AT&T (NYSE: T) and BlackRock (NYSE: BLK), through a fund managed by its Diversified Infrastructure business, have closed their joint venture to form Gigapower, LLC. Gigapower plans to provide a fiber network to internet service providers and other businesses in parts of select metro areas throughout the country using a commercial wholesale open access platform.
With Gigapower, AT&T, considered one of the largest investors in fiber in America, and infrastructure investor BlackRock hope to give more Americans access to super-fast, reliable, high-capacity fiber. Both companies said they believe now is the time to create the United States’ largest commercial wholesale open access fiber network to bring high-speed connectivity to more Americans. AT&T will be Gigapower’s first tenant, expanding the number of customers and communities with access to the fiber internet service via AT&T Fiber.
“We believe fiber connectivity changes everything,” said John Stankey, CEO of AT&T. “The demand for high-speed connectivity is unprecedented, and through this innovative partnership with BlackRock, one of the world’s foremost investors in infrastructure, we’re able to connect even more people and businesses, accelerating our efforts to help close the digital divide.”
“BlackRock is pleased to help bring critical broadband services to communities across America,” said Larry Fink, Chairman and CEO, BlackRock. “This investment on behalf of BlackRock’s clients will advance efforts to bridge the digital divide and spur economic growth in the communities where Gigapower operates.”
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