A joint venture between fund manager BlackRock Inc. and wireless carrier AT&T Inc. will run a fiber-optic platform in the US, the companies announced on Friday.
According to them, the company, Gigapower LLC, intends to extend its network beyond AT&T's conventional 21-state wireline service footprint to an initial 1.5 million customer locations.
The businesses only stated that they would jointly own and run Gigapower; they made no mention of any other terms of the agreement.
In an effort to draw in more customers, AT&T recently announced plans to extend its high-speed home internet service to newer parts of the nation.
In October, Bloomberg News reported that AT&T had employed Morgan Stanley to assist in finding an infrastructure partner for the project, which may be worth $10 billion to $15 billion. View More
A Reuters request for more information on the transaction was not immediately answered by AT&T, and BlackRock declined to comment.
The company said any effects on spending and free cash flow from the venture will be included in the forecast it plans to present at its quarterly earnings next month. AT&T intends to report consumer subscribers served by Gigapower in its operational results.
Through a fund in its diversified infrastructure unit, BlackRock, which manages $313 billion in alternative investments including private equity, real estate, and credit, signed the agreement.
(Source:www.economictimes.com)
According to them, the company, Gigapower LLC, intends to extend its network beyond AT&T's conventional 21-state wireline service footprint to an initial 1.5 million customer locations.
The businesses only stated that they would jointly own and run Gigapower; they made no mention of any other terms of the agreement.
In an effort to draw in more customers, AT&T recently announced plans to extend its high-speed home internet service to newer parts of the nation.
In October, Bloomberg News reported that AT&T had employed Morgan Stanley to assist in finding an infrastructure partner for the project, which may be worth $10 billion to $15 billion. View More
A Reuters request for more information on the transaction was not immediately answered by AT&T, and BlackRock declined to comment.
The company said any effects on spending and free cash flow from the venture will be included in the forecast it plans to present at its quarterly earnings next month. AT&T intends to report consumer subscribers served by Gigapower in its operational results.
Through a fund in its diversified infrastructure unit, BlackRock, which manages $313 billion in alternative investments including private equity, real estate, and credit, signed the agreement.
(Source:www.economictimes.com)
Homepage
Send to a friend
Printable version
Share
