AT&T Bets $5.75 Billion on Fiber Expansion

Telecom giant AT (NYSE: T) doubled down on its fiber internet strategy on Wednesday with a $5.75 billion deal to acquire Lumen's Mass Markets fiber business. The acquisition will come with approximately 1 million fiber subscribers and 4 million passed locations, expanding AT's fiber presence in Denver, Las Vegas, Orlando, Seattle, and other major metro areas. Lumen's assets will form a new fully owned subsidiary.

AT already had big plans for its fiber network before the Lumen acquisition. Previously, the company had planned to pass 50 million fiber locations by the end of 2029, mostly through its owned fiber network and with some additional reach from its Gigapower joint venture. With the Lumen deal, AT now expects to pass 60 million fiber locations by the end of 2030. That's about double the scale of the company's fiber network today.

Image source: Getty Images.

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