Verizon and BT Announce $4 Billion Global Enterprise Network Joint Venture

Verizon Communications and BT Group announced a 50:50 joint venture combining their international enterprise operations, with Verizon paying BT an equalization payment of $625 million and both companies retaining equal voting rights. The new business will serve over 3,000 multinational customers across more than 180 countries and is expected to generate approximately $4 billion in annual revenue. Martijn Blanken has been appointed CEO-designate of the venture, set to join BT on September 1 to prepare for launch. The transaction remains subject to regulatory approvals.
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