US FCC Approves Verizon Acquisition of TracFone Wireless-US News | The Epoch Times

WASHINGTON—The U.S. Federal Communications Commission said on Monday it has approved Verizon Communications Inc.’s more than $6 billion acquisition of pre-paid mobile phones provider TracFone Wireless with conditions to protect low-income consumers. The FCC’s announcement followed the California Public Utilities Commission’s approval of the deal last Thursday after Verizon agreed to additional consumer-protection conditions. Verizon is the largest U.S. wireless carrier by subscribers. TracFone, a unit of Mexican telecom company America Movil, serves more than 20 million customers. Verizon said in September 2020 it would buy TracFone in a $6.25 billion cash and stock deal with up to $650 million in potential additional future payments. FCC approval should allow the deal to close as soon as Wednesday. The FCC said required conditions will protect low-income consumers from price increases and require the company to continue to participate in a low-income telecommunications subsidy program called Lifeline. The agency will require an …

Reuters

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