TracFone Wireless (TFWI)

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Description

TracFone Wireless, Inc. (TFWI) is an American prepaid, no-contract mobile phone provider. TFWI is a subsidiary of Verizon Communications, and offers products and services under several brands. It operates as a mobile virtual network operator (MVNO), holding agreements with the United States' largest wireless network operators to provide service, including AT&T Mobility, T-Mobile US, Verizon and UScellular.

In 2021, Verizon acquired TracFone Wireless, Inc. from Mexico-based América Móvil in a deal worth up to $6.9 billion, involving 20 million subscribers. The deal was approved by the FCC on November 22, 2021 and closed the following day.

History

TracFone Wireless, Inc. was established in 1996 as Topp Telecom Inc., a prepaid mobile phone company, in Miami, Florida. It was founded by David Topp and F.J. Pollak. Pollak acted as the CEO of Tracfone until his death in 2016. In February 1999, Topp received a major infusion of capital from Teléfonos de México (NYSE: TMX), a.k.a. TelMex, Mexico's largest telephone company. TelMex paid $57.5 million for a 55 percent controlling interest in the company.

In 2000, TelMex spun off their mobile unit, creating América Móvil, of which Topp Telecom became a subsidiary. In November 2000, Topp Telecom Inc. changed its name to TracFone Wireless Inc.

In 2012, América Móvil acquired rival network Simple Mobile.

In May 2013, América Móvil purchased Page Plus Cellular, which had 1.4 million subscribers. On January 6, 2014, regulatory approval was received and Page Plus Cellular began operating as a subsidiary of América Móvil.

Originally, TracFone service was limited to TracFone-branded phones, which are locked to the TracFone service using an internal SIM card. Other GSM phones, even those that were unlocked from another carrier, could not accept a TracFone SIM card, because these are bound to a specific handset. However, in 2013, TracFone unveiled Bring Your Own Phone, and began selling SIM cards that could be inserted into qualifying non-TracFone phones (such as Verizon CDMA phones) to register them with TracFone. In 2015, this program was extended to compatible unlocked GSM phones and renamed "Bring Your Own Phone".

On September 14, 2020, Verizon Wireless announced its intent to acquire TracFone in a cash-and-stock deal worth up to $6.9 billion. The deal closed on November 23, 2021.

Website

http://www.tracfonewirelessinc.com

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25 January 2022

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