Alphabet’s (GOOG) Google is reportedly exploring a joint venture with broadband operator Radiate, backed by Stonepeak Partners, for a fiber assets deal.

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As per a report from Bloomberg that cited people familiar with the matter, the new venture would house Radiate’s Astound as well as Google’s fiber optic Internet service, GFiber.

While Stonepeak would hold a majority stake in the venture, Google would have the rest of the minority stake, as per the report.

Stonepeak will funnel about $1 billion in preferred equity to help fund the deal, as per Bloomberg.

Shares of GOOG closed 0.85% lower on Friday. 

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