BT Group and Verizon Communications have agreed to combine their international enterprise operations in a 50/50 joint venture, with Verizon paying BT a $625 million equalisation fee. The new entity will serve more than 3,000 customers across over 180 countries and generate approximately $4 billion in combined annual revenue. The deal concludes BT's search for a buyer of its international business and supports CEO Allison Kirkby's strategy to refocus on the UK market while targeting £3.7 billion in savings by 2030. Martijn Blanken has been named CEO-designate of the joint venture, which will be incorporated in Jersey and headquartered in the UK.
BT Group PlcBT receives $625M equalization fee and offloads international business, supporting UK refocus and cost savings target.
Verizon Communications IncVerizon pays $625M equalization fee and combines international ops into JV; impact on Verizon is mixed as it gains scale but pays cash.