América Móvil sells U.S. subsidiary to Verizon

América Móvil sells U.S. subsidiary to Verizon

The U.S. company Verizon Communications acquired Tracfone Wireless, a subsidiary of América Móvil in the United States, for USD 6.25 billion in cash plus Verizon common stock. The amount is subject to adjustments based on certain performance targets over 24 months and to a commercial agreement, which would provide the seller with up to USD 650 million in additional consideration.

In the transaction, which was announced on September 14, Debevoise & Plimpton - United States (New York and Washington, D.C.), on mergers and acquisitions, finance, benefits, tax, intellectual property, capital markets, real estate and antitrust matters; Jones Day (Houston and Washington, D.C.), on antitrust matters; and Von Wobeser y Sierra (Mexico City) represented the buyer. Credit Suisse provided financial advisory services.

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