AT&T forms U.S. fiber joint venture with GIP and CPP

AT&T announced on October 6, 2026, that it agreed to create a wholesale fiber commercial open access joint venture with Global Infrastructure Partners, a unit of BlackRock, and Canada Pension Plan Investment Board. AT&T will own 50% of the new entity, while GIP and CPP Investments will collectively hold the remaining 50%.

The venture will combine Gigapower, AT&T's existing wholesale fiber joint venture with GIP, and Forged Fiber 37. Forged Fiber 37 holds the fiber build engine, network assets, and operations that AT&T acquired from Lumen Technologies on February 2, 2026. The new partnership will expand fiber networks across 16 states, including Arizona, Colorado, Florida, Oregon, and Washington, supporting AT&T's target to reach more than 60 million fiber locations by the end of 2030.

AT&T expects to receive proceeds upon closing, scheduled for the first half of 2027 subject to regulatory approvals. The company plans to deploy these funds to reach its net-debt-to-adjusted EBITDA target in the 2.5x range within about three years, invest in operations, and return capital to shareholders. AT&T will account for Forged Fiber 37 as discontinued operations until closing and will not consolidate the venture afterward, reporting its share of earnings through equity income.