Joint VentureJun 29, 2026, 02:01 AM
Verizon & BT Form 50:50 JV for International Operations, $4B Revenue
AI Summary
Verizon Communications Inc. and BT Group have announced an agreement to form a 50:50 joint venture by combining their respective international enterprise operations. This new entity aims to transform international connectivity for multinational organizations, serving over 3,000 customers across more than 180 countries and representing approximately $4 billion in combined annual revenue. Verizon will make an equalization payment of $625 million to BT. Martijn Blanken has been appointed CEO-designate, and the transaction is anticipated to close in 2027, pending regulatory approvals.
Key Highlights
- BT Group and Verizon to combine international operations into a 50:50 joint venture.
- The new joint venture will focus on serving multinational organizations globally.
- It is expected to serve over 3,000 customers across more than 180 countries.
- The combined operations represent approximately $4 billion in annual revenue.
- Verizon will pay BT an equalization payment of $625 million.
- Martijn Blanken has been appointed Chief Executive Officer-designate of the new JV.
- The transaction is expected to complete in 2027, subject to regulatory clearances.
- The joint venture will be incorporated in Jersey and headquartered in the United Kingdom.
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