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Verizon $6 bln deal marks return to wheelhouse

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Verizon is buying Tracfone, a prepaid cellphone business, marking a return to what the telecommunications group knows best, writes jennifersaba.

Verizon Communications on Sept. 14 said it has agreed to acquire Tracfone from America Movil for $6.3 billion in cash and stock. The transaction also includes an additional $650 million in cash if Tracfone meets certain performance targets.

Tracfone is a prepaid wireless business and the largest wireless reseller in the United States. It has 21 million subscribers of which 13 million currently rely on Verizon’s network through an existing wholesale agreement.

 

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