BT and Verizon to combine troubled international businesses

Two of the world’s best-known telecommunications companies are spinning off their struggling networking businesses into a $4 billion venture.

UK-based BT Group and US-based Verizon revealed plans on Monday to create a 50:50 joint venture to hold their respective international operations and a new platform “designed for the age of cloud and AI."

Verizon CEO Dan Schulman said the “cutting-edge, AI-ready and secure platform” would cater to international customer demands for “secure, flexible connectivity that works seamlessly across borders and cloud environments.”