BT and Verizon announced on June 29, 2026, a deal to combine their international enterprise operations into a joint venture equally owned by both companies [1, 2, 3]. The new venture will focus on serving multinational clients and aims to generate about $4 billion in combined annual revenue while supporting over 3,000 customers across more than 180 countries [1, 2, 3].
As part of the deal, Verizon will pay BT a $625 million equalisation payment to ensure equal voting rights within the joint venture [1, 2, 3]. The company will be incorporated in Jersey but headquartered and tax resident in the United Kingdom [2].
Martijn Blanken has been appointed CEO-designate of the new company and will join BT Group on September 1, 2026, to lead the venture [1, 2, 3]. Meanwhile, the international operations of BT and Verizon will continue to operate independently until the deal receives regulatory approvals and completes employee consultations in several countries [2].
BT CEO Allison Kirkby described the partnership as an "important step forward for BT as a whole, as we deliver on our UK-focused strategy," reflecting BT’s ongoing refocus on the UK market while shedding international assets and pursuing cost-cutting targets [1, 2, 3]. Verizon CEO Dan Schulman called the venture "the clear answer for international customers who need secure, flexible connectivity that works across borders and cloud environments," promising "a cutting-edge, AI-ready and secure platform run by a single global organisation dedicated to [customer] needs [1, 2]."
The announcement highlights both companies’ effort to strengthen their global enterprise connectivity offerings under joint control. The joint venture remains subject to regulatory reviews and other approvals. Martijn Blanken’s formal start as CEO on September 1 marks a key next step in completing the integration and launching the unified service platform [1, 2, 3].
