AMOV - Verizon closes $6 billion acquisition of TracFone Wireless

Verizon (VZ +0.6%) has completed its $6 billion acquisition of TracFone Wireless from América Móvil (AMX -0.1%), bringing the country's leading prepaid/value mobile provider under its umbrella. The news follows closely on yesterday's conditional clearance of the deal by the Federal Communications Commission. It means adding about 20 million subscribers who came to the service through a network of more than 90,000 retail locations. More than 13 million of those subscribers already rely on Verizon's network through a wholesale agreement; TracFone has been a longtime partner to Verizon. Verizon paid closing consideration of $3.125 billion in cash and 57,596,544 shares of Verizon stock. And Verizon will pay up to another $650 million in cash earn-outs depending on TracFone operating metrics.

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Verizon closes $6 billion acquisition of TracFone Wireless