Verizon and BT Form $4 Billion Joint Venture for International Operations
Verizon Communications and BT Group have agreed to form a 50:50 joint venture combining their international enterprise operations, generating about $4 billion in annual revenue. Verizon will pay BT a $625 million equalization payment. The venture, pending regulatory approval, will serve over 3,000 multinational clients across 180 countries. BT CEO Allison Kirkby views this as a step toward industry consolidation, while Verizon CEO Dan Schulman emphasizes enhanced global connectivity. Martijn Blanken is appointed CEO-designate of the new entity.