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AMOV - America Movil SAB De CV News Story

$14.77 -0.0  -0.1%

Last Trade - 14/05/21

Sector
Telecoms
Size
Large Cap
Market Cap £34.74bn
Enterprise Value £59.15bn
Revenue £36.26bn
Position in Universe 256th / 6846

UPDATE 1-Verizon to buy wireless services provider Tracfone in $6.25 bln deal

Mon 14th September, 2020 1:47pm
(Adds details on Tracfone users, shares, financial advisers and
background)
    Sept 14 (Reuters) - Verizon Communications Inc  VZ.N  said
on Monday it would buy wireless services provider Tracfone, a
unit of Mexican telecom America Movil  AMXL.MX , in a $6.25
billion cash and stock deal.
    Tracfone, which serves about 21 million subscribers through
more than 90,000 retail locations across United States, said
over 13 million of its subscribers rely on Verizon's network
under an existing agreement.  urn:newsml:reuters.com:*:nGNXb3HyZm
    The U.S. wireless industry is concentrated in the hands of
three mobile carriers due to several merger deals in recent
years, T-Mobile  TMUS.O  that in April completed its $23 billion
merger with Sprint Corp to solidify its position in the United
States, Verizon and AT&T Inc  T.N .
     Shares of Verizon, the largest U.S. wireless carrier by
subscribers, were up more than 1% in premarket trading. 
    The deal would include $3.125 billion in cash and $3.125
billion in Verizon stock.
    Credit Suisse is acting as financial adviser to Verizon on
the deal that is expected to close in the second half of 2021.
     

 (Reporting by Ayanti Bera in Bengaluru;
Editing by Vinay Dwivedi)
 ((Ayanti.Bera@thomsonreuters.com; 646 223 8780 - 3401;))
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