Verizon completes TracFone Wireless, Inc. acquisition
NEW YORK, Nov. 23, 2021 (GLOBE NEWSWIRE) -- 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 rly 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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