T-Mobile announced on March 15, 2023, that it would pay $1.35 billion to acquire Mint Mobile, where Ryan Reynolds is one of its minor shareholders.
What’s the deal?
In a deal allegedly for $1.35 billion, T-Mobile is buying Ka’ena Company, the organization behind MVNO providers Mint Mobile and Ultra Mobile. 39% of the purchase price will be paid in cash and 61% in shares. The deal, which is scheduled to complete later this year, will be based on how Ka’ena Corporation performs in the upcoming months and other contractual provisions.
Sales, marketing, customer care, and the digital and wholesale wireless solutions provider Plum are all being acquired by T-Mobile. It is intended to improve both MVNOs by utilizing T-proven Mobile’s supplier and distribution network and to expand the competitively priced sector to more US consumers. The popular $15 monthly plan from Mint will be kept.
According to the press statement by T-Mobile, Mint Mobile will continue to function as a distinct business moving ahead. While part-owner Ryan Reynolds will continue to serve as Mint Mobile’s creative director, the company’s founders David Glickman and Rizwan Kassim will join T-Mobile as brand managers.
The Announcement
Reynolds and T-Mobile CEO Mike Sievert made a short video clip announcing the purchase as part of the media event. The humorous film, made by one of Reynolds’ other businesses, Maximum Effort Advertising, has Sievert speaking solemnly about the merger and Reynolds cracking jokes such as, “Nice to have a new dad!” before hugging his new partner.
According to T-Mobile, the acquisition aims to expand the carrier’s customer base among US clients looking for better value from their phone plans.
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