Verizon and BT form joint venture
Verizon and BT are merging their international networking divisions into a $4 billion joint venture.
📍 Where it landed
Verizon and BT formed a $4 billion joint venture by merging their international networking units to pivot toward their home markets. Verizon reclassified assets as a result of the deal and flagged an estimated quarterly loss of up to $800 million.
Epilogue added 45d ago, after coverage quieted.
The reporting (9)
- Breakingviews - BT-Verizon deal puts global telco ghosts to bed Reuters · 47d ago
- Verizon, BT Merge International Units in Pivot to Home Markets Bloomberg · 47d ago
- Verizon, Britain’s BT to Combine Overseas Operations WSJ · 47d ago
- Verizon Sees Quarterly Loss of Up to $800 Million Due to BT Deal Bloomberg.com · 47d ago
- BT and Verizon spin off international networking arms into $4B joint venture The Register · 47d ago
- BT and Verizon to create joint global business in $4bn deal The Guardian · 47d ago
- Verizon reclassifies assets, expects estimated Q2 loss (VZ:NYSE) Seeking Alpha · 47d ago
- Verizon and BT form joint venture Verizon · 47d ago
- Verizon Flags Up To $800M BT Group JV Hit Yahoo Finance · 47d ago broke it first
The story so far
Verizon and BT have announced the formation of a joint global business. The deal involves spinning off the international networking arms of both companies into a venture valued at $4 billion.
Coverage from Bloomberg, The Register, and The Guardian emphasizes the financial scale of the deal. Seeking Alpha and Bloomberg report that Verizon expects a quarterly loss of up to $800 million, partly due to asset reclassification related to the agreement.
Future developments will likely center on the reported Q2 loss and the operational integration of the newly spun-off international networking assets.
Synthesized by Newsylist from the headlines below under a strict no-invention contract. ✓ fact-checked: all claims supported by sources Updated 47d ago.
The obvious questions
What is the value of the joint venture?
The deal is valued at $4 billion.
How is this affecting Verizon's finances?
Verizon expects a quarterly loss of up to $800 million and has reclassified assets in connection with the deal.
Which parts of the businesses are being combined?
The companies are spinning off their international networking arms.
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