BT Group and Verizon said they have agreed to combine their international enterprise operations in a 50:50 joint venture, with equal voting rights and a $625 million equalisation payment from Verizon to BT.
The companies said the venture is expected to generate about $4 billion in annual revenue, serve more than 3,000 customers and operate across more than 180 countries. The transaction is expected to complete in 2027, subject to regulatory clearances and employee-representation consultations where required, and both businesses will continue to operate independently until closing.
The joint venture will be incorporated in Jersey, with its headquarters and tax residence in the UK. The companies said it will maintain commercial relationships with both parent groups to provide cross-border services, including for BT’s UK customers and Verizon’s US customers.
BT said Martijn Blanken will become CEO-designate, conditional on completion, and will join from Sept. 1, 2026 to prepare for launch, while Clive Selley will continue to lead BT International during the transition. BT also said its International division will be reported as a discontinued operation until completion, leading it to revise FY27 adjusted group revenue guidance to £17.1 billion-£17.6 billion from £19.0 billion-£19.5 billion and adjusted EBITDA guidance to £8.1 billion-£8.2 billion from £8.2 billion-£8.3 billion, while leaving adjusted UK service revenue at £15.1 billion-£15.4 billion and normalised free cash flow at about £2.0 billion.