Verizon Ready To Trade Low-Cost Service For TracFone Deal: WSJ

Verizon Communications Inc VZ promised low-cost wireless service for three years to the federal regulators in exchange for the acquisition approval for TracFone, the Wall Street Journal reports.
It has also agreed to offer 5G service to Lifeline customers within six months of the acquisition deal’s closing.
Lifeline is a federal grant for low-income phone users. The Communications Workers of America union and other public-interest groups have disparaged the proposed merger partners for not detailing specific plans to support the program.
In 2020, Verizon agreed to acquire TracFone from America Movil SAB de CV AMX for up to $6.9 billion.
Verizon plans to shift many TracFone users relying on AT&T Inc T and T-Mobile US Inc TMUS systems over its network if the deal is approved.
Verizon still expects to close the deal in 2021.
Price action: VZ shares traded higher by 0.34% at $56.38 on the last check Friday.