BT Group is combining its international enterprise arm with Verizon's equivalent business unit in a 50:50 joint venture, with the new entity expected to generate approximately $4 billion in combined annual revenue serving more than 3,000 customers across more than 180 countries.
Verizon has agreed to pay BT a $625 million equalisation payment to balance the two parties' respective contributions to the venture.
The new company will be incorporated in Jersey and headquartered in the United Kingdom, bringing together BT International's multinational networking services with Verizon's international enterprise wireline operations on a single platform designed for cloud and AI workloads.
Martijn Blanken, a veteran of Telstra, KPN and EXA Infrastructure, has been appointed chief executive-designate of the joint venture, joining BT on 1 September ahead of completion.
"Bringing together this expertise and heritage with Verizon's deep relationships with multinationals will create a stronger, scaled connectivity partner," said BT Group chief executive Allison Kirkby, adding that the deal advances BT's UK-focused strategy.
The transaction remains subject to regulatory clearance and employee consultation in relevant jurisdictions and is expected to close in 2027.
