- AT&T Inc (NYSE:T) and BlackRock, Inc. (NYSE: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.
- Also Read: AT&T To Settle SEC Lawsuit For Sharing Confidential Information With Analysts
- 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.
- Also Read: Why AT&T Is Agreeing To Pay $6M Penalty To The SEC: What Investors Need To Know
- Price Action: T shares are trading up 0.08% at $18.28 on the last check Friday.
- Photo Via Wikimedia Commons
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