VZ · 10-Q · 2026Q2 · Full report

BT Group Partnership

VERIZON COMMUNICATIONS INC · 2026-07-31 · Importance 53 · Surprise 60 · In source text

On June 28, 2026, Verizon entered into an agreement with BT and NewCo under which Verizon and BT will each own 50% of NewCo. Verizon will contribute subsidiaries comprising the Verizon Contributed Business and pay $625 million in cash to NewCo, while BT will contribute its international wireline connectivity and managed network services subsidiaries. Verizon recorded a $746 million pre-tax loss in the six months ended June 30, 2026 when the contributed business was classified as held for sale. Closing remains subject to regulatory approvals and other customary conditions.

Key facts

• As consideration for the joint venture, Verizon will contribute equity interests of certain subsidiaries comprising the Verizon Contributed Business and make a $625 million cash payment to NewCo, which NewCo will distribute to BT. source
• On June 28, 2026 Verizon entered into a Transaction Agreement with BT and NewCo under which Verizon and BT will each acquire a 50% equity interest in NewCo. source
• On June 28, 2026 Verizon entered into a transaction agreement with BT Group plc and Jasper NewCo Limited whereby Verizon and BT will each acquire a 50% equity interest in NewCo; closing is subject to customary regulatory approvals and other closing conditions. source
• The relative values of the Verizon Contributed Business and the BT Contributed Business are subject to customary post-closing adjustments based on levels of cash, net working capital, and indebtedness of each business at closing and closing is subject to customary regulatory approvals and other closing conditions. source

Impact estimates