Morningstar

BT, Verizon to Form International Joint Venture

Provided by Dow Jones

By Anthony O. Goriainoff 




   BT said it would form a joint venture with Verizon representing $4 billion in combined annual revenue. 



  The London-listed telecommunications operator said the 50:50 connectivity joint venture would serve more than 3,000 customers in around 180 countries. Martijn Blanken will be the new company's chief executive officer-designate, it said. 



  BT's international division will be classified as a discontinued operation and no longer included in its guidance for the fiscal year through March 2027, the company said. 



  As a result, BT cut its guidance for fiscal 2027. It now expects adjusted revenue to be in the range of 17.1 billion to 17.6 billion pounds ($22.58 billion-$23.24 billion) compared with its previous guidance of 19 billion to 19.5 billion pounds. Adjusted earnings before interest, taxes, depreciation and amortization are now expected at 8.1 billion to 8.2 billion pounds compared with 8.2 billion to 8.3 billion pounds previously. 



  Verizon agreed to pay BT an equalization payment--a settlement made to balance a financial discrepancy between two parties--of $625 million. 



  The transaction is expected to complete in 2027, it said. 





  Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com 





  (END) Dow Jones Newswires



  June 29, 2026 03:04 ET (07:04 GMT)


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