BT Group (BT) and Verizon Communications have entered into an agreement to combine their international enterprise operations into a new 50:50 joint venture focused on serving multinational organizations.

The new joint venture is expected to serve more than 3,000 customers in over 180 countries and represent approximately $4 billion in combined annual revenue. According to the companies, the combination is intended to create operational efficiencies across their global network and service operations following completion of the transaction.

The new organization will combine BT International, which provides communications and networking services to multinational enterprises, with Verizon's international enterprise wireline business, which delivers connectivity services to global organizations. BT and Verizon will each hold equal voting rights in the venture, and Verizon will make an equalization payment of $625 million to BT.

The companies said the joint venture is designed to support cloud-based and AI-driven enterprise environments while addressing local compliance, regulatory, and data sovereignty requirements. The combined organization is expected to expand next-generation connectivity offerings for multinational customers.

BT and Verizon stated that the transaction will also allow each company to maintain a greater focus on its respective domestic market while supporting the joint venture as equal shareholders.

The companies also announced the appointment of Martijn Blanken as Chief Executive Officer-designate of the new joint venture, subject to completion of the transaction. Blanken has held senior leadership positions in the telecommunications, technology, and digital infrastructure sectors, including roles at Telstra, Openwave Systems, EXA Infrastructure, and KPN. Beginning September 1, 2026, he will join BT and work with both parent companies in preparation for the launch of the joint venture, subject to applicable regulatory requirements.

Clive Selley will continue as CEO of BT International during the transition. Verizon's leadership structure will remain unchanged.

The transaction remains subject to regulatory approvals and employee consultation processes where required. Until the transaction closes, BT International and Verizon's international enterprise business will continue to operate independently.

Additional Details

The joint venture will be incorporated in the Bailiwick of Jersey and will be headquartered and tax resident in the United Kingdom.

Following completion of the transaction, the joint venture will establish commercial relationships with both BT and Verizon to provide international services, including support for BT customers in the U.K. and Verizon customers in the U.S.

Goldman Sachs served as lead financial advisor to BT, with Deloitte providing transaction services advisory and Freshfields LLP serving as legal counsel. Morgan Stanley & Co. LLC acted as financial advisor to Verizon, with Kirkland & Ellis LLP serving as legal counsel.

Source: Verizon Communications

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