22nd broadband communications investment and comes at a time when demand for high-speed broadband is increasing, in particular in the types of tier II and tier III markets Hunter targets.

“We are excited to partner with Oak Hill, whose long-standing commitment to building leading broadband businesses aligns with Hunter’s vision for continued growth and service excellence,” said Michael Weinschenk, CEO of Hunter Communications. “Our mission is to deliver fast, reliable fiber connectivity and exceptional service to the communities we serve. Their reputation for successfully scaling FTTP assets makes them the ideal partner, and we look forward to building on our momentum together in this next chapter.”

“Hunter has built a strong foundation of residential and commercial fiber operations across the Pacific Northwest—a region where we see significant opportunity to increase network access,” said Jeff Butler, Principal at Oak Hill. “We look forward to partnering with Michael and the Hunter team in an effort to expand the Company’s fiber footprint, enhance service offerings, and continue delivering essential, high-speed connectivity to homes and businesses.”

As part of the transaction, Grain Management is exiting their stake in Hunter. “We are incredibly proud of Hunter’s transformation into a premier regional fiber provider and are excited to see the company enter its next phase of growth. Hunter truly embodies Grain’s commitment to advancing digital infrastructure and delivering value to communities, and our partnership with the entire Hunter team has fueled the company’s momentum and created new opportunities for Hunter to thrive,” said Michael McKenzie, Managing Director at Grain.

Oak Hill and its predecessors have been investing in the broadband and communications space for over 30 years within its long-standing digital infrastructure investment theme. With the acquisition of Hunter, Oak Hill’s digital infrastructure portfolio consists of eight FTTP platforms that are active across 35 states, passing approximately five million locations with fiber, and building more than one million new locations per year. Oak Hill’s recent FTTP transactions include strategic investments in Midwest fiber internet service providers Socket and IdeaTek, as well as the sale of Metronet.

IQ Fiber Launches 100% Fiber-Optic Internet Service in Charleston, South Carolina

IQ Fiber, a rapidly expanding Jacksonville, Florida-based provider of 100% fiber-optic internet service, has officially launched its all-fiber internet network in Charleston, South Carolina, including the communities of West Ashley and the Town of Mt. Pleasant. The expansion brings reliable high-speed internet with transparent pricing and no contracts to residents and small businesses across the Charleston metro area.

“At IQ Fiber, everything we do is centered on creating the best possible experience for our customers,” said Ted Schremp, CEO of IQ Fiber. “That means making internet service easy to understand, simple to manage, and reliable every day. From transparent pricing to local customer support, our goal is to deliver fast internet without the hassles customers have come to expect from traditional providers.”

Charleston Mayor William S. Cogswell Jr. welcomed the company’s investment.

“High-speed internet access is essential to Charleston’s growth and quality of life,” said Mayor Cogswell. “We’re pleased to welcome IQ Fiber to our community and look forward to the benefits that greater connectivity brings to our residents and businesses.”

IQ Fiber’s 100% fiber-optic network delivers symmetrical speeds up to 10 gigabits per second, providing high-performance connections built for streaming, remote work, gaming, and business productivity. Each plan, which starts at $65 per month, includes professional installation, whole-home Wi-Fi 7 service, and 24/7 live support from the company’s Eastern U.S.-based team.  As part of its long-term commitment to the Charleston area, IQ Fiber is establishing a local operations office at 2030 Herbert Street, which will serve as a hub for network deployment and support as the company continues its regional expansion.

To mark the Charleston launch, IQ Fiber hosted a Fiberhood party at the Shadowmoss Country Club, where residents, civic leaders, and partners were able to meet the team and learn more about service availability.

The IQ Fiber Charleston network is built on a modern XGS-PON platform (10-Gigabit Symmetrical Passive Optical Network) and features a fully redundant core fiber-optic ring with multi-city connections to the broader internet. The deployment consists of an IQ Fiber owned and operated backbone which extends directly into homes and businesses, enabling reliable, consistent speeds while supporting continued growth in data usage and demand.

IQ Fiber’s network now spans more than 2,700 route miles and serves customers in Jacksonville and Gainesville, Florida, as well as Savannah, Georgia. Construction is also underway in St. Petersburg and Pinellas County, Florida. The company also operates in the Chesapeake Bay Region of Maryland through its subsidiary ThinkBig Networks.

Zentro and BAI Connect Merge to Create Leading Multifamily ISP

Zentro and BAI Connect, two of the country’s fastest-growing providers of bulk high-speed internet to multifamily communities, today announced a strategic merger under the shared ownership of M/C Partners, a leading private equity firm focused on communications infrastructure and services.

This merger brings together two high-performing regional providers into a unified organization operating under the Zentro brand. With a complementary geographic footprint, deep technical expertise in MDU internet engineering, and a shared commitment to customer service, the new Zentro becomes one of the largest independent providers of symmetrical multi-gigabit internet to multifamily properties across the United States.

“This is more than a merger - it’s a strategic alignment of two leading MDU-focused ISPs,” said Doug Gilstrap, CEO of the combined company. “Together, we’re creating a scalable platform that meets the growing needs of property owners, developers, and residents with a future-ready network, superior local service, and a customer-first approach. In addition, our framework sets the foundation to efficiently support future growth through strategic acquisitions.”

The combined company now serves over 100,000 residents and 2,000+ properties across key metros including Chicago, Los Angeles, Atlanta, Detroit and Dallas and 10 more major metro markets.

The combination creates greater scale to leverage Zentro’s hybrid fiber infrastructure, streamline operations, and accelerate the rollout of next-generation services - including symmetrical 10 Gig internet and Zentro Managed Wi-Fi, an all-in-one solution delivering high-speed connectivity and IoT support tailored for today’s multifamily communities.

“Internet is not just a utility - it’s a core decision driver for prospective residents and a differentiating amenity for ownership,” said Ryan Carr, Partner at M/C Partners. “By combining these two standout providers that have established leadership in their respective markets, we’ve created a company with deep expertise in a growing category and positioned them to take the lead. This is a specialized market with unique needs that the combined management team understands better than anyone.”

BAI Connect will transition to the Zentro brand over the coming months. In the meantime, the combined team has begun delivering coordinated client solutions and support under a unified strategy.

Twin Investments by Oak Hill Capital and Pamlico Capital Signal New Firm

Oak Hill Capital and Pamlico Capital celebrated the start of the summer season with investment announcements in IdeaTek and Socket Telecom, service providers headquartered in Kansas and Missouri, respectively, and the combination of the two companies into a single entity.

The new company will be headed by Jim Gleason, who most recently was CEO of Vexus Fiber. The goal is for the combined company to pass more than 500,000 homes in the Midwest by 2028.

Oak Hill Capital, which describes itself as a “thematic, middle-market private equity firm,” and Pamlico Capital combined on both investments. The IdeaTek investment aims to deploy networks across Kansas. Current IdeaTek investor TPG Peppertree will sell its stake to the two companies and make a new investment in conjunction with the two firms.

The two companies also jointly invested in Socket Telecom. Initially, the investments will be used to bring broadband infrastructure to Webb City, Odessa, Eureka, Nevada, and Harrisonville.

“We are thrilled to invest in partnership with Oak Hill in building upon Socket’s and IdeaTek’s established track records,” Andrew Tindel, a Pamlico partner, said in a press release.

“We have enjoyed a successful, long-term partnership with Jim Gleason and his experienced operating team building a number of broadband infrastructure businesses over the past 20 years. We are excited to partner again with him and the talented existing Socket and IdeaTek teams to expand the companies’ footprints and serve the attractive market opportunity in the Midwest.”

The relationship between Oak Hill Capital, Pamlico Capital, and Vexus Fiber is well established. In February 2022, for instance, Vexus Fiber— which served Texas, Louisiana, and New Mexico — said it would bring broadband to almost 25,000 homes and businesses in Alexandria and Pineville, Louisiana. The initiative was based on financing from Pamlico Capital and Oak Hill Capital, which already were Vexus Fiber investors.

In May 2021, Vexus Fiber — which formerly was NTS Communications — said it would use a $50 million investment from Pamlico Capital and Oak Hill Capital to build a network reaching about 40,000 homes and businesses in Tyler, Texas.

Power Sustainable Closes CAD$110m Term Loan Investment in telMAX

Power Sustainable Infrastructure Credit ("PSIC") recently closed on a CAD $110M senior secured financing for telMAX (the "Company"), a 100% fibre optic internet, phone and TV provider, based in Ontario, Canada. The credit facility will support the expansion of telMAX's multi-gigabit broadband network throughout the Greater Toronto Area ("GTA").

telMAX has a demonstrated track record of executing on its fibre build plan via a rigorous and disciplined approach to market selection and construction. The Company is focused on building community partnerships and providing residents across the GTA with the best internet experience possible. The investment will fund telMAX's near-term expansion and establish the Company as a leading high speed broadband provider in the GTA.

Ben Shenwick, Principal at PSIC, said, "We are excited to partner with telMAX and their exceptional management team as they embark on this next chapter of growth and continue to establish themselves as an industry leader within the Canadian market. We firmly believe fibre is the most energy efficient way of delivering internet, and we look forward to supporting telMAX as they execute on their first-to-market fibre optic build plan with an emphasis on community engagement."

Launched in 2023, PSIC is a CAD 1.0B1platform that has now completed six transactions across North America. The strategy aims to provide creative and highly tailored financing solutions to exceptional companies and management teams across infrastructure sectors including energy and decarbonization, transportation and logistics, digital, social, and utilities and recycling.

"This financing supports telMAX's ongoing footprint expansion and is a strong endorsement of our business strategy and our customer growth trajectory, enabling telMAX to bring Canada's fastest all-fibre internet service to more communities in the Greater Toronto Area," said Michael Strople, CEO of telMAX. "We look forward to our partnership with Power Sustainable and embarking on the next phase of the telMAX growth story together."

Orrick, Herrington & Sutcliffe LLP served as New York legal counsel and Osler, Hoskin & Harcourt LLP served as Canadian legal counsel to PSIC. Bank Street Group LLC served as exclusive financial advisor, Vinson & Elkins LLP served as New York legal counsel and Bennet Jones LLP served as Canadian legal counsel to telMAX.