T-Mobile and private equity firm KKR team up to acquire Metronet

US telecom operator T-Mobile plans to invest $4.9 billion to create a joint venture with private equity firm KKR to acquire fiber optic Internet service provider Metronet. The move is intended to leverage Metronet's digital and fiber optic infrastructure to provide fiber optic broadband services to more households. Metronet is headquartered in Evansville, Indiana, and is owned by Oak Hill Capital and the Cinelli family. Oak Hill will continue to invest in the joint venture after the transaction is completed, maintaining its minority stake, and founder John Cinelli will also retain a minority stake.