AT&T to form fiber joint venture with BlackRock's GIP, CPP Investments
T•AT&T said it will combine Forged Fiber 37 and Gigapower in a joint venture with BlackRock's Global Infrastructure Partners and CPP Investments. AT&T will own 50%, with GIP and CPP Investments together holding the other 50%; the deal is expected to close in the first half of 2027.
1. Venture combines fiber assets
The joint venture will combine Forged Fiber 37, the AT&T unit holding fiber assets and operations bought from Lumen Technologies, and Gigapower, AT&T's existing wholesale fiber venture with GIP. AT&T said the venture will expand its fiber reach into major metro areas across 16 states.
2. Proceeds and closing
AT&T expects to receive proceeds when the deal closes but did not disclose the amount. 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 business investment and return capital to shareholders. Closing is expected in the first half of 2027, subject to regulatory approvals and customary conditions.
