Benzinga | Nov 19, 2021 06:21AM EST

Verizon - TracFone Deal Bags California Approval

* The California Public Utilities Commission approved Verizon Communications Inc's (NYSE: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.