BlackRock Secures Major Deal with AT&T in Florida & Others

BlackRock and AT&T closed a joint venture called Gigapower to bring high-speed internet to parts of Alabama, Florida, and Pennsylvania.

While Gigapower will cover Scranton and Wilkes-Barre in Pennsylvania, it’s unclear what areas of Alabama and Florida are covered in the expansion.

Gigapower already has markets in Arizona and Nevada, according to Fierce Telecom.

For those keeping track, today's announcement means AT&T's Gigapower JV is now looking at projects spanning a total of five states.https://t.co/KIhz8IgynX

— FierceTelecom (@FierceTelecom) May 11, 2023

Fierce Telecom reported:

The operator had already announced Mesa, Arizona as one of its Gigapower markets. Last month, Fierce uncovered its plans to head to Chandler and Gilbert, Arizona and Las Vegas, Nevada as well.

AT&T confirmed Gigapower is targeting those cities in a press release, adding it will also be heading to parts of Alabama, Florida and Pennsylvania. The operator already serves more than 475,000 locations in Alabama with fiber under its AT&T brand.

While it didn’t name the exact cities it will be building to in Alabama and Florida, AT&T said Gigapower is heading to Scranton and Wilkes-Barre in Pennsylvania.

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BlackRock would not disclose which areas of Alabama and Florida the joint venture targeted in the expansion.

Telecom giant @ATT and investment management giant @BlackRock are joining forces to reach rural Florida — and the rest of the country — with broadband internet

Reporting by @AnneBocahttps://t.co/Z69yL05siC#FlaPol

— Florida Politics (@Fla_Pol) May 12, 2023

Florida Politics noted:

Gigapower is the name of the venture AT&T and BlackRock are forming. It aims to create an open-access fiber network where multiple providers can provide subscribers with high-speed internet service.

BlackRock was one of the firms from which the state of Florida pulled its investments last December due to BlackRock’s support for sustainable investing. Nevertheless, a news release about the new venture says Gigapower represents a project that will connect more people and boost opportunities for all.

It “will advance efforts to bridge the digital divide and spur economic growth in the communities where Gigapower operates,” said Larry Fink, BlackRock’s Chairman and CEO, in a prepared news release.

In areas without broadband access, things like remote work, telehealth appointments and online schooling remain out of reach.