Verizon join forces to create $4 billion international joint venture

BT and Verizon on Monday announced a deal to combine their international enterprise operations into a 50:50 joint venture, focussing on serving multinational ‌clients and ⁠bringing together $4 ⁠billion in combined annual revenue.

Verizon has agreed to pay BT an equalisation payment of $625 million, and both companies will hold equal voting rights in the new venture, which will serve more than 3,000 customers in over 180 countries, they said in a joint statement. “This is a very fragmented market and this could be the start of further consolidation,” BT Chief Executive Allison Kirkby said in an interview with Reuters. “We could possibly look to ⁠bring in third ‌parties at some point in the future.”