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 will include a 39% cash payment and 61% stock. The transaction will depend on Ka’ena Corporation’s performance in the coming months as well as other contractual reserves and is expected to close later this year.
T-Mobile is acquiring Mint and Ultra Mobile’s sales, marketing, digital, and service departments as well as wholesale wireless solutions provider Plum. The plan is to enhance both MVNOs via T-Mobile’s established supplier and distribution scale and help grow the competitively priced segment to more US 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 separate business unit going forward. Founders David Glickman and Rizwan Kassim will join T-Mobile as brand managers while part-owner Ryan Reynolds will retain 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 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. – T-Mobile CEO Mike Sievert
Here’s a video with T-Mobile CEO Mike Sievert and Mint Mobile owner Ryan Reynolds that shares more details on the deal.