BT and Verizon merge international networks into a joint venture
Money MovesA 50-50 venture pools both carriers' global enterprise arms and lets BT pull back to the UK
June 29th, 2026: BT and Verizon announce the $4 billion ventureNew here? Follow stories to track developments over time. Create a free account to get updates when stories you care about change.
Overview
Updated Jun 30BT spent about 18 months trying to sell its international arm. On June 29, 2026, it found a different exit: a 50-50 joint venture with Verizon that pools both carriers' global enterprise networks into one $4 billion business. Verizon pays BT $625 million for equal voting rights, and the combined company will serve more than 3,000 corporate clients across 180-plus countries.
BT shares rose 1.9% to 198.75p; Verizon fell roughly 5%, hit by the charge disclosures and its removal from the Dow Jones Industrial Average after 22 years. Verizon flagged a $700-800 million Q2 loss from marking its international wireline unit as held for sale. The company also expects $350-450 million in severance charges and $200-300 million in asset-rationalization costs from its wider restructuring.
Why it matters
Big multinationals that buy network service from BT or Verizon will get one global provider instead of two, with new pricing and contracts on the way.
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Organizations Involved
Britain's largest telecoms group, owner of Openreach and mobile operator EE.
Major US carrier expanding its reach for multinational corporate customers.
Timeline
February 2024 September 2026
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Blanken starts as CEO-designate
Upcoming LeadershipMartijn Blanken begins leading the venture's setup ahead of the deal's close.
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BT and Verizon announce the $4 billion venture
Latest DealThe two carriers agree a 50-50 joint venture combining their international enterprise networks, with Verizon paying BT $625 million for equal voting rights.
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Verizon flags up to $800M Q2 charge tied to JV reclassification
FinancialVerizon disclosed a $700-800M Q2 loss from reclassifying its international wireline business as held for sale. The company also flagged $350-450M in severance charges and $200-300M in asset-rationalization costs from its wider transformation program.
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BT shares rise 1.9%; Verizon falls ~5% on deal day
MarketBT shares climbed to 198.75p on the JV announcement. Verizon fell roughly 5%, compounded by the Q2 charge disclosures and the company's removal from the Dow Jones Industrial Average after a 22-year run.
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BT puts its international arm up for sale
StrategyBT begins what becomes a roughly 18-month search for a buyer for its international operations.
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Kirkby takes over at BT
LeadershipAllison Kirkby becomes BT chief executive and starts simplifying the group around the UK.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
BT and AT&T's Concert venture (1998-2002)
BT and AT&T built Concert, a global venture to serve multinational companies. Management clashes, heavy debt, and losses of about $800 million a year sank it. The partners split the assets in 2001.
The wind-down cost roughly 2,300 jobs. AT&T took about $5.3 billion in charges and BT about $1.7 billion.
Concert's assets folded back into each carrier's regional operations, ending BT's biggest attempt at a global enterprise tie-up.
It is BT's clearest precedent for a 50-50 transatlantic enterprise venture, and a reminder that shared control and culture gaps can break these deals.
Verizon buys MCI (2005-2006)
Verizon acquired long-distance and enterprise carrier MCI for about $8.4 billion, beating a rival bid. The deal gave Verizon a large business and international network arm.
Verizon gained thousands of corporate customers and a global IP backbone overnight.
The MCI assets became the core of Verizon's enterprise and international wireline business, the same arm now going into the BT venture.
It shows how Verizon built the international unit it is now pooling, and why scale in enterprise networking matters to the company.
BT acquires EE (2015-2016)
BT bought mobile operator EE for £12.5 billion, returning to the UK consumer mobile market it had exited years earlier. Regulators cleared the deal in early 2016.
BT became the UK's largest mobile and broadband provider in one move.
It anchored BT's strategy around the UK, the same focus driving the decision to offload its international arm a decade later.
It marks the start of BT's tilt toward the UK home market that the Verizon venture now extends.
