BT and Verizon Form Shocking Joint Venture

This is not a simple partnership. The new company will serve more than 3,000 corporate customers across more than 180 countries, pulling in roughly $4 billion in combined annual revenue. Multinational businesses that have long juggled two separate providers now get one powerful, unified connectivity partner built for the cloud-first, AI-driven era.

What the BT Verizon Joint Venture Actually Means

The deal brings together BT International — which delivers secure and resilient communication networks to global enterprises — with Verizon’s international enterprise wireline arm, which connects major corporations around the world. Together, they form a scaled global connectivity platform specifically designed for modern business demands.

Both companies hold equal voting rights in the new venture. To balance the equation, Verizon agrees to pay BT an equalization payment of $625 million. That figure underscores just how seriously both sides take this deal.

The joint venture will incorporate in the Bailiwick of Jersey, with its headquarters and tax residency established in the United Kingdom. Once the transaction closes, the new entity will maintain commercial relationships with both BT and Verizon — ensuring seamless end-to-end service for customers in the U.K. and the U.S. alike.

Read the full official announcement here: Verizon Official Press Release

Who Leads the New Company?

BT Group and Verizon jointly name Martijn Blanken as Chief Executive Officer-designate of the new joint venture, subject to the deal closing. Blanken brings nearly three decades of senior leadership across telecommunications, technology, and digital infrastructure. His career spans roles at Telstra, Openwave Systems, EXA Infrastructure, and KPN — covering four continents.

Starting September 1, 2026, Blanken joins BT and begins working with both parent companies to prepare for the launch of the new venture, while observing all relevant regulatory requirements.

Meanwhile, Clive Selley continues as CEO of BT International, leading its ongoing transformation to ready the business for the transition. Verizon makes no leadership changes on its end.

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What the CEOs Say

Allison Kirkby, Chief Executive of BT Group, framed the move as a major milestone for BT International and a critical step toward a sharper UK-focused strategy:

“The world’s leading brands and international organizations trust BT International to connect them across the world. Bringing together this expertise and heritage with Verizon’s deep relationships with multinationals will create a stronger, scaled connectivity partner — one that has the reach, innovation and investment to succeed.”

Dan Schulman, CEO of Verizon, highlighted the product vision behind the venture:

“Our international customers require secure, flexible connectivity that works seamlessly across borders and cloud environments. When we thought about how to best support them, this joint venture was the clear answer: a cutting-edge, AI-ready and secure platform run by a single global organization dedicated to their needs.”

Both leaders also confirm that their direct relationships with enterprise customers remain intact — Verizon continues to provide U.S. connectivity to its corporate clients independently.

Why This Deal Matters for Global Enterprise Customers

The joint venture tackles a pain point that multinational companies know well: fragmented global connectivity. Operating across dozens of countries means navigating different providers, regulatory environments, and network standards. This new entity promises one integrated platform that handles local compliance and data sovereignty requirements without sacrificing global reach.

The new platform focuses on next-generation connectivity built for cloud infrastructure and AI workloads — not legacy architectures. Enterprises gain a single partner that delivers across 180-plus countries with the combined network depth of two industry heavyweights behind it.

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When Does the BT Verizon Deal Close?

The transaction targets a 2027 completion date, pending regulatory clearances and employee consultations in relevant countries. Until then, BT International and Verizon’s international business both continue operating independently, with full commitment to their existing customers.

Goldman Sachs serves as lead financial advisor to BT, with Deloitte as transaction services advisor and Freshfields LLP as legal counsel. Morgan Stanley advises Verizon, with Kirkland and Ellis LLP handling legal counsel.

4 Key Questions Answered

What is the BT and Verizon joint venture?
BT Group and Verizon have agreed to merge their international enterprise operations into a 50:50 joint venture. The new company will serve more than 3,000 multinational customers across 180-plus countries, generating around $4 billion in combined annual revenue. It builds a single global connectivity platform for large enterprises.

Who leads the new BT Verizon joint venture company?
Martijn Blanken leads the new BT Verizon joint venture as CEO-designate. He brings nearly 30 years of experience at major telecoms and digital infrastructure firms including Telstra and KPN. He joins BT on September 1, 2026, to begin preparations ahead of the official launch.

How much does the BT Verizon joint venture deal cost?
Verizon pays BT an equalization payment of $625 million as part of the 50:50 joint venture structure. The deal reflects the combined annual revenue of approximately $4 billion that the two international enterprise businesses generate together. Both companies hold equal voting rights in the new entity.

When will the BT Verizon joint venture complete?
The BT and Verizon joint venture expects to complete in 2027. The deal requires regulatory approvals and employee consultations in multiple countries before closing. Both companies continue running their international operations independently until the transaction officially finalizes.