- BT Group and Verizon agree to combine their international operations into a 50:50 joint venture, creating a new company focused on international communications.
- The joint venture will serve over 3,000 customers in over 180 countries, representing approx. The company’s total annual revenue is $4 billion.
- The combination of global networking companies creates a future-ready, scalable organization powered by a new platform designed for the era of cloud and artificial intelligence.
- Martijn Blanken has been appointed CEO of the new joint venture, subject to the completion of the transaction.
- The transaction is expected to close in 2027, subject to regulatory approvals and other customary closing conditions.
LONDON and NEW YORK, June 29, 2026: BT Group (BT) and Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced it has signed an agreement to combine its international corporate operations into a 50:50 joint venture, a move that is designed to transform its international ties.
The new joint venture will focus on serving multinational organizations. It is expected to serve more than 3,000 customers in more than 180 countries, generating approximately $4 billion in combined annual revenue. Once completed, this scale of operations will significantly improve the efficiency of scaling the combined global network and service operations.
Designed specifically for the cloud world in the age of artificial intelligence, the joint venture brings together BT International, which serves international customers with secure and resilient communications and network services around the world, with Verizon’s international enterprise wireline business, which provides secure connectivity to businesses around the world. Both BT and Verizon will have equal voting rights, and Verizon has agreed to pay BT an equalization payment of $625 million.
By combining global scale with infrastructure designed and built to support local compliance and sovereignty requirements, the joint venture will create a more robust platform for growth and accelerate the deployment of next-generation communications platforms. Customers will benefit from secure and resilient connectivity designed with data, operational and regulatory requirements in mind.
At the same time, the parent companies will be able to better focus on their home markets while supporting the new joint venture as equal shareholders.
BT and Verizon also today confirmed that Martijn Blanken has been appointed as designated CEO of the new joint venture, subject to the completion of the transaction. Martijn has held senior positions in telecommunications, technology and digital infrastructure at Telstra, Openwave Systems, EXA Infrastructure and KPN for nearly three decades, with a career spanning four continents. He will join BT from 1 September and will work with both parent companies. subject to relevant regulatory requirements in preparation for launch proposed joint venture.
Clive Selley will continue to lead BT International as CEO, ensuring the continuity of BT International’s ongoing transformation in preparation for the joint venture. Verizon’s lead remains unchanged.
Allison Kirkby, CEO of BT Group, said: “The world’s leading brands and global organizations trust BT International to connect them around the world. Combining this experience and heritage with Verizon’s deep relationships with multinationals will create a stronger and more scalable communications partner that has the reach, innovation and investment to succeed. Customers will benefit from new, secure and resilient connectivity platforms that are designed for the age of AI and sovereign where it matters. This will create new opportunities for our people and long-term value for our owners. Today’s announcement marks an important milestone for BT International and an important step forward for BT as a whole as we deliver on our UK-focused strategy.”
Dan Shulman, CEO of Verizon, said: “Our global customers require secure, flexible connectivity that works seamlessly across borders and cloud environments. When we thought about how best to support them, this joint venture was the clear answer: an advanced, AI-ready and secure platform, managed by a single global organization focused on their needs. At the same time, our relationships with these customers will remain as strong as we continue to directly provide them with the connections they need in the US.”
The transaction is subject to regulatory approvals and consultation with employee representatives in countries where required. BT and Verizon’s international operations will continue to operate independently until the transaction is officially closed, with full commitment to their customers.
– END –
Additional information
- The new joint venture will be registered in the Bailiwick of Jersey and will be headquartered and tax resident in the United Kingdom.
- Upon completion of the transaction, the new joint venture will establish commercial relationships with both BT and Verizon, providing a seamless, end-to-end service overseas, including to our customers in the UK (BT) and US (Verizon).
- Goldman Sachs acted as lead financial advisor to BT, Deloitte served as transaction services advisor and Freshfields LLP served as legal counsel. Morgan Stanley & Co. LLC served as financial advisor to Verizon and Kirkland & Ellis LLP served as legal counsel.
‘;