Verizon and BT Group have agreed to combine their international enterprise operations into a 50:50 joint venture. The new company will merge Verizon's international enterprise wireline arm with BT International, focusing on providing connectivity for multinational corporations. This venture is expected to serve over 3,000 customers in more than 180 countries and generate approximately $4 billion in combined annual revenue.
Under the terms of the agreement, both companies will have equal voting rights, and Verizon will make a one-time cash payment of $625 million to BT. The deal is part of BT's strategy to focus more on its domestic UK market. The new entity will be headquartered and tax resident in the UK and is designed to provide secure, cloud-first connectivity for global clients. The transaction is expected to close in 2027, pending regulatory approval.