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AT&T Inc. and BlackRock Inc. have formed a joint venture called Gigapower LLC to become a wholesale fiber services provider in the United States. They will be setting up a fiber optic platform for this collaborative business.
AT&T and BlackRock revealed their agreement late last week, and through the deal, they are planning to distribute its network to 1.5 million customers first. These customers are located outside of the telecom firm’s usual 21-state wireline service presence.
As per Reuters, the companies declared that they would be managing Gigapower together since they jointly the business. However, they did not disclose any details regarding the agreed terms.
Their partnership deal emerged as AT&T shared its plans to scale up its high-speed home internet service to other regions in the country. The company is exerting efforts for this to attract more new subscribers.
It was reported that the telecommunications holding company headquartered at Whitacre Tower in Downtown Dallas, Texas, availed the services of Morgan Stanley to help bring in an infrastructure partner to the venture. At that time, the JV has been estimated to be valued at $10 billion to $15 billion.
Once the deal is completed, AT&T and BlackRock will operate Gigapower at once. It was noted that this transaction is still subject to customary closing conditions, including regulatory approvals.
“Now more than ever, people are recognizing that connecting changes everything,” AT&T’s chief executive officer, John Stankey, said in a press release. “With this joint venture, more customers and communities outside of our traditional service areas will receive the social and economic benefits of the world’s most durable and capable technology to access all the internet has to offer.”
Mark Florian, BlackRock’s global head of diversified infrastructure, further commented that they are excited to work with AT&T through their Gigapower JV. “We believe Gigapower’s fiber infrastructure designed as a commercial open access platform will more efficiently connect communities across the United States with critical broadband services,” he said.
Photo by: Rubaitul Azad/Unsplash
