May 1, 2024

T-Mobile

Bellevue-based T-Mobile and EQT, a purpose-driven global investment organization, have entered into a joint venture with EQT's Infrastructure VI fund that will acquire fiber-to-the-home platform Lumos from EQT's predecessor fund EQT Infrastructure III. The joint venture will bring T-Mobile's retail, marketing, brand and customer experience strengths together with EQT's fiber infrastructure investment expertise. Together they will acquire Lumos' scalable fiber network build capabilities to deliver high-speed fiber internet connectivity to customers across the U.S. without current access to fiber. After the transaction closes, Lumos, which currently reaches 320,000 households with fiber optic internet and home wi-fi service in the Mid-Atlantic, will transition to a wholesale model with T-Mobile as the anchor tenant. The agreement will focus on market identification and selection, network engineering and design, network deployment, and customer installation. The transaction is expected to close in late 2024 or early 2025, subject to regulatory approvals. At closing, T-Mobile is expected to invest approximately $950 million in the joint venture to acquire a 50% equity stake and all existing fiber customers, with the funds invested by T-Mobile being used by Lumos for future fiber builds. The next capital contribution by T-Mobile out of an additional commitment of approximately $500 million is anticipated between 2027 and 2028.