Team Telecom Probes T-Mobile’s $2B Oak Hill Fiber Deal
The FCC has said it will not act on the underlying license applications until Team Telecom completes its review.
WASHINGTON, August 14, 2026 – T-Mobile’s plan to fold two more fiber providers into its portfolio is waiting on a national security sign-off.
The Justice Department notified the Federal Communications Commission on Aug. 7 that Team Telecom had begun examining a set of applications tied to the joint venture T-Mobile is forming with private equity firm Oak Hill Capital.
Team Telecom, chaired Attorney General Todd Blanche, Secretary of Defense Pete Hegseth, and Secretary of Homeland Security Markwayne Mullin, is an interagency panel that vets foreign ownership interests in FCC license applications for national security and law enforcement risks.
The letter states that Team Telecom has already sent tailored questions to the applicants, and that the FCC will be notified once the committee’s chair determines those responses are complete.
That determination is what starts the formal 120 day initial review clock, which has not yet begun.
The deal
T-Mobile and Oak Hill signed definitive agreements on April 25 to combine two of Oak Hill’s fiber companies, GoNetspeed and Greenlight Networks, into a jointly owned fiber platform.
T-Mobile has said it expects to invest roughly $2 billion for a 50 percent stake in the venture, with the deal targeted to close in the first half of 2027.
It’s the latest in a string of similar fiber joint ventures T-Mobile has assembled over the past two years as it builds out a wholesale fiber strategy alongside its fixed wireless business.
In each case, T-Mobile has taken a 50 percent equity interest and becomes the retail-facing anchor tenant selling fiber service under the T-Mobile brand, while its partner handles network construction and operation.
T-Mobile closed its first such deal with Lumos, backed by EQT, in April 2025, paying roughly $932 million for a 50 percent stake. It followed that in July 2025 by closing on Metronet, backed by KKR, for $4.6 billion.
In April 2026, T-Mobile signed two more agreements: one with Wren House Infrastructure for i3 Broadband, expected to cost roughly $700 million and targeted to close in the second half of 2026, and the last with Oak Hill Capital to combine GoNetspeed and Greenlight Networks.
Why Team Telecom is involved
Team Telecom review is triggered when a transaction involves foreign ownership interests in U.S. telecommunications infrastructure. The docket lists six separate applications under review.
T-Mobile has been through this process before. Team Telecom referred T-Mobile’s now-closed $4.4 billion UScellular wireless acquisition for review in November 2024 and cleared it roughly seven months later, in June 2025.
The FCC has said it will not act on the underlying license applications until Team Telecom completes its review.
