29 June 2026

BT Group and Verizon to form joint venture,

creating a scaled international connectivity platform for multinational customers

LONDON and NEW YORK, 29 June 2026: BT Group (BT) and Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced the signing of an agreement to combine their respective international enterprise operations into a 50:50 joint venture - in a move that is set to transform international connectivity.

The new joint venture will focus on serving multinational organisations. It is expected to serve more than 3,000 customers across more than 180 countries, representing approximately $4 billion in combined annual revenue. This breadth of operations will unlock significant scale efficiencies across the combined global network and service operations following completion.

Designed specifically for a cloud-first world in the age of AI, the joint venture brings together BT International, which serves multinational customers with secure and resilient communication and network services around the world, with Verizon's international enterprise wireline arm, which provides secure connectivity to enterprises worldwide. Both BT and Verizon will hold equal voting rights and Verizon has agreed to pay BT an equalisation payment of $625 million.

By combining global scale with infrastructure designed and built to support local compliance and sovereignty needs, the joint venture will create a stronger platform for growth and accelerate the rollout of next-generation connectivity platforms. Customers will benefit from secure and resilient connectivity designed to meet data, operational and regulatory requirements.

At the same time, the parent companies will be better able to focus on their domestic markets, while providing support to the new joint venture as equal shareholders.

BT and Verizon have also today confirmed that Martijn Blanken has been appointed Chief Executive Officer-designate of the new joint venture, conditional on the completion of the transaction. Martijn has almost three decades in senior leadership positions across telecommunications, technology and digital infrastructure at Telstra, Openwave Systems, EXA Infrastructure and KPN, and a career spanning four continents. From 01 September he will join BT and will work with both parent companies, while observing relevant regulatory requirements, as they prepare for the launch of the proposed joint venture.

Clive Selley will continue to lead BT International as CEO, ensuring continuity of BT International's ongoing transformation in readiness for the creation of the joint venture. Verizon's leadership remains unchanged.

Allison Kirkby, Chief Executive of BT Group, said: "The world's leading brands and international organisations trust BT International to connect them across the world. Bringing together this expertise and heritage with Verizon's deep relationships with multinationals will create a stronger, scaled connectivity partner - one that has the reach, innovation and investment to succeed. Customers will benefit from new, secure and resilient connectivity platforms, which are designed for the age of AI and sovereign where it matters. It will create new opportunities for our people and long-term value for our owners. Today's announcement marks a major milestone for BT International, and an important step forward for BT as a whole, as we deliver on our UK-focused strategy."

Dan Schulman, CEO of Verizon, said: "Our international customers require secure, flexible connectivity that works seamlessly across borders and cloud environments. When we thought about how to best support them, this joint venture was the clear answer: a cutting-edge, AI-ready and secure platform run by a single global organization dedicated to their needs. At the same time, our relationship with those customers will stay equally strong as we continue to directly provide them with the connectivity they need in the U.S."

The transaction is subject to regulatory clearances and consultation with employee representations in countries where required. BT and Verizon's international businesses will continue to operate independently until the transaction officially closes with a full commitment to their respective customers.

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Additional information

About BT Group

BT Group is the UK's leading provider of fixed and mobile telecommunications and related secure digital products, solutions and services.

BT Group consists of four customer-facing units:  Consumer serves individuals and families in the UK; Business covers companies and public services in the UK; International serves multinational organisations headquartered outside the UK and overseas public sector customers; Openreach is an independently governed, wholly owned subsidiary wholesaling fixed access infrastructure services to its customers - over 700 communications providers across the UK.

British Telecommunications Limited is a wholly owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on the London Stock Exchange. For more information, visit www.bt.com/about

BT Enquiries

About Verizon

Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon's world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores            

VERIZON'S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Verizon Media Contact:

Sarah Heinz                                                         Email: [email protected] / Tel: 347-931-6300

Verizon Forward-Looking Statements

This communication contains forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include those regarding our possible or assumed future results of operations and those regarding our ability to consummate the proposed transaction with BT Group plc and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all. Forward-looking statements also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets," "will" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.