DALLAS (dpa-AFX) - Telecom operator AT&T Inc. (T), announced on Tuesday that it has agreed to form a new U.S. fiber joint venture with Global Infrastructure Partners, a part of BlackRock, Inc. (BLK), and Canada Pension Plan Investment Board, to accelerate expansion of fiber internet across more communities.
The venture will combine Forged Fiber 37, which AT&T acquired from Lumen earlier this year, with Gigapower, its existing wholesale fiber JV with GIP, into a single commercial open access company.
AT&T said the JV will help it reach more than 60 million fiber locations by 2030, providing high-speed connectivity to support growing demand as AI reshapes network traffic. The company will own 50% of the JV, with GIP and CPP Investments holding the remainder.
AT&T expects to receive proceeds at closing to support its capital allocation priorities, including debt reduction and shareholder returns. The JV's fiber construction capabilities will extend AT&T's service beyond its traditional footprint, covering metro areas in 16 states.
The transaction is expected to close in the first half of 2027.
On the NYSE, shares of AT&T are currently losing 0.80 percent, changing hands at $24.05.
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