- Verizon Communications Inc (NYSE:VZ) promised low-cost wireless service for three years to the federal regulators in exchange for the acquisition approval for TracFone, the Wall Street Journal reports.
- It has also agreed to offer 5G service to Lifeline customers within six months of the acquisition deal’s closing.
- Lifeline is a federal grant for low-income phone users. The Communications Workers of America union and other public-interest groups have disparaged the proposed merger partners for not detailing specific plans to support the program.
- In 2020, Verizon agreed to acquire TracFone from America Movil SAB de CV (NYSE:AMX) for up to $6.9 billion.
- Verizon plans to shift many TracFone users relying on AT&T Inc (NYSE:T) and T-Mobile US Inc (NASDAQ:TMUS) systems over its network if the deal is approved.
- Verizon still expects to close the deal in 2021.
- Price action: VZ shares traded higher by 0.34% at $56.38 on the last check Friday.
Goldman Sachs Initiates Coverage On Latch with Buy Rating, Announces Price Target of $18
Goldman Sachs analyst Rod Hall initiates coverage on Latch (NASDAQ:LTCH) with a Buy rating and announces Price Target of $18.
