Verizon and BT Group have agreed to merge their international enterprise operations into a 50/50 joint venture, creating a combined business with roughly $4 billion in annual revenue. The deal, announced on June 29, 2026, will serve more than 3,000 customers across over 180 countries, focusing on secure global connectivity, cloud networks, and compliance for multinational organizations.
As part of the agreement, Verizon will make a $625 million equalisation payment to BT. Both companies will hold equal voting rights in the new entity, which will be incorporated in the Bailiwick of Jersey but headquartered and tax resident in the UK. The venture still requires regulatory approval and employee consultations before it can launch.
Martijn Blanken, a former executive at Telstra and KPN, has been named CEO-designate. He will join BT on September 1, 2026, to help prepare for the transition. For BT, the deal marks a strategic exit from a unit with thin margins, allowing CEO Allison Kirkby to refocus on the UK home market. BT trimmed its 2027 revenue guidance to £17.1–£17.6 billion, down from £19–£19.5 billion, and lowered EBITDA expectations by £100 million.
Verizon CEO Dan Schulman described the venture as “the clear answer” for international customers. The move aligns with Verizon’s broader restructuring, which includes cutting about 20% of its workforce. The deal does not affect its core US consumer wireless business. Verizon stock rose about 1% on the news, closing at $46.54, and is up 18% year-to-date. BT shares also edged up 1% in early London trading.
