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Verizon’s +6B Acquisition Of TracFone Wireless Wins Approval By California Public Utilities Commission

By John F. Heerdink, Jr.

As per reports, the California Public Utilities Commission has approved Verizon Communications’ (VZ) more than $6 billion proposed acquisition of TracFone Wireless after the companies agreed to some additional consumer protection conditions. As per the agreement with the California regulator, TracFone or Verizon must participate in a U.S. program providing subsidized wireless service for low-income consumers for 20 years. In September 2020, Verizon said it would buy pre-paid mobile phones provider TracFone, a unit of Mexican telecom company America Movil, in a cash and stock deal worth up to $6.9 billion.

Under the agreement terms with California, TracFone must enroll at least 200,000 Lifeline subscribers in the state by the end of 2025. Either of the parties must offer Lifeline customers a phone at no cost, including 5G phones after the first year of the merger. TracFone or Verizon must offer plans with comparable voice, text, and data at the same or lower price as TracFone currently offers for five years. The transaction was previously approved by the Justice Department and awaits approval by the Federal Communications Commission.

Verizon Communications, Inc. (VZ) is a worldwide leader in delivering communications and technology solutions that improve the lives of its customers. To learn more about Verizon Communications, Inc. (VZ) and track its progress, please visit the Vista Partners Verizon Communications Inc. Coverage Page.

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(Read Original Story: UPDATE 1-California approves Verizon deal to acquire TracFone Wireless in Reuters)


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