BT Group and Verizon Announce $4 billion Joint Venture
On 29 June 2026, BT Group and Verizon Communications Inc. (NYSE:VZ) disclosed that they have signed a definitive agreement to combine their international enterprise operations into a 50:50 joint venture focused on multinational connectivity. The joint venture will merge BT International, which delivers secure communication and network services to multinational customers, with Verizon’s international enterprise wireline division, creating a platform aimed at supporting cloud‑first operations and artificial‑intelligence applications.
The newly formed company is projected to serve more than 3,000 customers across over 180 countries, representing approximately $4 billion in combined annual revenue. Both parent companies will hold equal voting rights in the venture. As part of the transaction, Verizon will pay BT an equalization payment of $625 million.
Martijn Blanken has been appointed as Chief Executive Officer‑designate of the joint venture, conditional upon the transaction’s completion. Blanken, who will join BT on 1 September, brings nearly three decades of senior leadership experience from Telstra, Openwave Systems, EXA Infrastructure and KPN. He will work with both BT and Verizon as they prepare for the venture’s launch. Clive Selley will continue to lead BT International as CEO until the joint venture is created, while Verizon’s leadership team remains unchanged.
The transaction is expected to close in 2027, subject to regulatory clearances and other customary closing conditions. Until the closing, BT’s and Verizon’s international businesses will continue to operate independently.