Mint Mobile, partially owned by actor Ryan Reynolds, will be acquired by T-Mobile as part of a cash-and-stock deal worth up to $1.35 billion.
With the acquisition of Ka’ena Corp., T-Mobile will have access to Mint, a low-cost wireless operator, and Ultra Mobile and wholesaler Plum.
The brands will be managed as a separate business unit even though they already use T-network. Mobile’s
Reynolds tweeted, “I never thought I’d own a cellular firm, and I certainly never dreamt I’d sell it to T-Mobile. Life is strange, but I’m pretty proud of myself and appreciative.
The sales, marketing, digital, and service activities of the brands will be acquired by the U.S. wireless carrier, it was announced on Wednesday.
It intends to use its distribution network and supplier connections to expand the brands, provide more devices at competitive prices, and appeal to more US customers looking for low-cost options.
According to T-Mobile US Inc., Mint and Ultra Mobile are complementary to its current prepaid offerings, Connect by T-Mobile, Metro by T-Mobile, and T-Mobile branded prepaid.
Mike Sievert, CEO of T-Mobile, stated that the company intends to support Mint’s existing prosperous digital direct-to-consumer business.
Implementing the marketing strategy Mint has become known for to new areas of T-Mobile will also benefit us, Sievert added.
After the acquisition, David Glickman and Rizwan Kassim, the founders of Mint, will continue to work for T-Mobile to oversee the brands. For Mint, Reynolds will continue to play a creative role.
The performance of Ka’ena Corp. in specific time frames before and following the closing will determine the actual price of the transaction.
Later this year is when the deal is expected to close.
After acquiring rival Sprint in 2020, Bellevue, Washington-based T-Mobile rose to prominence as one of the nation’s foremost providers of mobile services.
I only want the best for Mint Mobile customers. Think I’ve found it. pic.twitter.com/nSNmGKLmN2
— Ryan Reynolds (@VancityReynolds) March 15, 2023