Verizon - TracFone Deal Bags California Approval - Verizon Communications (NYSE:VZ)

The California Public Utilities Commission approved Verizon Communications Inc's VZ over $6 billion proposed acquisition of TracFone Wireless.
TracFone is a provider of telecommunications services under the Lifeline government subsidy program with 1.7 million low-income subscribers. TracFone serves about 21 million customers.
TracFone needs to enroll at least 200,000 Lifeline subscribers in the state by the end of 2025.
TracFone or Verizon must offer Lifeline customers a phone free of cost, including 5G phones after the first year of the merger.
TracFone or Verizon need to participate in a U.S. program providing subsidized wireless service for low-income consumers for 20 years.
TracFone or Verizon require to offer plans with comparable voice, text, and data at the same or lower price as TracFone currently provides for five years.
The Justice Department had approved the deal, which is waiting for the Federal Communications Commission's approval, Reuters reports.
Related Content: Verizon Ready To Trade Low-Cost Service For TracFone Deal: WSJ
Price Action: VZ shares traded higher by 0.02% at $51.25 in the premarket session on the last check Friday.