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.

The deal ​marks ‌a milestone for ⁠BT chief ⁠executive Allison Kirkby, who has been steadily refocusing the ​180-year-old British telecoms group on ‌its home UK market ⁠while shedding international assets.

Verizon CEO Dan Schulman, who has been pushing his own turnaround at the U.S. wireless carrier, said the venture was "the clear answer" for international customers who need secure, flexible connectivity that works across borders and cloud environments.

BT and Verizon ‌named Martijn Blanken as chief executive officer-designate ⁠of the new company. Blanken ​will join BT Group from September 1, 2026, and work with both parent companies ​as they ‌prepare to launch the joint ⁠venture.

(Reporting by Yadarisa ​Shabong in Bengaluru; Editing by Rashmi Aich)