T-Mobile to acquire Ryan Reynolds’ Mint Mobile in $1.35 billion deal

T-Mobile is acquiring Mint Mobile, the budget-friendly wireless provider partially owned by Ryan Reynolds in a deal valued at up to $1.35 billion, the company announced on Wednesday. The move indicates that T-Mobile is looking to boost its prepaid offerings.

In a blog post, T-Mobile said it reached a deal to acquire Ka’ena Corporation, the parent company to prepaid wireless brands Mint Mobile and Ultra Mobile, as well as wireless wholesaler Plum for a maximum of $1.35 billion in a combination of 39% cash and 61% stock. The final purchase price will be based on Mint’s performance during certain periods before and after the closing. T-Mobile expects to close the deal later this year.

“Mint has built an incredibly successful digital direct-to-consumer business that continues to deliver for customers on the Un-carrier’s leading 5G network and now we are excited to use our scale and owners’ economics to help supercharge it – and Ultra Mobile – into the future,” said T-Mobile CEO Mike Sievert in a statement. “Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile. We think customers are really going to win with a more competitive and expansive Mint and Ultra.”

T-Mobile CEO Mike Sievert said in a video posted on Wednesday that the company will retain Mint’s $15 per month pricing.

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toptechtrends.com/2023/03/15/t-mobile-to-acquire-ryan-reynolds-mint-mobile-in-1-35-billion-deal/”>T-Mobile to acquire Ryan Reynolds’ Mint Mobile in $1.35 billion deal by toptechtrends.com/author/aisha-malik/”>Aisha Malik originally published on toptechtrends.com/”>TechCrunch