Google has announced it will combine its Google Fiber unit, also known as GFiber, with investment firm Stonepeak's Astound Broadband to create an independent fiber provider.

The new company will be majority-owned by Stonepeak.

Alphabet will remain a significant minority shareholder, though that share wasn't disclosed by the company, nor were any financial details.

GFiber's executive team will lead the combined business.

Google Fiber officially launched in 2010, but the service first went live in Kansas City in 2012. The firm is estimated to serve around four million customers.

The company operates in a number of states, including Alabama, Arizona, California, Florida, Georgia, Idaho, Iowa, Illinois, Kansas, Missouri, Nebraska, Nevada, North Carolina, Tennessee, Texas, Utah, and Washington.

Astound currently serves about a million customers across 11 states, while its fiber network passes more than four million premises.

According to Google, the agreement advances its mission to redefine Internet connectivity.

“Building on GFiber’s success as a leading independent US fiber Internet provider, this is an exciting next phase of their growth,” said Ruth Porat, president & chief investment officer, Alphabet and Google.

“GFiber will now have the opportunity to provide better Internet access to more communities across the country as they combine with Stonepeak’s Astound business.” 

Andrew Thomas, senior managing director at Stonepeak, added: “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."

The transaction is subject to closing conditions and regulatory approval. Google expects the deal to close during the fourth quarter.