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    AMX L   MXP001691213

AMÉRICA MÓVIL, S.A.B. DE C.V.

(AMX L)
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U.S. FCC chair circulates order to approve Verizon TracFone deal

11/19/2021 | 04:49pm EST

WASHINGTON, Nov 19 (Reuters) - Federal Communications Commission chair Jessica Rosenworcel on Friday circulated an order among the commissioners to approve Verizon Communications' more than $6 billion proposed acquisition of TracFone Wireless, a document showed.

Rosenworcel's proposed approval order comes after the California Public Utilities Commission said Thursday it approved the deal after Verizon agreed to some additional consumer protection conditions. Verizon said in September 2020 it would buy pre-paid mobile phones provider TracFone, a unit of Mexican telecom company America Movil, in a cash and stock deal worth up to $6.9 billion.

Sources told Reuters the deal could be approved by the four-member FCC as soon as later on Friday.

Under the agreement with the California regulator, TracFone or Verizon must participate in a U.S. program providing subsidized wireless service for low-income consumers for 20 years. The deal was approved by the Justice Department in late 2020.

TracFone is one of the largest providers of telecommunications services under the government subsidy program known as Lifeline with around 1.7 million low-income subscribers in 43 states and the District of Columbia.

Verizon officials held two days https://ecfsapi.fcc.gov/file/111863219345/Verizon%20Ex%20Parte%20(11.18.21)-c3.pdf of meetings with the FCC this week on the deal. Verizon said on Friday it had committed "to participate in the Lifeline program for at least seven years."

It also told the FCC it will offer existing TracFone Lifeline rate plans for at least three years. Verizon agreed to retain an internal company compliance officer and independent compliance officer to monitor compliance with these commitments for more than seven years.

Under the California agreement, TracFone must enroll at least 200,000 Lifeline subscribers in the state by the end of 2025. TracFone or Verizon must offer Lifeline customers a phone at no cost after the first year of the merger.

TracFone serves about 21 million customers. Verizon is the largest U.S. wireless carrier by subscribers.

Lifeline in total provides 9.1 million Americans with free or discounted broadband and voice services. (Reporting by David Shepardson Editing by Marguerita Choy)


© 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 49 968 M 49 968 M
Net income 2021 88 359 M 4 346 M 4 346 M
Net Debt 2021 547 B 26 900 M 26 900 M
P/E ratio 2021 15,4x
Yield 2021 3,04%
Capitalization 1 318 B 64 671 M 64 838 M
EV / Sales 2021 1,84x
EV / Sales 2022 1,88x
Nbr of Employees 182 858
Free-Float 47,1%
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Number of Analysts 13
Last Close Price 20,39 MXN
Average target price 20,88 MXN
Spread / Average Target 2,39%
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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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