BT and Verizon form 50-50 international JV, Verizon contributes $625 million
BT and Verizon are teaming up, combining their international operations into a new 50-50 joint venture.
Verizon is putting in $625 million to balance the deal, giving both companies equal say.
Together, they'll serve over 3,000 customers across about 180 countries, aiming for $4 billion in yearly revenue.
Martijn Blanken to lead AI-ready JV
Headquartered in the United Kingdom (but registered in Jersey), the joint venture will be led by former Telstra executive Martijn Blanken. It's set to offer a secure, AI-ready platform for big industries.
Both companies are looking to cut costs: BT plans job reductions by 2030, while Verizon already announced layoffs in November.
BT's CEO called this move an "important step forward for BT as a whole," and Verizon says it's all about meeting global customer needs with smarter tech.