Verizon is still pushing through with its plans to acquire TracFone Wireless. And the latest news about this proposed acquisition is that Big Red is confident it will receive the green light before 2021 ends.
Verizon Consumer Group EVP and CEO Ronan Dunne recently spoke at the online BofA Securities conference on Monday where he expressed confidence in the matter:
“The progress that we’ve seen to date has been good. We’ve had a number of people who had originally expressed concerns with the FCC who have written recently -- Public Knowledge, some of the unions -- actually wrote to say that the commitments that we’ve made publicly, both to the California PUC and in our filings with the FCC, have met the concerns that those parties have, so we think we’re on a good trend in that regard.”
To date, Verizon has been having limited participation in the prepaid industry. But with its $7 billion TracFone acquisition, it hopes to change things for the wireless carrier.
When Verizon first revealed its plans to acquire TracFone, consumer groups stood up to oppose the transaction. But after discussions, these groups withdrew their opposition since Big Red agreed to certain conditions.
As of this writing, the acquisition is still awaiting approval from the regulatory board.
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