Verizon Communications Inc. said it has agreed to buy TracFone, a provider of wireless prepaid services, in a deal worth nearly $7 billion in cash and stock, further consolidating the U.S. cellular market. TracFone, a unit of Mexico’s América Móvil SAB , has about 21 million prepaid customers in the U.S. under its namesake as well as budget brands StraightTalk, Net10, SafeLink and Simple Mobile. Verizon said it served about four million prepaid wireless customers at the end of June. T-Mobile, owner of the Metro service, has more than 20 million prepaid customers. AT&T serves about 18 million U.S. prepaid customers mostly through its Cricket brand.

Source: Wall Street Journal September 14, 2020 12:17 UTC