Verizon Communications Inc. has agreed to buy TracFone Wireless Inc. from America Movil SAB for $6.25 billion, as the largest U.S. wireless carrier seeks to expand its mobile business into the so-called prepaid market.
Verizon will pay $3.125 billion in cash and $3.125 billion in stock, with as much as $650 million additional tied to performance goals. TracFone, a U.S. prepaid mobile service, is a subsidiary of Carlos Slim Domit’s Mexico-based America Movil wireless. It’s the largest U.S. prepaid service, with 21 million subscribers.
