AMOVF - California PUC OKs $6 billion Verizon-TracFone deal

California's Public Utilities Commission has given approval to Verizon's (NYSE:VZ) $6 billion-plus acquisition of TracFone Wireless, part of América Móvil (NYSE:AMX). That's contingent on some added consumer protection conditions to which the companies agreed. Those conditions include taking part in a program to provide subsidized wireless service to low-income consumers for 20 years. The deal faced scrutiny since it's bringing the country's leading prepaid and value mobile provider into the arms of America's top wireless carrier by subscribers. Verizon (VZ) is up 1.1% after hours. Both Verizon and América Móvil have said they expect they can complete the transaction by the end of 2021. They had come to a 50-50 cash/stock deal in September 2020.

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California PUC OKs $6 billion Verizon-TracFone deal