AT&T to form fiber joint venture with BlackRock's GIP, CPP Investments

Lumen Technologies

06/10/2026 15:01

       Oct 6 (Reuters) - AT&T  T.N  said on Tuesday it would
form a fiber joint venture with BlackRock's  BLK.N  Global
Infrastructure Partners and Canada Pension Plan Investment
Board, as America's largest fiber provider looks to expand
faster across more US communities.
    
    Here are more details:
    * The joint venture will combine Forged Fiber 37 and
Gigapower. Forged Fiber 37 is the AT&T unit holding the fiber
assets and operations it bought from Lumen Technologies
 LUMN.N . Gigapower is AT&T's existing wholesale fiber venture
with GIP.
    * AT&T will own 50% of the venture, and GIP and CPP
Investments will together own the other 50%.
    * The venture gives AT&T a "capital-light" path to expand
fiber beyond its traditional service areas, into major metro
areas across 16 states.
    * AT&T expects to receive proceeds when the deal closes but
did not say how much. It plans to use the money to help bring
its net-debt-to-adjusted EBITDA ratio to about 2.5 times within
roughly three years, fund investment in the business and return
capital to shareholders.
    * The deal is expected to close in the first half of 2027,
subject to regulatory approvals and customary closing
conditions.


    (Reporting by Anzar Mehraj in Bengaluru; Editing by Devika
Syamnath)
 ((Anzar.Mehraj@thomsonreuters.com;))