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    AMX L   MXP001691213

AMÉRICA MÓVIL, S.A.B. DE C.V.

(AMX L)
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U.S. FCC approves Verizon acquisition of TracFone Wireless

11/22/2021 | 04:38pm EST
The Verizon logo is seen on the 375 Pearl Street building in Manhattan, New York City

WASHINGTON, Nov 22 (Reuters) - The U.S. Federal Communications Commission said on Monday it has approved Verizon Communications Inc's more than $6 billion acquisition of pre-paid mobile phones provider TracFone Wireless with conditions to protect low-income consumers.

The FCC's announcement followed the California Public Utilities Commission's approval of the deal last Thursday after Verizon agreed to additional consumer-protection conditions. Verizon is the largest U.S. wireless carrier by subscribers. TracFone, a unit of Mexican telecom company America Movil , serves more than 20 million customers.

Verizon said in September 2020 it would buy TracFone in a $6.25 billion cash and stock deal with up to $650 million in potential additional future payments.

FCC approval should allow the deal to close as soon as Wednesday.

The FCC said required conditions will protect low-income consumers from price increases and require the company to continue to participate in a low-income telecommunications subsidy program called Lifeline. The agency will require an internal and an independent compliance officer "empowered to proactively monitor conditions, ensure that low-income consumers are not being harmed, and facilitate consumer complaints about potential violations."

Verizon welcomed the FCC's approval, saying the deal would "provide customers with the best of both worlds: more choices, better services and new features."

The deal was approved by the Justice Department last year.

Under the California agreement, TracFone or Verizon must participate in Lifeline for 20 years.

TracFone is one of the largest providers in the Lifeline program, with 1.7 million low-income subscribers in 43 states and the District of Columbia.

Verizon said it has committed to participate in Lifeline for at least seven years and will offer existing TracFone Lifeline rate plans for at least three years.

Lifeline in total provides 9.1 million Americans with free or discounted broadband and voice services.

Democratic U.S. senators Richard Blumenthal, Sheldon Whitehouse, Dianne Feinstein, Ron Wyden and Edward Markey said the "FCC’s binding conditions on Verizon’s acquisition of TracFone can have real-life benefits for consumers — if they’re vigorously followed and enforced." (Reporting by David Shepardson; Editing by Sonya Hepinstall, Will Dunham and Mark Porter)


© Reuters 2021
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Analyst Recommendations on AMÉRICA MÓVIL, S.A.B. DE C.V.
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Financials
Sales 2021 1 016 B 49 666 M 49 666 M
Net income 2021 87 490 M 4 278 M 4 278 M
Net Debt 2021 547 B 26 745 M 26 745 M
P/E ratio 2021 14,9x
Yield 2021 3,14%
Capitalization 1 277 B 62 449 M 62 464 M
EV / Sales 2021 1,80x
EV / Sales 2022 1,85x
Nbr of Employees 182 858
Free-Float -
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América Móvil, S.A.B. de C.V. Technical Analysis Chart | AMX L | MXP001691213 | MarketScreener
Technical analysis trends AMÉRICA MÓVIL, S.A.B. DE C.V.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 19,77 MXN
Average target price 20,95 MXN
Spread / Average Target 5,97%
EPS Revisions
Managers and Directors
Daniel Hajj Aboumrad Chief Executive Officer & Director
Carlos José García Moreno Elizondo Chief Financial Officer
Carlos Slim Domit Chairman
David Antonio Ibarra Muñoz Independent Director
Pablo Roberto González Guajardo Independent Director
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