Bellevue, Washington-based wireless carrier T-Mobile announced Wednesday that it is acquiring Ka’ena Corp., owner of the Mint Mobile and Ultra Mobile brands, in a deal worth up to $1.35 billion.
T-Mobile is acquiring the brands’ sales, marketing, digital and service operations and plans to leverage Mint’s marketing expertise to reach new budget customers.
Mint is backed by actor Ryan Reynolds (“Deadpool”), who often leads those marketing efforts in ads, some of which have been featured by his mother. Reynolds, who appeared alongside T-Mobile CEO Mike Sievert in a video announcing the purchase (above), released a statement about the deal and his mother.
“We are so happy that T-Mobile beat my mom’s aggressive last-minute bid, Tammy Reynolds, because we think their 5G network excellence will be a better strategic fit than my mom’s slightly above-average mahjong skills,” said Reynolds. .
After the deal closes, Mint founders David Glickman and Rizwan Qasim will remain at T-Mobile to manage the brands, which will operate primarily as separate business units. Reynolds will continue in his creative role on behalf of Mint.
Ka’ena’s maximum acquisition price of $1.35 billion is a combination of 39% cash and 61% stock. The deal is expected to close later this year.
T-Mobile reported $61.3 billion in revenue and 1.4 million postpaid net account additions in 2022, both record highs. As of December 31, the company had $4.5 billion in cash and cash equivalents.
T-Mobile announced plans to merge with rival Sprint in April 2018 and closed the $26.5 billion deal in 2020, ending a years-long process that included negotiations, regulatory oversight and lawsuits.