Ryan Reynolds-Backed Mint Is Bought by T-Mobile for $1.35 Billion

Ryan Reynolds is proving to be quite the businessman.

via: Variety

Under the pact, expected to close later this year, T-Mobile will acquire Ka’ena Corp. and its subsidiaries and brands: Mint Mobile, international wireless service Ultra Mobile and wholesaler Plum. T-Mobile said it will be able “to leverage Mint’s industry-leading digital [direct-to-consumer] marketing expertise as part of its broader portfolio to reach new customer segments and geographies.”

Following the deal’s close, Mint Mobile founders David Glickman and Rizwan Kassim will remain at T-Mobile to manage the brands, which will “generally” operate as a separate business unit. Reynolds will continue in his creative role as a spokesman for Mint. The actor-entrepreneur owns a roughly 25% stake in Mint, according to Bloomberg, which previously reported on the company’s deal talks with T-Mobile.

“Mint Mobile is the best deal in wireless and today’s news only enhances our ability to deliver for our customers,” Reynolds said in a statement. “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.”

T-Mobile said it will maintain Mint Mobile’s current pricing plans, which start at $15 per month for unlimited talk and text and up to 4 GB of data/month.

T-Mobile will pay up to a maximum of $1.35 billion in a combination of 39% cash and 61% stock to acquire Ka’ena. The actual price to be paid by T-Mobile will be based on Ka’ena’s performance during certain periods before and after the closing and is also subject to working capital adjustments and other contractual reserves, the carrier said. T-Mobile said it does not currently expect the transaction to have any impact on the company’s 2023 financial guidance or its ongoing stock repurchase program.

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