T-Mobile & KKR (joint venture) acquires Metronet
- Acquirer
- T-Mobile & KKR (joint venture)
- Target
- Metronet
- Deal Value
- $4.9B
- Status
- Announced
- Announced
- July 24, 2024
What happened
T-Mobile announced a joint venture with private-equity firm KKR to acquire fiber-to-the-home builder Metronet, committing about $4.9 billion for a 50% stake and full commercial control of the customer relationships. Metronet passes roughly 2 million homes across 17 states today, with the JV targeting 6.5 million by 2030. It is T-Mobile's second fiber JV in three months, following its Lumos deal with EQT in April.
Why it matters
The un-carrier that spent years mocking wires now has two fiber joint ventures and a clear pattern: use private-equity capital to buy builders, keep the customer relationship, and stay asset-light on the balance sheet. All three national carriers are now converged operators in strategy if not yet in footprint — and the auction premium on every remaining independent fiber builder just went up again.
Source: T-Mobile
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