BT, Verizon join forces to create $4 billion international joint venture
Major International Telecom Partnership Announced
Joint Venture Details and Financials
June 29 (Reuters) - BT and Verizon on Monday announced a deal to combine their international enterprise operations into a 50:50 joint venture, focussing on serving multinational clients and bringing together $4 billion in combined annual revenue.
Verizon has agreed to pay BT an equalisation payment of $625 million, and both companies will hold equal voting rights in the new venture, which will serve more than 3,000 customers in over 180 countries.
Strategic Shifts for BT and Verizon
The deal marks a milestone for BT chief executive Allison Kirkby, who has been steadily refocusing the 180-year-old British telecoms group on its home UK market while shedding international assets.
Leadership and Future Plans
Verizon CEO Dan Schulman, who has been pushing his own turnaround at the U.S. wireless carrier, said the venture was "the clear answer" for international customers who need secure, flexible connectivity that works across borders and cloud environments.
BT and Verizon named Martijn Blanken as chief executive officer-designate of the new company. Blanken will join BT Group from September 1, 2026, and work with both parent companies as they prepare to launch the joint venture.
Reporting and Editorial Credits
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)
