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T-Mobile Acquires Mint Mobile, Backed by Actor Ryan Reynolds, for Up to $1.35 Billion

Image courtesy of media.cnn.com

Key takeaways:

  • T-Mobile announced the acquisition of budget wireless provider Mint Mobile, which is backed by actor Ryan Reynolds.
  • The deal includes the purchase of Ka’ena Corporation, which owns Ultra Mobile and Plum, for up to $1.35 billion.
  • The acquisition is part of T-Mobile’s plan to expand its customer base and offer more competitive prices, and is expected to close in the first half of 2021.

T-Mobile announced Wednesday that it has acquired budget wireless provider Mint Mobile, which is backed by actor Ryan Reynolds. The deal includes the purchase of Ka’ena Corporation, which owns Ultra Mobile and Plum, for up to $1.35 billion.

Reynolds, who purchased a minority ownership stake in Mint Mobile in 2019, will stay on in his “creative role on behalf of Mint,” where he serves as a spokesperson. In a video posted to social media, Reynolds and T-Mobile CEO Mike Sievert welcomed Reynolds to the T-Mobile family and touted Mint’s commitment to low prices.

“I never dreamt I’d own a wireless company and I certainly never dreamt I’d sell it to T-Mobile,” Reynolds wrote on Twitter Wednesday. “Life is strange and I’m incredibly proud and grateful.”

The acquisition is part of T-Mobile’s plan to expand its customer base and offer more competitive prices. T-Mobile CEO Mike Sievert said in a statement that the company is “thrilled to welcome Mint Mobile and Ultra Mobile to the T-Mobile family.”

The acquisition of Mint Mobile and its parent Ka’ena Corporation is expected to close in the first half of 2021. Reynolds will remain involved in the company in his creative role. He recently posted a video of himself getting a colonoscopy to raise awareness about cancer screening.

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