09:40 AM EDT, 07/24/2024 (MT Newswires) -- T-Mobile US ( TMUS ) said Wednesday it has agreed to form a joint venture with KKR (KKR) to acquire Metronet, including its broadband infrastructure, residential fiber business operations and customers.

At closing, T-Mobile said it is expected to invest about $4.9 billion for a 50% stake in the JV and all of Metronet's residential fiber retail operations and customers, as well as funding of the JV.

The transaction, expected to close in 2025, also includes the JV's acquisition of the existing stake of Oak Hill Capital, which will re-invest to keep a minority stake, according to T-Mobile.

Metronet Co-Founder John Cinelli will retain a minority stake after the deal closes, T-Mobile said.

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