Verizon to form 50-50 international wireline joint venture with BT, pays $625 million
Verizon signed a transaction agreement on June 28, 2026 with BT Group and NewCo to combine its international wireline connectivity and managed network services business with BT's equivalent business, with each company holding 50% of NewCo. Verizon will also make a $625 million cash payment to NewCo, which will pass it to BT, and it expects a second-quarter 2026 estimated loss of $700 million to $800 million, plus severance and asset charges, that will weigh on reported results.
Key points
- Transaction agreement signed June 28, 2026; closing is subject to customary regulatory approvals and closing conditions.
- Verizon to pay $625 million in cash to NewCo; the value of each contributed business is subject to adjustment for cash, net working capital and indebtedness at closing.
- Expected second-quarter 2026 estimated loss of $700 million to $800 million from classifying the Verizon Contributed Business as held for sale.
- Severance charge of $350 million to $450 million and asset rationalization charges of $200 million to $300 million expected in the second quarter of 2026.
The filing
Written by AI on Nov 8, 2026, 2:16 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 29, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.