Naija Tech News (NTN) on 15, and in content, Operator Verizon Announces Acquisition of Latin American Wireless Service Provider Tracfone for US$6.25 billion, Latin American, Operator Verizon, Tracfone, Verizon, Wireless Service .
This $6.25 billion includes $3.125 billion in cash and $3.125 billion in Verizon common stock. In addition, if certain performance targets are achieved in the future, Verizon will also pay an additional $650 million in cash.
Tracfone is a division of America Movil, the largest mobile operator in Latin America, and the largest prepaid mobile brand in the United States, with approximately 21 million subscribers and more than 90,000 retail locations.
This means that Verizon will greatly expand its subscriber base. In the next few years, Verizon also plans to sell 5G services to Tracfone users.
In recent years, the US mobile service market has undergone several consolidations, resulting in an increasingly concentrated wireless industry, most of which is controlled by Verizon, AT&T and T-Mobile.
The transaction is still subject to regulatory approval and is expected to be completed in the second half of 2021.
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