Verizon completes TracFone Wireless, Inc. acquisition
23 November 2021 - 4:33PM
Verizon (NYSE: VZ) – Today Verizon Communications (NYSE, Nasdaq:
VZ) announced that it has completed its previously announced
acquisition of TracFone Wireless, Inc. and TracFone’s family of
brands, bringing the leading premium and value wireless brands
together on the leading wireless network. The addition of
TracFone’s brands to Verizon’s portfolio of brands will provide
more U.S. consumers seeking value wireless plans with improved
experiences and enhanced services on America’s most reliable
network. Customers will benefit from more choices and features,
including fixed wireless residential broadband solutions, new
device technology, expanded 5G access, a continued commitment to
Lifeline services and more international calling and roaming
options.
The acquisition positions Verizon as the leading
pre-paid, value and premium wireless carrier by expanding Verizon’s
portfolio, bringing enhanced access to its industry-leading
wireless network and comprehensive suite of mobility products and
services to a new customer base. Verizon will continue to offer
Lifeline service - with new 5G connectivity options - through
TracFone and further develop TracFone’s products, distribution
channels, and core brands. Those brands include Straight Talk, the
vast majority of whose customers operate on the Verizon network
today as well as Total Wireless, TracFone and SafeLink.
TracFone is the largest reseller of wireless
services in the U.S., serving approximately 20 million subscribers
through a network of over 90,000 retail locations nationwide. A
longtime partner of Verizon, more than 13 million TracFone
subscribers currently rely on Verizon’s wireless network through an
existing wholesale agreement.
“We’re thrilled to welcome TracFone and its
employees to the Verizon family and look forward to bringing new
products and enhanced services to this attractive segment of the
market. Our new premium and value customer base will benefit from
the combined organization's offerings —now and in the future,” said
Ronan Dunne, CEO, Verizon Consumer Group. “The addition of the
TracFone brands firmly establishes Verizon as the provider of
choice in the value segment, which complements our clear leadership
in the premium segment,” he added.
“For over 25 years, TracFone Wireless, Inc. has
provided wireless solutions to value-conscious consumers,” said
Eduardo Diaz Corona, CEO TracFone Wireless, Inc. “With the power of
Verizon, we will be able to bring innovative offerings and better
value to market quicker, allowing us to further our purpose to
deliver Coverage & Access For All.”
Verizon paid a closing consideration of US$3,125
million in cash, subject to customary adjustments, and 57,596,544
shares of Verizon stock. Subject to TracFone continuing to achieve
certain operating metrics, Verizon shall pay up to an additional
US$650 million cash consideration.
Verizon Communications Inc. (NYSE, Nasdaq: VZ)
was formed on June 30, 2000 and is one of the world’s leading
providers of technology and communications services. Headquartered
in New York City and with a presence around the world, Verizon
generated revenues of $128.3 billion in 2020. The company offers
data, video and voice services and solutions on its award-winning
networks and platforms, delivering on customers’ demand for
mobility, reliable network connectivity, security and control.
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