Mint Mobile, partially owned by actor Ryan Reynolds, is being acquired by T-Mobile as part of a cash-and-stock deal worth a whopping $1.35 billion.
T-Mobile’s purchase of Ka’ena Corp. will give it access to budget wireless network provider Mint, along with Ultra Mobile and wholesaler Plum.
The brands that already use T-Mobile for their network will be run as a separate business unit.
“I never dreamed I’d own a wireless company, and I certainly never dreamed I’d sell it to T-Mobile.” Reynolds said in a tweet. “Life is strange and I am incredibly proud and grateful.”
The U.S. wireless carrier said Wednesday it is taking over the brands’ sales, marketing, digital and service operations.
It plans to use its supplier relationships and distribution scale to help grow the brands and offer competitive prices and larger unit inventory to more U.S. consumers looking for bargains.
T-Mobile US Inc. said Mint and Ultra Mobile are complementary to its existing prepaid services, Metro by T-Mobile, T-Mobile branded prepaid and Connect by T-Mobile.
T-Mobile CEO Mike Sievert said the company plans to boost Mint’s already successful digital direct-to-consumer business.
“Long term, we will also benefit from applying the marketing formula Mint has become famous for across multiple parts of T-Mobile,” Sievert said. “We think customers will really win with a more competitive and expansive Mint and Ultra.”
Mint founders David Glickman and Rizwan Kassim will remain with T-Mobile after the transaction closes to manage the brands.
Reynolds, meanwhile, will remain in his creative role for Mint.
The actual price of the transaction will depend on the performance of Ka’ena Corp. during certain periods before and after closing.
The transaction is expected to be completed later this year.
T-Mobile, based in Bellevue, Washington, became one of the nation’s largest mobile carriers in 2020 after buying rival Sprint.