Acquired Lumen Home Fiber Assets to be Operated by a New Wholesale Company

The AT&T deal to acquire most of Lumen’s mass markets fiber internet business for $5.75 billion will give AT&T another one million residential fiber customers and likely four times that many “passings,” or potential customers. 

AT&T will hold the purchased assets in a "NetworkCo" that will eventually include equity ownership by a partner expected to contribute additional capital. 

AT&T expects to identify the equity partner in about six to 12 months after closing the transaction with Lumen, expected to happen in the first half of 2026. Once the equity partner is chosen, AT&T expects "NetworkCo" to be deconsolidated from its financial statements and operate as a wholesale commercial open access platform, with AT&T as the anchor tenant.

So, in essence, the acquired Lumen assets will be held by a new company, separate from AT&T, that operates using a wholesale-only business model.