BT and Verizon merge international operations in new global business worth billions

BT has revealed aims to cut costs by a further £700 million over the next four years as it reported flat full-year earnings and falling revenues. (BT/PA) -

BT has struck a significant deal with US mobile phone giant Verizon to merge their international operations, creating a new joint venture with an estimated annual turnover of around £3 billion.

Under the terms of the agreement, Verizon will make an equalisation payment of £473 million to BT, with both companies holding equal shares in the combined entity. This new venture is set to serve over 3,000 customers across more than 180 countries worldwide.