AT&T Forms Fiber JV With GIP and CPP Investments, Targeting 60 Million Locations by 2030

AT&T Inc. (T) said Tuesday it agreed to form a U.S. fiber joint venture with Global Infrastructure Partners, part of BlackRock Inc. (BLK), and Canada Pension Plan Investment Board to accelerate fiber internet expansion. The venture merges Forged Fiber 37, acquired from Lumen earlier this year, with Gigapower, AT&T's existing wholesale fiber JV with GIP, into a single commercial open access company. AT&T will hold 50%, with GIP and CPP Investments owning the remainder. The company expects the JV to reach more than 60 million fiber locations by 2030, extending service beyond its traditional footprint across metro areas in 16 states. AT&T said it expects to receive proceeds at closing to fund debt reduction and shareholder returns. The transaction is expected to close in the first half of 2027. On the NYSE, AT&T shares were down 0.80% at $24.05.