Verizon and BT form joint venture

Key Points:

• BT Group and Verizon Communications have signed an agreement to create a 50:50 joint venture combining their international enterprise operations, aiming to enhance global connectivity for multinational organizations.
• The joint venture will serve over 3,000 customers across more than 180 countries, generating approximately $4 billion in combined annual revenue, and will focus on secure, resilient connectivity tailored for a cloud-first, AI-driven world.
• Verizon will pay BT a $625 million equalization payment, and both companies will retain equal voting rights, allowing them to concentrate on their domestic markets while supporting the new entity.
• Martijn Blanken has been appointed CEO-designate of the joint venture, with the company to be headquartered and tax resident in the UK, pending regulatory approvals and employee consultations.
• The joint venture aims to leverage combined global scale and infrastructure to meet data sovereignty and regulatory requirements, accelerating next-generation connectivity platforms for enterprise customers worldwide.