AT&T, BlackRock Form JV Focusing On Commercial Fiber Network

AT&T Inc T and BlackRock, Inc. BLK BlackRock Alternatives have signed an agreement to form a joint venture to operate a commercial fiber platform. Additional terms were not disclosed.
The newly formed joint venture, Gigapower LLC, is expected to provide a fiber network to internet service providers (ISPs) and other businesses across the U.S.
Gigapower plans to deploy a fiber network to an initial 1.5 million customer locations nationwide using a commercial open-access platform.
Gigapower will serve customers outside AT&T’s traditional 21-state wireline service footprint with fiber access technologies.
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The Gigapower fiber deployment will be incremental to AT&T’s existing target of 30 million-plus fiber locations, including business locations, by the end of 2025.
After completion, AT&T and BlackRock will jointly own and govern Gigapower.
AT&T does not expect to consolidate Gigapower’s financial results but does expect to report its consumer subscribers served through Gigapower in its Consumer Wireline business unit operational results.
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Price Action: T shares are trading up 0.08% at $18.28 on the last check Friday.
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