We report an optical parametric oscillator (OPO) based on periodically poled lithium niobate (PPLN) that is synchronously pumped by a femtosecond Ti:sapphire laser at 1 GHz repetition rate. The signal output has a center wavelength of 1558 nm and its spectral bandwidth amounts to 40 nm. The OPO operates in a regime where the signal- and idler frequency combs exhibit a partial overlap around 1600 nm. In this near-degeneracy region, a beat at the offset between the signal and idler frequency combs is detected. Phase-locking this beat to an external reference stabilizes the spectral envelopes of the signal- and idler output. At the same time, the underlying frequency combs are stabilized relative to each other with an instability of 1.5x10(-17) at 1 s gate time.