BT Group and Verizon to form joint venture, creating a scaled international connectivity platform for multinational customers

BT Group and Verizon Communications Inc. announced a definitive agreement to merge their international enterprise operations into a 50:50 joint venture, pending regulatory approvals. The new entity will focus on serving multinational organizations, combining BT International’s global network services with Verizon’s international enterprise connectivity. The combined operations are expected to generate approximately $4 billion in annual revenue and serve customers in over 180 countries.

The joint venture aims to create a scalable international connectivity platform designed for a cloud-first and AI-driven environment. Both BT and Verizon will hold equal voting rights, and Verizon will pay BT an equalisation payment of $625 million. The transaction remains subject to regulatory clearances and employee consultations where required, with both companies continuing to operate independently until closure.

Martijn Blanken has been appointed as Chief Executive Officer-designate of the new joint venture, conditional on completion. Blanken brings nearly three decades of leadership experience in telecommunications and digital infrastructure, having held senior roles at Telstra, Openwave Systems, EXA Infrastructure, and KPN. He will join BT on 1 September 2026, working with both parent companies to prepare for the joint venture’s launch.

BT Group’s CEO Allison Kirkby stated that the collaboration will strengthen BT International’s position as a trusted connectivity partner for multinational brands. Verizon CEO Dan Schulman emphasized that the joint venture will provide secure, flexible connectivity across borders and cloud environments, while maintaining direct customer relationships in the U.S. The parent companies will continue to focus on their domestic markets as equal shareholders.