Stonepeak and Alphabet announced Wednesday that they have entered into an agreement to combine Astound Broadband and GFiber, creating an independent broadband internet provider and marking the latest shift for a telecom brand with deep roots in the Seattle region.
Under the terms of the deal, Stonepeak will hold a majority stake in the combined entity, while Google parent Alphabet will retain a significant minority interest. The new company will be led by the existing GFiber management team, the companies said in a news release.
In January, Bloomberg reported that Alphabet was in talks with Stonepeak’s Radiate Holdings — the parent company of Astound — to explore a joint venture involving its fiber assets.
For the Pacific Northwest tech corridor, the deal is the latest chapter for a business born in Kirkland, Wash., as Wave Broadband. Founded by Steve Weed, Wave grew into a dominant regional challenger to traditional cable giants.
The brand has undergone several identity shifts in recent years. After being bundled with RCN and Grande Communications under TPG ownership, the “Wave” moniker was officially retired in 2022 in favor of the unified Astound Broadband name.
The transaction represents a consolidation of two major players in the high-speed internet market. Astound, which provides service in several major U.S. markets including Seattle, Chicago, and New York, was acquired by Stonepeak from TPG Capital in 2021 for $8.1 billion. The merger integrates those assets with GFiber’s established footprint in cities such as Austin, Atlanta, Nashville, and Salt Lake City, along with its recent expansion into Las Vegas.
“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,” said Andrew Thomas, senior managing director at Stonepeak, in a statement.
The combined entity will compete against national incumbents Comcast, Charter, and AT&T, as well as aggressive regional fiber providers like Ziply Fiber and 5G home internet offerings from T-Mobile and Verizon.
The deal — subject to customary closing conditions and regulatory approvals — is expected to close later this year.
Editor’s note: Astound Business Solutions is presenting sponsor of the 2026 GeekWire Awards.
