AT&T Corp. announced on Tuesday an agreement with the Canada Pension Plan Investment Board and BlackRock Inc.’s Global Infrastructure Partners unit to form a joint venture to invest in commercial fiber internet infrastructure.
The transaction is expected to close in the first half of 2027, pending regulatory approval.
Under the agreement, AT&T will hold a 50% stake in the venture—Forged Fiber 37—with GIP and CPP Investments owning the other 50%. A statement from AT&T noted that the new organization will accelerate the delivery of the infrastructure needed to support the high-performance connectivity demanded by the artificial intelligence boom.
“Demand for reliable, high-capacity connectivity continues to grow, making fiber infrastructure an increasingly important part of the digital economy,” said James Bryce, CPP Investments’ head of infrastructure, in a statement. “By combining AT&T’s extensive fiber expertise with strategic capital, this joint venture is well positioned to expand critical connectivity across the United States and to generate long-term investment value for the CPP Fund.”
GIP manages more than $200 billion in assets. CPP Investments managed C$863.6 billion ($606.46 billion) in assets as of June 30, benefiting more than 22 million contributors and beneficiaries.
Tags: AT&T, BlackRock, CPP Investments, Global Infrastructure Partners