Alphabet (GOOG) unit Google's fiber internet unit, GFiber, has entered an agreement to combine with Stonepeak's Astound Broadband to form an independent fiber provider, the companies said late Wednesday.

Financial details weren't provided.

The new company, to be led by the existing GFiber executive team, will be majority-owned by investment firm Stonepeak, with Alphabet remaining as a minority shareholder, the companies said.

The transaction is expected to close in Q4, subject to regulatory approvals and other closing conditions, they added.