T-Mobile to buy Mint Mobile parent for up to $1.35B
T-Mobile will acquire Mint Mobile parent company Ka'ena Corporation for as much as $1.35 billion, the company announced Wednesday.
Why it matters: Partly owned and popularized by actor Ryan Reynolds, Mint Mobile is a budget wireless provider that will help expand T-Mobile's customer base.
Details: Ka'ena's brands also include Ultra Mobile, a wireless service offering specializing in international calling, and Plum, a wholesale wireless solutions provider.
- T-Mobile said it will pay up to $1.35 billion in a combination of 39% cash and 61% stock. The actual price depends on Ka'ena's performance.
- Mint founders David Glickman and Rizwan Kassim will remain at T-Mobile to manage the brands. Reynolds will keep his creative role for Mint.
- T-Mobile said it expects the deal to close later this year.
Of note: As Reynolds noted in a YouTube video about the news, Mint has run on T-Mobile's cellular network since its inception.
- T-Mobile CEO Mike Sievert said in the same video that it will keep Mint's $15 per month pricing.