Overview
- BT and Verizon signed a definitive agreement on Monday, June 29, 2026, to merge their international enterprise units into a 50:50 joint venture expected to serve about 3,000 customers in more than 180 countries and to generate roughly $4 billion in annual revenue.
- Under the transaction Verizon will pay a $625 million equalisation payment to BT, both parents will hold equal voting rights, the new company will be incorporated in the Bailiwick of Jersey and headquartered and tax resident in the UK, and Martijn Blanken was named CEO‑designate and will join BT on September 1, 2026 to prepare the launch.
- BT immediately revised its 2027 guidance after the announcement, treating the international unit as a discontinued operation in its accounts and cutting group revenue expectations by around £2 billion for the year.
- The joint venture is pitched as a cloud‑first, AI‑ready connectivity platform built to deliver secure, sovereign‑compliant networks and to unlock scale efficiencies across combined global fibre, private network and enterprise services.
- Completion is targeted for 2027 but remains subject to regulatory clearances and employee consultations, and the deal follows wider cost‑cutting moves by both parents that include BT’s multi‑year UK refocus and Verizon’s restructuring efforts that have involved large staff reductions.