T-Mobile is acquiring Ka’ena Corporation, the company behind MVNO carriers Mint Mobile and Ultra Mobile in a deal valued at $1.35 billion. The deal will include a 39% cash payment and 61% equity. The transaction will depend on Ka’ena Corporation’s performance over the coming months and other contractual reserves and is expected to close by the end of the year.
T-Mobile is acquiring the sales, marketing, digital and service departments of Mint and Ultra Mobile, as well as wholesale wireless solutions provider Plum. The plan is to enhance both MVNOs through T-Mobile’s established provider and distribution scale and help grow the competitively priced segment to more U.S. consumers. Mint’s popular $15 monthly plan will be retained.
Based on the press release provided by T-Mobile, Mint Mobile will continue to operate as a separate business unit going forward. Founders David Glickman and Rizwan Kassim will join T-Mobile as brand managers, while co-owner Ryan Reynolds will retain his role as creative director of Mint Mobile.
Mint has built an incredibly successful direct-to-consumer digital business that continues to deliver customers on Un-carrier’s leading 5G network and we are now excited to use our scale and owner economics to help power it and Ultra Mobile in the future . – Mike Sievert, CEO of T-Mobile
Here’s a video with T-Mobile CEO Mike Sievert and Mint Mobile owner Ryan Reynolds sharing more details about the deal.
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