Verizon is Buying Tracfone?
Yes! Verizon is buying Tracfone! The leading stateside prepaid mobile provider in the U.S. from America Movil will now be under the Verizon umbrella.
Both companies have agreed to a $6.25 billion price tag which includes $3.125 billion in cash and $3.125 billion in Verizon common stock. The deal is set to close sometime in mid-2021.
Tracfone Customers Look Forward to Network Upgrades
Verizon will get a tremendous amount of prowess with what Tracfone brings to the table. This means that another 21 million subscribers will be added to Verizon’s corporate banner. Verizon will also be getting about more than 90,000 retail business locations such as CVS, Family Dollar, and BestBuy, as well as firmly plant their position in the value wireless market. What is even more striking than the ledger addition is the fact that Tracfone raked in $8.1 billion in 2019.
More Good News to Tracfone Subscribers
Once the acquisition is complete and final, Verizon released a statement that it expects to bring its 4G LTE and 5G networks to Tracfone subscribers and that it will be further developing Tracfone’s distribution channels to expand market opportunities for the brand.
Verizon will be implementing these benefits over Tracfone brands:
- Net10 Wireless
- SafeLink Wireless
- Straight Talk
- Page Plus Cellular
- GoSmart Mobile
- Telcel America
- Simple Mobile
- Walmart Family Mobile
- Total Wireless
Executive Vice President and Group CEO of the Verizon Consumer Group, Ronan Dunne, stated that “since its launch, Tracfone has developed strong consumer brands and has established itself as a clear leader in the value mobile segment. This transaction firmly establishes Verizon, through the Tracfone brands, as the provider of choice in the value segment, which complements our clear leadership in the premium segment.”
Tracfone’s nearly 850 employees will also benefit from the merger as the telecommunications giant made it clear that they will be absorbed into Verizon’s companies.
Editor’s note on the Tracfone Purchase by Verizon News:
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