T-Mobile announces Mint Mobile and Ultra Mobile acquisition

2023-03-15

T-Mobile is acquiring Ka’ena Corporation – the company behind MVNO carriers Mint Mobile and Ultra Mobile in a deal reportedly worth $1.35 billion. The deal will include a 39% cash payment and 61% stock. The transaction will depend on Ka’ena Corporation’s performance in the coming months as well as other contractual reserves and is expected to close later this year.

T-Mobile is acquiring Mint and Ultra Mobile’s sales, marketing, digital, and service departments as well as wholesale wireless solutions provider Plum. The plan is to enhance both MVNOs via T-Mobile’s established supplier and distribution scale and help grow the competitively priced segment to more US consumers. Mint's popular $15 monthly plan will be retained.

Based on the press release provided by T-Mobile, Mint Mobile will continue to operate as separate business unit going forward. Founders?David Glickman and?Rizwan Kassim will join T-Mobile as brand managers while part-owner Ryan Reynolds will retain his role as creative director for Mint Mobile.

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. - T-Mobile CEO Mike Sievert

Here’s a video with T-Mobile CEO Mike Sievert and Mint Mobile owner Ryan Reynolds that shares more details on the deal.

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