T-Mobile to buy Ryan Reynolds-backed Mint Mobile for up to $1.35 billion

Just under three and a half years after Ryan Reynolds bought Mint Mobile and became the provider’s public face, the dead Pool star is about to get a windfall from his investment. T-Mobile has announced an agreement to buy Mint Mobile’s parent company Ka’ena for $1.35 billion in cash and stock.

The final price will depend on Ka’ena’s performance for a certain period before and after the deal closes, which is expected to happen later this year. Ka’ena also owns Ultra Mobile, a provider focused on international calls, and wholesaler Plum.

Reynolds is believed to own between 20-25% of Mint, according to a 2021 report by The New York Post. He will remain in his creative role as Mint’s spokesperson. Mint was founded in 2015 and split from Ultra at the end of 2019.

Mint, which has operated on T-Mobile since its inception as a mobile virtual network operator, has found success thanks to its charismatic pitchman and budget-conscious pricing. T-Mobile CEO Mike Sievert confirmed in a YouTube video regarding the news that Mint will retain its $15 per month price.

T-Mobile said in a statement that Mint and Ultra will complement its existing prepaid services. Mint founders David Glickman and Rizwan Kassim will continue to manage the brands, which T-Mobile says will generally operate as a separate business unit. Meanwhile, T-Mobile hopes to tap into marketing from Mint and its famous co-owner.

“Mint has built an incredibly successful direct-to-consumer digital business that continues to deliver customers on the Un-carrier’s core 5G network and now we’re excited to use our scale and owner economy to help supercharge it – and Ultra Mobile – in the future,” Sievert said. “In the long run, we will also benefit from applying the marketing formula that Mint has become famous for in other parts of T-Mobile.”

“Mint Mobile is the best offering in wireless and today’s news only enhances our ability to meet our customers’ needs,” said Reynolds. their excellent 5G network will provide a better strategic fit than my mother’s slightly above average mahjong skills.”

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