Verizon and BT to Merge International Businesses in $3 Billion Joint Venture
The deal aims to create a combined entity with annual sales of approximately $3 billion, serving over 3,000 customers globally.
Verizon and BT have announced an agreement to merge their international business operations into a new joint venture, a move expected to generate annual sales of around £3 billion ($3.8 billion USD based on current exchange rates).
Under the terms of the agreement, Verizon will provide BT with an equalization payment of £473 million. Both companies will hold equal shares in the newly formed entity. This joint venture is designed to serve more than 3,000 clients across over 180 countries.
This strategic move aligns with BT's ongoing efforts to divest its international operations, which have faced challenges. The company has expressed a desire to refocus its resources and attention on its core domestic market within the United Kingdom. The planned joint venture is anticipated to be led by Martijn Blanken, a former executive at Australian telecommunications firm Telstra. Blanken has been appointed chief executive designate and is scheduled to join BT on September 1, ahead of the venture's expected completion in 2027.