Verizon, an American telecommunications company, completed the acquisition of Tracfone, a pre-paid and value mobile provider in the US, from America Movil, a Mexican telecommunications corporation, for $6.25bn. The agreement also included up to an additional $650m in cash consideration related to the achievement of certain performance measures and other commercial arrangements. "This transaction is aligned with what we do best: providing reliable wireless service alongside a best-in-class customer experience. We are excited about the opportunity to bring Tracfone and its brands into the Verizon family where we can put the full support of Verizon behind this business and provide exciting and compelling products into this attractive segment of the market. We are pursuing this important strategic acquisition from a position of strength given our very strong and prudent financial profile," Hans Vestberg, Verizon Chairman and CEO. On November 18, 2021, The California Public Utilities Commission approved the deal after Verizon agreed to some additional consumer protection conditions. On November 23, 2021, The US FCC has approved Verizon acquisition of TracFone.