Verizon to buy Tracfone for $6.25 billion

Monday, 14. September 2020 14:16

Verizon announced on Monday that it is looking to buy Tracfone from America Movil in a deal worth $6.25 billion. The company promised that the deal would provide Tranfone customers with Verizon's 4G LTE and 5G technology.

The deal is supposed to consist of $3.125 billion in cash and $3.125 billion in Verizon common stock. Additionally, an additional $650 million may be added as part of future performance measures. Verizon sees the transaction being completed in the second half of next year and remains subject to regulatory approval.

"We are pursuing this important strategic acquisition from a position of strength given our very strong and prudent financial profile," Verizon CEO Hans Vestberg said.

Related Links: América Móvil S.A.B. de C.V.Verizon Communications Inc.
Author:
Breaking the News / VP