LONDON and NEW YORK — June 29, 2026 — BT Group and Verizon announced plans to combine their international enterprise operations into a 50:50 joint venture that will create a new global connectivity provider focused on serving multinational enterprises. The new company will support more than 3,000 customers across more than 180 countries and will represent approximately $4 billion in combined annual revenue. The transaction is expected to close in 2027, subject to regulatory approvals and customary closing conditions.
The joint venture combines BT International with Verizon’s international enterprise wireline business to create a global platform designed for cloud-first networking, AI workloads, and increasingly stringent data sovereignty requirements. According to the companies, the combined organization will leverage greater scale across global network infrastructure and service operations while accelerating deployment of next-generation connectivity platforms. Customers are expected to benefit from secure, resilient networking services engineered to meet growing operational, regulatory, and compliance demands across multiple jurisdictions.
| BT + Verizon International Enterprise JV | |
| A 50:50 global connectivity company focused on multinational enterprise networking, cloud-first operations, AI workloads and digital sovereignty. | |
| Ownership | 50:50 joint venture between BT Group and Verizon |
| Scale | ~$4 billion in combined annual revenue; more than 3,000 customers across 180+ countries |
| Assets Combined | BT International plus Verizon’s international enterprise wireline operations |
| BT Thesis | BT has been sharpening its UK focus, divesting non-core international assets and repositioning BT International as a next-generation, asset-light telco platform business. |
| Verizon Thesis | Verizon can retain multinational enterprise relationships while focusing capital and management attention on its U.S. wireless, fiber, FWA and domestic enterprise markets. |
| Strategic Rationale | Creates greater global scale without requiring either parent to operate a standalone international carrier business alone. |
| Technology Focus | AI-ready connectivity cloud networking digital sovereignty secure global WAN |
| Leadership | Martijn Blanken, former CEO of EXA Infrastructure, appointed CEO-designate subject to completion. |
| Financial Terms | Verizon will make a $625 million equalization payment to BT. |
| Expected Close | 2027, subject to regulatory approvals, employee consultation where required and customary closing conditions. |
| Converge Digest Takeaway | The JV signals a shift from legacy international carrier operations toward specialized, software-defined global enterprise connectivity platforms built for cloud, AI and sovereignty requirements. |
As part of the agreement, Verizon will make a $625 million equalization payment to BT. Both companies will retain equal ownership and voting rights in the new business while sharpening their strategic focus on their respective domestic markets. BT will continue serving UK customers while Verizon maintains its U.S. enterprise business, with both companies establishing commercial relationships with the joint venture following completion to deliver seamless cross-border services.
The companies also announced that Martijn Blanken has been appointed CEO-designate of the proposed joint venture, subject to closing. Blanken most recently served as CEO of EXA Infrastructure and previously held senior leadership positions at Telstra, Openwave Systems, and KPN. He will join BT on September 1 to help prepare for the launch of the new organization. BT International CEO Clive Selley will continue leading BT International until the transaction is completed.
“The world’s leading brands and international organisations trust BT International to connect them across the world,” said Allison Kirkby, Chief Executive of BT Group. “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, said the joint venture will create “a cutting-edge, AI-ready and secure platform run by a single global organization dedicated to” multinational enterprise customers while allowing Verizon to continue serving their U.S. connectivity needs directly.
The new joint venture will be incorporated in the Bailiwick of Jersey and headquartered and tax resident in the United Kingdom. Goldman Sachs advised BT on the transaction, while Morgan Stanley advised Verizon.
🌐 Analysis
The deal looks to be one of the most significant restructurings in the global enterprise networking market in recent years. Rather than pursuing a full corporate merger, BT and Verizon are separating their international enterprise networking assets into a standalone business dedicated exclusively to multinational customers.
One outside observation is that global enterprise networking is evolving from a traditional carrier business into a software-driven connectivity platform built for cloud, AI and digital sovereignty.
While the new company will launch with approximately $4 billion in annual revenue, more than 3,000 multinational customers, and operations spanning 180+ countries, the transaction is notable because both parents have spent the past several years repositioning away from operating large standalone international carrier businesses.
For BT, the transaction represents the next step in a deliberate strategy to become a more UK-focused infrastructure company. Over the past two years, BT has divested multiple non-core international businesses, established BT International as a separate operating unit, and repeatedly described its objective of transforming it into a “next-generation, asset-light telco platform business.” Rather than emphasizing traditional international voice or managed WAN services, BT’s annual report positions International around AI-driven networking, Global Fabric, Global Voice, secure communications, and digital sovereignty for multinational enterprises. At the same time, CEO Allison Kirkby has consistently highlighted BT’s long-term priorities as expanding Openreach fibre, extending EE’s 5G leadership, and investing more than £40 billion in UK digital infrastructure this decade.
Verizon has been following a parallel path. Its Business segment generated approximately $29 billion in annual revenue, but international enterprise wireline represents only one component of that portfolio. Q1 2026 results show the Business segment growing revenue modestly while delivering significantly stronger profitability, with operating income increasing more than 30% year-over-year and EBITDA margins expanding to 26.5%. The financial profile suggests Verizon’s priority has shifted toward improving returns while concentrating investment on its domestic wireless, fibre, fixed wireless access and enterprise markets.
The strategic logic is therefore compelling for both companies. Neither BT nor Verizon appears eager to fully exit multinational enterprise networking, but neither views operating a standalone global carrier as central to its future investment strategy. By combining their international assets, the companies gain greater operational scale while retaining equal ownership and preserving customer relationships in their respective home markets. Perhaps we are seeing the emergence of a new type of global enterprise networking provider—one designed less around owning international transport assets and more around delivering software-defined connectivity, security, cloud integration and AI-enabled networking services at global scale.
🌐 We’re tracking the latest developments in AI infrastructure, cloud networking, enterprise connectivity and global telecom transformation at Converge Digest.