VZ: Company disclosure

Item 7.01. Regulation FD Disclosure. Joint Venture with BT Group plc On June 28, 2026, Verizon Communications Inc., a Delaware corporation (“Verizon”), entered into a transaction agreement (the “Transaction Agreement”) with BT Group plc, a public limited company incorporated under the laws of England and Wales (“BT”), and Jasper NewCo Limited, a company incorporated under the laws of the Bailiwick of Jersey (“NewCo”). Pursuant to the Transaction Agreement, upon the terms and subject to the conditions thereof, (i) (A) Verizon will contribute the equity interests of certain of its subsidiaries that conduct Verizon’s international wireline connectivity and managed network services business (the “Verizon Contributed Business”) and (B) BT will contribute the equity interests of certain of its subsidiaries that conduct BT’s international wireline connectivity and managed network services business (the “BT Contributed Business”) to NewCo, and (ii) Verizon will make a cash payment equal to $625 million to NewCo, which NewCo will onward distribute to BT, in each case in exchange for shares representing 50% of the issued and outstanding equity interests of NewCo. The value of each of the Verizon Contributed Business and the BT Contributed Business is subject to a cash adjustment for the levels of cash, net working capital and indebtedness of the Verizon Contributed Business and the BT Contributed Business, respectively, as of transaction closing. The Transaction Agreement contemplates the entry into a Joint Venture Agreement between Verizon, BT and NewCo in respect of the governance of NewCo, on the basis of Verizon’s and BT’s equal 50% ownership, as well as certain ancillary commercial agreements and transition services arrangements. The consummation of the transaction is subjec