T-Mobile has announced a deal to acquire Ka’ena Corporation, the parent company of Mint Mobile and Ultra Mobile.
Mint Mobile is the successful budget carrier owned by Ryan Reynolds. Reynolds serves as the company’s pitchman, bringing his unique blend of humor to the role. That humor was on full display in the announcement revealing the deal:
“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.
“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.”
“Our brands have thrived on the T-Mobile network, and we are thrilled that this agreement will take them even further, bringing the many benefits of 5G to even more Americans,” said David Glickman, founder and CEO of Mint, Ultra and Plum. “This transaction validates our meteoric success and will unite two proven industry innovators committed to doing things differently in the wireless industry.”
Following the deal’s close, David Glickman and Rizwan Kassim will continue to manage the brand, which will largely remain independent. Reynolds will continue in his creative role, likely serving as the brand’s pitchman for years to come.
The deal is worth up to $1.35 billion, a combination of 39% cash and 61% stock, and is expected to close later in 2023.