América Móvil concludes the sale of 100% of Tracfone to Verizon

The Mexican America Movil reported Tuesday that it completed the sale of 100% of its Tracfone wireless unit to Verizon Communications and received in cash $ 3,626 million for the operation.

The announcement is made after the United States Federal Communications Commission announced Monday afternoon that it had approved the acquisition by Verizon from TracFone Wireless, provider of prepaid mobile phones, for more than 6,000 million dollars, with conditions to protect low-income consumers.

America Movil said the payment includes 57.6 million shares of Verizon, which will also have to pay up to an additional 650 million dollars in cash in the following two years, subject to Tracfone continuing to meet certain operational goalssaid the Mexican firm in a statement sent to the Mexican Stock Exchange.

The actions of America Movil they gained 0.44% to 18.27 pesos at the opening of the session.

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