- BT and US mobile giant Verizon have agreed to merge their international operations into a new joint venture, which is expected to have an annual turnover of approximately £3 billion.
- Under the terms of the agreement, Verizon will make an equalisation payment of £473 million to BT, with both companies holding equal shares in the combined entity, set to serve over 3,000 customers across more than 180 countries.
- This strategic move aligns with BT's long-term plan to divest its international business and concentrate on its domestic UK market, following previous sales of its Italian and Irish operations.
- The deal comes as both companies pursue significant cost-cutting measures, with BT aiming for £3.7 billion in savings and up to 55,000 global job losses, while Verizon plans to cut over 13,000 jobs.
- The joint venture will be incorporated in Jersey but maintain its headquarters and tax residency in the UK, with Martijn Blanken appointed as chief executive designate ahead of the deal's anticipated completion in 2027.
IN FULL
BT and Verizon merge international operations in new global business worth billions
