--- title: "AT&T fiber crews picket as BlackRock's GIP and Canada's pension fund agree to buy half the venture" description: "Ex-Lumen technicians picket in seven states on October 20 as AT&T sells half its new wholesale fiber venture to BlackRock's infrastructure arm and Canada's national pension manager, a deal still awaiting regulatory approval. The price is undisclosed, and Q3 results land tomorrow." publisher: "The Inference" section: "Labor" published: 2026-10-20T16:29:59.033Z modified: 2026-10-20T16:29:59.033Z canonical: https://theinference.org/article/at-t-fiber-crews-picket-as-blackrock-s-gip-and-canada-s-pension-fund-agree-to-buy-half-the-venture language: en keywords: "AT&T, Labor, Deals, Broadband, BlackRock" --- # AT&T fiber crews picket as BlackRock's GIP and Canada's pension fund agree to buy half the venture > Ex-Lumen technicians picket in seven states on October 20 as AT&T sells half its new wholesale fiber venture to BlackRock's infrastructure arm and Canada's national pension manager, a deal still awaiting regulatory approval. The price is undisclosed, and Q3 results land tomorrow. ## The crews who came with the network are walking picket lines Fiber technicians and facility specialists at Forged Fiber 37, the [AT&T](https://theinference.org/markets/companies/at-and-t) unit holding the network bought from [Lumen Technologies](https://theinference.org/markets/companies/lumen), [launch informational pickets today, Tuesday October 20, across seven states](https://cwa-union.org/news/releases/forged-fiber-technicians-and-facility-specialists-launch-multi-state-picket-ahead): Arizona, Colorado, Florida, Iowa, Minnesota, Utah and Washington [1]. The crews transferred when AT&T closed its purchase of Lumen's Mass Markets fiber business on February 2, 2026 [2]. Their union, the Communications Workers of America, says AT&T is shifting infrastructure work to non-union contractors, and the National Labor Relations Board has [an open case, 27-CA-392918](https://www.nlrb.gov/case/27-CA-392918), alleging Forged Fiber 37 refuses to bargain in good faith [1][3]. The buyers are inheriting a labor complaint that predates their purchase. ## Half the venture sells, at a price no one has named On October 6, AT&T [agreed to fold Forged Fiber 37 and Gigapower](https://about.att.com/story/2026/forged-fiber-37-gigapower-joint-venture.html), its fiber venture with [BlackRock](https://theinference.org/markets/companies/blackrock) since 2023, into one wholesale network company [2]. AT&T keeps 50%; Global Infrastructure Partners, BlackRock's infrastructure arm, and CPP Investments, which manages C$863.6 billion for Canada's national pension plan, take the rest [2]. Closing is expected in the first half of 2027, pending regulatory approval [2]. AT&T expects proceeds and aims them at a 2.5-times leverage target and shareholder returns, but it has not named a figure [2][4]. GIP and CPP Investments underwrite the build, AT&T banks undisclosed proceeds and keeps its fiber pace, and the ex-Lumen crews carry the contractor-model risk that marked Gigapower [2]. The venture starts with nearly five million fiber locations across 16 states and is AT&T's primary partner for reaching the 60 million locations it targets by the end of 2030 [2]; joint ventures already carried nearly 13% of its fiber locations in the second quarter [1]. *Chart: **Capex has taken about half of AT&T's operating cash for twelve straight quarters, the spend the JV partners will share** Column chart of AT&T quarterly operating cash flow against capital expenditure, Q3 2023 through Q2 2026* *Quarterly operating cash flow and capital expenditure in US dollars, as reported, AT&T fiscal quarters Q3 2023 through Q2 2026. Source: AT&T quarterly SEC filings. [7]* ## The first venture is the union's exhibit Gigapower, launched in May 2023, deploys with an entirely subcontracted workforce [1]. [CWA's July report](https://cwa-union.org/gigapowers-flimsy-phase-one), drawn from municipal records and court filings, found the Albuquerque build at roughly a fifth of its forecast by late 2025, ten stop-work orders in one Minneapolis suburb, a default notice in Las Vegas, and a former prime contractor's $200 million claim sold to a litigation funder [5]. AT&T's counter is that the deal pairs Gigapower with Forged Fiber's "established fiber construction engine" of ex-Lumen crews, on a capital-light path; CEO John Stankey calls fiber "the definitive connectivity technology for an AI-driven world" [2]. ## Tomorrow's print, and the number to ask for AT&T reports third-quarter results before the open on Wednesday October 21; [consensus is $0.60 a share on $31.65 billion of revenue](https://seekingalpha.com/news/4654220-att-verizon-face-q3-earnings-test-as-analysts-highlight-growth-potential), though more analysts have cut estimates than raised them [6]. Forged Fiber 37 will sit in discontinued operations until the sale closes [2], so the venture's economics stay outside continuing results. The tell on the call is whether AT&T names a price for the half it is selling. *Chart: **Seven straight quarters of year-over-year revenue growth, and consensus expects an eighth** Line chart of AT&T quarterly revenue from Q4 2023 through a Q3 2026 consensus estimate* *Reported quarterly revenue from AT&T's SEC filings; Q3 2026 is analyst consensus, not a reported figure. Sources: AT&T filings; Seeking Alpha. [7][6]* ## Takeaway Half of AT&T's wholesale fiber venture goes to BlackRock's GIP and CPP Investments at an undisclosed price, while the ex-Lumen crews picketing in seven states hand the buyers an open NLRB case and Gigapower's shaky contractor record. ## Sources 1. [Communications Workers of America, press release, 19 October 2026](https://cwa-union.org/news/releases/forged-fiber-technicians-and-facility-specialists-launch-multi-state-picket-ahead) 2. [AT&T Newsroom, "AT&T, GIP, and CPP Investments to Form New Fiber Joint Venture", 6 October 2026](https://about.att.com/story/2026/forged-fiber-37-gigapower-joint-venture.html) 3. [National Labor Relations Board, case 27-CA-392918 docket, filed 12 August 2026](https://www.nlrb.gov/case/27-CA-392918) 4. [Reuters (via MSN), "AT&T to form fiber joint venture with BlackRock's GIP, CPP Investments", 6 October 2026](https://www.msn.com/en-ca/news/other/at-t-to-form-fiber-joint-venture-with-blackrocks-gip-cpp-investments/ar-AA2dGjQ7) 5. [Communications Workers of America, "Gigapower's Flimsy Phase One: Deployment Delays, Missed Targets, and Litigation", July 2026](https://cwa-union.org/gigapowers-flimsy-phase-one) 6. [Seeking Alpha, "AT&T, Verizon face Q3 earnings test as analysts highlight growth potential", 20 October 2026](https://seekingalpha.com/news/4654220-att-verizon-face-q3-earnings-test-as-analysts-highlight-growth-potential) 7. [AT&T, quarterly figures from its SEC filings, retrieved 20 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000732717) --- AT&T fiber crews picket as BlackRock's GIP and Canada's pension fund agree to buy half the venture — The Inference. Canonical: https://theinference.org/article/at-t-fiber-crews-picket-as-blackrock-s-gip-and-canada-s-pension-fund-agree-to-buy-half-the-venture