Verizon will pay BT $625 million to even things out. That equalization payment sits at the center of the agreement the two companies signed on 29 June 2026 to merge their international enterprise operations into a 50:50 joint venture.
The new company will serve more than 3,000 multinational customers in more than 180 countries, with approximately $4 billion in combined annual revenue. It combines BT International with Verizon’s international enterprise wireline arm. Both parents get equal voting rights.
Who runs it
Martijn Blanken has been named chief executive-designate, a job that depends on the deal closing. He has almost three decades in senior roles at Telstra, Openwave Systems, EXA Infrastructure and KPN, across four continents. From September 1, 2026, he joins BT and will work with both parents on preparations for launch, within regulatory limits. Clive Selley stays on as CEO of BT International in the meantime, and Verizon’s leadership is unchanged.
What the executives said
BT Group chief executive Allison Kirkby framed it as a step in the company’s plan to concentrate on Britain. The announcement, she said, is “an important step forward for BT as a whole, as we deliver on our UK-focused strategy.” She argued that pairing BT International’s expertise with Verizon’s “deep relationships with multinationals” would produce a stronger partner.
Verizon CEO Dan Schulman said the venture was “the clear answer” to how best to support international customers: a platform “run by a single global organization dedicated to their needs.” Verizon will continue to serve those customers directly in the U.S., he said.
Both companies said the move will leave the parents better placed to focus on their domestic markets while supporting the venture as equal shareholders.
Timing and structure
Completion is expected in 2027, subject to regulatory clearances and consultation with employee representatives where required. Until the deal closes, the two international businesses keep operating independently.
The venture will be incorporated in the Bailiwick of Jersey, with its headquarters and tax residence in the United Kingdom. On completion it will set up commercial relationships with both BT and Verizon, so customers in the UK and US get service across borders. Goldman Sachs was lead financial advisor to BT, with Deloitte on transaction services and Freshfields as legal counsel. Morgan Stanley advised Verizon, and Kirkland & Ellis acted as its legal counsel.
Sources
- Verizon and BT form joint venture | About Verizon
- BT Group and Verizon to form joint venture, creating a scaled international connectivity platform for multinational customers
