Simpson Thacher is advising Global Infrastructure Partners, a part of BlackRock (“GIP”), in connection with the formation of a new U.S. fiber joint venture (the “JV”) with affiliates of AT&T Inc. and Canada Pension Plan Investment Board (“CPP Investments”). The JV will operate as a leading wholesale fiber commercial open access company and will include Forged Fiber 37 — the newly created subsidiary holding the fiber build engine, network assets and operations that AT&T recently acquired from Lumen — and Gigapower, GIP’s existing wholesale fiber joint venture with AT&T. Under the agreement, AT&T will have 50% ownership of the JV, with GIP and CPP Investments collectively owning 50%. The transaction is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals.
GIP, a part of BlackRock, is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure, and water and waste management sectors. GIP’s scaled platform has over $200 billion in assets under management.
The Simpson Thacher team includes Christopher May, Katy Lukaszewski, Ana Sanchez, David Bumgardner, Caleb Martin, Christine Robb, Alberto Aradillas, Matthew Warren, Natalie Marionneaux and Noah Moreano (M&A); Marcy Geller, Jacqueline Clinton, Adam Arikat, Ruoxi Zhang and George Rhein (Tax); Matthew Einbinder and Jennifer Albrecht (Credit); Larry Moss, John O’Neill, and Maria Meyerhoefer (Executive Compensation and Employee Benefits); James Talbot, Chandler Gerard-Reimer and Jennifer Park (Intellectual Property); and Dennis Loiacono (Real Estate).