Verizon applauds FCC approval of TracFone acquisition

Rhea-AI Summary

Verizon has received FCC approval for its acquisition of TracFone, enhancing customer offerings through improved devices, network performance, and services. Verizon aims to leverage this acquisition to expand its market presence and commitment to Lifeline services. The company expressed gratitude to FCC officials and community organizations supporting the deal. With a strong financial backdrop, generating $128.3 billion in revenue in 2020, Verizon seeks to deliver value to both existing TracFone customers and new users in a competitive market.

Positive

• FCC approval allows Verizon to enhance customer offerings with improved services and devices.
• Acquisition supports Verizon's commitment to Lifeline services.
• Potential for market expansion and new customer acquisition.

Negative

• None.

NEW YORK, Nov. 22, 2021 (GLOBE NEWSWIRE) -- The following statement is from Kathy Grillo, Verizon SVP & DGC, public policy and government affairs:

“Verizon welcomes the FCC’s approval today of our TracFone acquisition. The deal will provide customers with the best of both worlds: more choices, better services and new features thanks to Verizon’s investment and innovation. Customers will benefit with enhancements in devices, network performance and innovative products and services -- as well as a continued commitment to Lifeline.

“We thank Chairwoman Rosenworcel, the Commissioners, and the FCC staff for their leadership and commitment to the public interest.

“We also want to thank the commissioners, ALJ and staff of the California Public Utilities Commission, as well as many community-based organizations that expressed support for this transaction.

“We will work hard to serve TracFone’s current customers and look forward to serving new ones in this dynamic and fast-growing marketplace.”

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Rich Young
202.515.2514
richard.j.young@verizon.com

FAQ

What was the significance of the FCC's approval of Verizon's acquisition of TracFone?

The FCC's approval enables Verizon to enhance its customer offerings and expand its market presence.

How will the acquisition of TracFone benefit Verizon customers?

Customers will experience better services, innovative products, and enhanced network performance.

What are Verizon's revenue figures for 2020, and how might this acquisition impact future revenues?

Verizon generated $128.3 billion in revenue in 2020, and the acquisition is expected to drive further growth.

Is Verizon maintaining its commitment to Lifeline services post-acquisition?

Yes, Verizon reaffirms its commitment to Lifeline services as part of the acquisition.

When was the FCC's approval for the TracFone acquisition announced?

The FCC approved the acquisition on November 22, 2021.