T-Mobile announced that it has entered into a definitive agreement to acquire Ka’ena Corporation and its subsidiaries and brands, including Ryan Reynolds-backed Mint Mobile and Ultra Mobile.
The deal includes the brands’ exclusive use of T-Mobile’s largest, fastest and most reliable 5G network. T-Mobile is acquiring the brands’ sales, marketing, digital, and service operations, and plans to use its supplier relationships and distribution scale to help the brands to grow and offer competitive pricing and greater device inventory to more US consumers seeking value offerings.
According to T-Mobile CEO Mike Sievert, 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.
“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,” he added.
Following the deal’s close, Mint’s founders David Glickman and Rizwan Kassim will remain onboard at T-Mobile to manage the brands, which will generally operate as a separate business unit. Owner Ryan Reynolds will continue in his creative role on behalf of Mint.
“I only want the best for @MintMobile customers. Think I’ve found it,” Reynolds wrote on a comedic YouTube video announcing the acquisition.
T-Mobile will pay up to a maximum of $1.35 billion in a combination of 39% cash and 61% stock to acquire Ka’ena.
The actual price to be paid by T-Mobile will be based upon Ka’ena’s performance during certain periods before and after the closing.