T-Mobile is acquiring Ka’ena Corporation – the company behind MVNO carriers Mint Mobile and Ultra Mobile in a deal reportedly worth $1.35 billion. The deal includes a 39% cash payment and 61% stock. The transaction will be contingent on Ka’ena Corporation’s performance in the coming months and other contractual reserves and is expected to close later this year.
T-Mobile is acquiring the sales, marketing, digital and service divisions of Mint and Ultra Mobile, as well as wireless wholesaler Plum. The plan is to enhance both MVNOs through T-Mobile’s established supplier and distribution scale and help expand the competitively priced segment to more US consumers. Mint’s popular $15 monthly subscription will continue.
Based on T-Mobile’s press release, Mint Mobile will continue to operate as a separate business unit going forward. Founders David Glickman and Rizwan Kassim join T-Mobile as brand executives, while co-owner Ryan Reynolds retains his role as creative director for Mint Mobile.
Mint has built an incredibly successful digital direct-to-consumer business that continues to deliver for customers on Un-carrier’s leading 5G network and now we’re excited to leverage our scale and owners’ economic benefits to bring it and Ultra Mobile to encourage the future. — T-Mobile CEO Mike Sievert
Here’s a video with T-Mobile CEO Mike Sievert and Mint Mobile owner Ryan Reynolds sharing more details about the deal.