Telecoms firm Sure plans to introduce 5G wireless broadband in the Channel Islands in about 18 months.
It comes after the States of Guernsey agreed to suspend competition law to allow Sure to buy rival Airtel.
Sure's CEO Alasdair Beak said the introduction of 5G, which is designed to offer faster wireless communications than 4G, would mean "up to £48m" of investment in Guernsey and Jersey.
"I think it's great news for Jersey and Guernsey, we can now really move forward and transform telecommunications," he said.
The deal meant Sure could "move forward and complete the transaction in the coming weeks", said Mr Beak.
It removes Airtel as a competitor to Sure and JT in the islands.
Sure has also committed to launching another mobile network in partnership with the Channel Islands Co-Operative.
