AT&T forms U.S. fiber joint venture with BlackRock’s GIP and CPP Investments
AT&T announced a joint venture to expand high‑speed fiber in the United States together with Global Infrastructure Partners, a BlackRock business, and Canada Pension Plan Investment Board. AT&T will own half of the new entity, while GIP and CPP Investments will collectively own the other half. The venture will combine AT&T’s Forged Fiber 37 assets acquired from Lumen with its existing Gigapower wholesale fiber operation. The transaction is slated to close in the first half of 2027, subject to regulatory approvals.
Why it matters
AT&T says the proceeds will be used to lower leverage, fund further network investments and return capital to shareholders. The JV will give AT&T access to partner capital, reducing the cash needed for its fiber rollout and potentially improving its net‑debt‑to‑EBITDA ratio.
Key facts
- 1AT&T will hold a 50% ownership stake in the joint venture. tradingview.com
- 2Global Infrastructure Partners and CPP Investments will jointly hold the remaining 50% stake. tradingview.com
- 3The venture will combine Forged Fiber 37, the fiber assets AT&T acquired from Lumen, with Gigapower, AT&T’s existing wholesale fiber JV with GIP. realassets.ipe.com
- 4The transaction is expected to close in the first half of 2027. tradingview.com
- 5Partners are Global Infrastructure Partners (a BlackRock subsidiary) and Canada Pension Plan Investment Board. seekingalpha.com
- 6Partners are investing $10 billion for a 49.9% stake in the venture. seekingalpha.com
Open questions
- Stake percentage differs between sources (49.9% vs 50%).
- Investment amount is specified as $10 billion in one source but not disclosed in others.
Summary written by AlphAI from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.