T-Mobile announced on March 15, 2023 that it would pay $1.35 billion to acquire Mint Mobile, of which Ryan Reynolds is one of its small shareholders.
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T-Mobile is buying Ka’ena Company, the organization behind MVNO providers Mint Mobile and Ultra Mobile, for a reported $1.35 billion. 39% of the purchase price will be paid in cash and 61% in shares. The deal, which is expected to close later this year, will be based on Ka’ena Corporation’s performance over the coming months and other contractual provisions.
Sales, marketing, customer support and wholesale digital and wireless solution provider Plum will all be acquired by T-Mobile. It is intended to enhance both MVNOs by leveraging T-proven Mobile’s network of suppliers and distributors and expand the sector to more US consumers with competitive prices. Mint’s popular $15 monthly plan is retained.
According to T-Mobile’s press release, Mint Mobile will continue to operate and develop as an independent company. While associate Ryan Reynolds will continue to serve as Mint Mobile’s creative director, company founders David Glickman and Rizwan Kassim will join T-Mobile as brand managers.
Reynolds and T-Mobile CEO Mike Sievert shot a short video clip at the media event announcing the purchase. In the humorous film, which was made by Maximum Effort Advertising, another Reynolds company, Sievert speaks solemnly about the merger and Reynolds jokes like, “Nice to have a new father!” before hugging his new partner.
According to T-Mobile, the acquisition aims to expand the carrier’s customer base among US customers looking for better value for their phone plans.