AT&T weighing multibillion-dollar fiber joint venture - Bloomberg
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AT&T (NYSE:T) is in early talks to establish a joint venture with an infrastructure partner that would invest billions of dollars in expanding its fiber-optic network, Bloomberg reports.
The carrier is working with Morgan Stanley about setting up a JV that would be valued at $10B-$15B, according to the report.
AT&T could find a partner this year, though the venture could slip into 2023, Bloomberg said.
But AT&T partnering with an infrastructure investor would be part of a trend that has seen major alternative asset managers (including KKR, Brookfield (BIP) and Blackstone (BX)) increasingly investing in areas like cellular tower holdings.
Meanwhile, while rivals Verizon (NYSE:VZ) and T-Mobile (NASDAQ:TMUS) have recently given heavy focus to fixed wireless Internet, AT&T (T) has indicated its re-focus on fiber buildouts after divesting WarnerMedia into Warner Bros. Discovery.
JPMorgan warned in late 2020 that AT&T would need to double its fiber footprint just to keep up, and the company has made recent moves such as expanding outside its usual territory to offer fiber services in Arizona.