Slim says goodbye to TracFone —América Móvil completes the sale of its US subsidiary for $ 3.625 million



América Móvil completes the sale of TracFone to Verizon.


© Reuters.
América Móvil completes the sale of TracFone to Verizon.

América Móvil informed the Mexican Stock Exchange on Tuesday that “the sale of the 100% of its stake in Tracfone Wireless ”. This became the largest virtual mobile operator in the United States.

Its buyer, Verizon – the second largest mobile telecommunications company in that country – paid América Móvil 3,625.7 million dollars (mdd) in cash.

That amount includes $ 500.7 million for cash and working capital adjustments at Tracfone —common in these types of operations—; and 57 million 596,544 shares of Verizon.

What’s more, the Mexican telecommunications company stated that Verizon you must pay up to an additional $ 650 million in cash within two years of this date. This is in order for Tracfone to continue to meet certain operational goals.

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América Móvil says goodbye to TracFone, the virtual mobile operator it had in the United States

Earlier this year, Verizon ranked second among the largest wireless telecommunications companies in the United States. According to figures from Statista, at the end of the first quarter of 2021 it achieved a 29.1% participation in customers; only below AT&T, with 44.8% of users.

For Verizon, the purchase of Tracfone means better facing its main competitor, said Jesús Romo, director of Telconomia. “This works out very well for América Móvil: the arena in the United States has become more competitive, there is more convergence. Tracfone wasn’t born for that, ”he told Business Insider Mexico.

After the news, which occurred just a few minutes after the start of the day on Tuesday, the shares of América Móvil reached $ 17.43 from Monday’s close at $ 17.37.

The company planned this exit since last year, with a payment in cash and half in shares.

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