Cleary Gottlieb is representing América Móvil in the announced sale of its wholly owned subsidiary, TracFone Wireless (TracFone), to Verizon Communications (Verizon) for $6.25 billion in cash and Verizon common stock.
América Móvil will also be entitled to up to $650 million of contingent and deferred consideration pursuant to the terms of the transaction agreement. The transaction was announced on September 14, 2020.
TracFone is the largest mobile virtual prepaid service operator in the United States, serving approximately 21 million subscribers.