Verizon join forces to create $4 billion international joint venture

BT and Verizon are merging their international enterprise operations into a new 50:50 joint venture, aiming to serve multinational clients with a combined annual revenue of $4 billion. Verizon will pay BT $625 million as an equalisation payment. BT's CEO sees this as a potential catalyst for wider industry consolidation, highlighting the fragmented nature of the market. Martijn Blanken has been appointed as the CEO-designate for this new venture.