Tracfone is indeed the largest MVNO in the U.S. and operates brands like TracFone, StraightTalk Wireless, SIMPLE Mobile, NET10 Wireless, and Total Wireless. These firms don’t own their own networks. Instead, they pay wholesale for wireless capacity and resell it. Tracfone contracts for wireless service from Verizon, AT&T, T-Mobile U.S., and U.S. Cellular. Last year, the company generated $8.1 billion in revenue.
Once the deal closes, Verizon says that it will bring its 4G and 5G networks and other innovations to Tracfone customers. It also will expand Tracfone’s distribution and marketing opportunities. Hans Vestberg, Chairman and CEO of Verizon, said, “This transaction is aligned with what we do best: providing reliable wireless service alongside a best-in-class customer experience. We are excited about the opportunity to bring Tracfone and its brands into the Verizon family where we can put the full support of Verizon behind this business and provide exciting and compelling products into this attractive segment of the market. We are pursuing this important strategic acquisition from a position of strength given our very strong and prudent financial profile.”
Ronan Dunne, Executive Vice President, and Group CEO, Verizon Consumer Group added, “Since its launch, Tracfone has developed strong consumer brands and has established itself as a clear leader in the value mobile segment. This transaction firmly establishes Verizon, through the Tracfone brands, as the provider of choice in the value segment, which complements our clear leadership in the premium segment. We’re looking forward to welcoming all of Tracfone’s customers and each of Tracfone’s nearly 850 valuable employees. We are excited to expand our relationship with Tracfone’s distribution partners, and when Tracfone’s customers become part of our family, they will get the best of both worlds – more choices, better services, and new features thanks to Verizon’s investment–but with the flexibility and control that they have come to value with its prepaid plans. Being connected is now more important than ever, and Tracfone customers will benefit from Verizon’s innovations–both now and in the future.”
Source: Phonearena
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