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Google sells partial stake in fiber becomes minority owner in venture

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A technician gets cabling out of his truck to install Google Fiber.

George Frey | Reuters

Google said its fiber internet unit called GFiber is combining with Astound Broadband and forming an independent provider, with Google remaining as a minority shareholder.

The new company will be majority owned by investment firm Stonepeak and led by the existing GFiber executive team, “utilizing their expertise in high-speed fiber innovation to manage the combined network footprint,” Google said in a press release on Wednesday.

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