U.S. carrier T-Mobile today announced that it plans to acquire Mint Mobile, the affordable smartphone brand that is promoted by and backed by actor Ryan Reynolds. Reynolds and T-Mobile CEO Mike Sievert teamed up for a video letting customers know about the coming acquisition.
The deal is for Ka'ena Corporation, the parent company of Mint Mobile, Ultra Mobile, and Plum, with T-Mobile paying up to $1.35 billion, split into 39 percent cash and 61 percent stock. The final purchase price will be settled later this year after the deal closes.
T-Mobile plans to continue Mint Mobile's $15 per month pricing option, which provides 4GB of high-speed 4G or 5G data along with unlimited text and talk. T-Mobile is purchasing Mint Mobile's sales, marketing, digital, and service operations, and says that it will use the T-Mobile supplier relationships and distribution scale to help Mint Mobile grow.
Mint Mobile's "industry leading" marketing expertise will be incorporated into T-Mobile's portfolio to reach new customer segments and geographies, with Reynolds staying on in his creative role.
"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 Mike Sievert, CEO of T-Mobile. "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."
"Mint Mobile is the best deal in wireless and today's news only enhances our ability to deliver for our customers. We are so happy T-Mobile beat out an aggressive last-minute bid from my mom Tammy Reynolds as we believe the excellence of their 5G network will provide a better strategic fit than my mom's slightly-above-average mahjong skills. I am so proud of the entire Mint team and so excited for what's to come," said Ryan Reynolds.
T-Mobile's Mint Mobile acquisition will be its second major mobile purchase following its 2020 merger with Sprint.
