AT&T, GIP and CPP Investments Form Fiber JV 

AT&T affiliates have agreed to form a U.S. fiber joint venture with affiliates of Global Infrastructure Partners and CPP Investments, bringing together two network platforms to accelerate broadband construction beyond AT&T’s traditional service areas. AT&T will own 50% of the venture, while GIP, part of BlackRock, and CPP Investments will collectively own the remaining half.  

The venture will combine Forged Fiber 37, the subsidiary holding network assets, operations and construction capabilities recently acquired from Lumen, with Gigapower, AT&T’s existing wholesale fiber partnership with GIP. It will operate as a wholesale commercial open-access fiber company. 

The structure provides AT&T a route to expand service across major metropolitan areas in 16 states, including Arizona, Colorado, Florida, Oregon and Washington. The company said the venture supports its plan to reach more than 60 million fiber locations by the end of 2030. 

“Fiber is the definitive connectivity technology for an AI-driven world,” AT&T Chairman and CEO John Stankey said, citing growing demand for high-capacity, low-latency connections. 

GIP and CPP Investments said the partnership offers long-term exposure to digital infrastructure as demand for reliable broadband increases. 

The transaction is expected to close in the first half of 2027, subject to regulatory approvals and customary conditions. 

The agreement follows AT&T’s February acquisition of substantially all of Lumen’s mass-market fiber business and fulfills its previously announced plan to secure an equity partner for those assets.