BT Group and Verizon to form 50:50 joint venture for international enterprise services

BT Group and Verizon Communications said Monday they have agreed to combine their international enterprise operations in a 50:50 joint venture, creating a global connectivity business aimed at multinational companies. The companies said the venture is expected to serve more than 3,000 customers in more than 180 countries, and Verizon said the combined business would represent about $4 billion in annual revenue.

Under the agreement announced by Verizon, Verizon will make a $625 million equalization payment to BT as part of the 50:50 structure. The transaction is expected to close in 2027, subject to regulatory clearances, other customary closing conditions and consultation with employee representatives where required. Until then, the companies said their international operations will continue to run separately and maintain existing commitments to customers.

The joint venture will focus on multinational enterprise customers, a market where companies typically buy networking and managed connectivity services from providers with broad international reach. Martijn Blanken has been named CEO-designate, subject to completion of the deal. Verizon said he is due to join BT on Sept. 1, 2026, and will work with both parent companies, subject to regulatory requirements, to prepare for the launch. Clive Selley will remain CEO of BT International until completion, while Verizon said its leadership will stay unchanged. The new company will be incorporated in Jersey and headquartered and tax resident in the U.K.

The companies said the combination is intended to add scale as business customers shift toward cloud- and AI-driven networking needs. Allison Kirkby, BT Group chief executive, said in Verizon’s announcement that “bringing together this expertise and heritage with Verizon’s deep relationships with multinationals will create a stronger, scaled connectivity partner.”

The deal is the latest step in BT’s reshaping of its international business. BT completed the sale of BT Federal, its U.S. government-focused unit, on Jan. 6, 2026, and completed the sale of its Radianz business on Feb. 2, 2026. The company has also emphasized a stronger U.K. focus while positioning BT International around secure multi-cloud connectivity.

For Verizon, the transaction would deepen its reach in the market for cross-border enterprise networking and managed services at a time when large companies are looking for providers that can link offices, cloud systems and data operations across multiple regions.

The announcement did not disclose a full valuation for the joint venture beyond the revenue figure and Verizon’s equalization payment, and it did not specify the exact legal entities or assets being contributed. For customers, the immediate message was more straightforward: both companies said service will continue as normal until the transaction closes.