UK — BT and Verizon announced on Monday a 50/50 joint venture that will combine their international businesses. Verizon will pay a $625 million equalization fee to BT to guarantee equal voting rights within the new entity.

The new joint business will be led by Martijn Blanken, a former executive at Telstra. It is scheduled to be incorporated in Jersey, headquartered in the UK, and will be tax resident in the UK. The international businesses will continue to operate independently until the transaction officially completes.

The joint venture is projected to serve over 3,000 customers and operate in approximately 180 countries. It is expected to generate $4 billion in combined annual revenue. The completion of the deal remains subject to regulatory clearances and consultation with employee representatives in some countries.

Allison Kirkby, Chief Executive of BT, commented on the agreement. "This deal marked an important step forward for BT as a whole, as we deliver on our UK-focused strategy," Kirkby said. Kirkby became BT Chief Executive in February 2024. BT plans to increase its savings target to £3.7 billion by 2030, up from its previous target of £3 billion by 2029. The company's headcount is anticipated to be between 75,000 and 80,000 by the end of the decade. Kirkby's pay and bonus package totaled £5.6 million last year.

David Schulman, Chief Executive of Verizon, also issued a statement regarding the partnership. Schulman said, "The joint venture with BT would provide a cutting-edge, AI-ready and secure platform run by a single global organisation dedicated to [customer] needs."