11:16 AM EDT, 04/25/2024 (MT Newswires) -- T-Mobile US ( TMUS ) and EQT said Thursday that they entered into a joint venture with EQT Infrastructure VI fund to acquire Lumos from EQT Infrastructure III.

The transaction is set to close in late 2024 or early 2025. Following this, Lumos will transition to a wholesale model with T-Mobile as the anchor tenant, the companies said.

T-Mobile plans to invest about $950 million in the joint venture to acquire a 50% stake and existing fiber customers. The company will invest an additional $500 million between 2027 and 2028 for Lumos.

These investments aim to help Lumos reach 3.5 million homes by the end of 2028, the companies added.

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