Two of the world's largest telcos merge int'l arms to form firm with $4-billion sales

Verizon and BT Group, two of the world's largest telecom firms, have agreed to merge their international subsidiaries to form a 50:50 joint venture with projected annual revenue of $4 billion. As part of the deal, Verizon will pay $625 million to BT. Additionally, the two companies announced that Martijn Blanken has been appointed the CEO-designate of the new JV.