Verizon to acquire Tracfone for $6.9 billionChristian Fernsby ▼ | September 14, 2020
Verizon has entered into an agreement with America Movil to acquire Tracfone.
Topics: Verizon Tracfone
A longtime partner of Verizon, Tracfone subscribers currently rely on Verizon’s wireless network through an existing wholesale agreement.
The consideration for the transaction will include $3.125 billion in cash and $3.125 billion in Verizon common stock, subject to customary adjustments, at closing.The agreement also includes up to an additional $650 million in future cash consideration related to the achievement of certain performance measures and other commercial arrangements.
The transaction is subject to receipt of regulatory approvals and other customary closing conditions. Verizon expects the transaction to close in the second half of 2021. ■