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BT and the US mobile company Verizon are to combine their international businesses, ending the British telecom group’s more than 18-month search for a buyer.

Verizon will pay a $625m (£473m) “equalisation” fee to BT to guarantee equal voting rights in the new 50/50 joint venture, the companies announced on Monday. The deal is expected to create a company with more than 3,000 customers across about 180 countries and $4bn in combined annual revenue.

“We are building a future-ready organisation that is more agile, cost disciplined and technology enabled.

“Fit2Win is central to this ambition, strengthening how we operate and our ability to compete in a rapidly evolving environment.