BT and Verizon agree $625m deal to merge international telecoms units
The British telecoms group and Verizon will combine overseas operations in a 50-50 venture after a long search by BT for a buyer.
BT and Verizon have agreed to combine their international telecoms businesses in a joint venture, the companies said on Monday. The deal includes a $625m equalisation payment from Verizon to BT to give both sides matching voting rights.
The new company is expected to serve more than 3,000 customers in about 180 countries and generate roughly $4bn in annual revenue, according to the companies. BT said the arrangement ends a search of more than 18 months for a buyer for its international arm.
The venture brings together BT’s overseas operations with Verizon’s global business in a 50-50 structure. The companies did not give a timetable for completion in the material released on Monday.
BT has been looking to reshape its international operations as it focuses on its core business, while Verizon expands its reach in enterprise telecoms. The agreement was announced in London and reported by the Guardian.
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