BT and Verizon to create joint global business in $625m deal

AI Summary

BT and Verizon have agreed to create a 50/50 joint global telecom business valued at $625 million. The new venture will serve over 3,000 customers in approximately 180 countries with $4 billion in combined annual revenue.

UK telecoms group’s 50/50 venture ends more than 18-month search for a buyer of its international operations Business live – latest updates BT and the US mobile company Verizon are to combine their international businesses, ending the British telecom group’s more than 18-month search for a buyer. Verizon will pay a $625m (£473m) “equalisation” fee to BT to guarantee equal voting rights in the new 50/50 joint venture, the companies announced on Monday. The deal is expected to create a company with more than 3,000 customers across about 180 countries and $4bn in combined annual revenue. Continue reading...