AT&T, GIP, and CPP Investments to form new fiber joint venture

AT&T (NYSE:T) affiliates, Global Infrastructure Partners (part of BlackRock), and CPP Investments have agreed to form a new U.S. fiber joint venture combining Forged Fiber 37 and Gigapower into a wholesale open-access company. AT&T will hold 50% ownership; GIP and CPP collectively own 50%. The JV aims to accelerate fiber expansion to over 60 million locations by 2030. AT&T expects proceeds at closing to help achieve a net-debt-to-EBITDA target of 2.5x within three years. Transaction expected to close in first half of 2027, subject to regulatory approvals. AT&T reiterates its financial outlook.