Big changes are coming to the prepaid wireless business! Verizon has agreed to acquire Tracfone from America Movil in a deal worth more than $6 billion.
According to a Verizon news release, Tracfone is the largest reseller of wireless services in the United States.
Verizon to Acquire Tracfone Wireless Brands
Tracfone has more than 21 million subscribers across its brands, including more than 13 million who currently rely on Verizon’s network through a partnership that’s already in place.
Tracfone’s prepaid plans are sold in more than 90,000 retail locations nationwide. Its top brands include:
Verizon says it plans to further develop Tracfone’s core brands. When the deal is closed, all Tracfone customers will get access to Verizon’s top-rated network.
The acquisition will give Verizon a big boost in the prepaid segment of the wireless industry.
“This transaction is aligned with what we do best: providing reliable wireless service alongside a best-in-class customer experience,” said Hans Vestberg, Chairman and CEO of Verizon. “We are excited about the opportunity to bring Tracfone and its brands into the Verizon family where we can put the full support of Verizon behind this business and provide exciting and compelling products into this attractive segment of the market.”
For now, nothing changes if you’re a current Tracfone customer or are looking to switch to one of its brands.
Verizon’s acquisition of Tracfone from America Movil is subject to regulatory approvals. It is expected to close in the second half of 2021.
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