TracFone is a subsidiary of América Móvil, which is Mexico’s largest telecommunications company. América Móvil is owned by Carlos Slim, who was according to Forbes at one time the richest man in the world. He still ranks today as one of the top ten wealthiest persons alive.

TracFone is an MVNO that provides service to its customers using the Verizon, AT&T, and T-Mobile networks. It’s been around for more than 20 years and is one of the most well-known prepaid brands on the market.

Besides offering phone plans directly, the TracFone brand also owns several other prepaid brand names in the USA, and those include Total Wireless, Simple Mobile, Page Plus Cellular, SafeLink Wireless, Walmart Family Mobile, Net10 Wireless, Straight Talk Wireless, and GoSmart Mobile. Collectively, the brands account for roughly 21 million prepaid wireless subscribers.

In September of 2020, Verizon Wireless agreed to acquire Tracfone and all of its associated brands from América Móvil. The deal will have to clear regulatory hurdles to allow Verizon to take full ownership. The closure isn’t expected to happen until the latter half of 2021.

In November of 2021, Verizon formally announced the closure of its deal and it officially acquired Tracfone.