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LEARN MORET-Mobile buying Ryan Reynolds' Mint Mobile in deal worth up to $1.35B
T-Mobile said the company will benefit from the acquisition by becoming more expansive and utilizing Mint's marketing formula.
March 16, 2023
T-Mobile announced it is acquiring the Ka’ena Corporation, which includes Mint Mobile and Ultra Mobile, in a deal worth up to $1.35 billion.
Ryan Reynolds, an owner of Mint Mobile, shared the news with his followers on Twitter.
"I never dreamt I’d own a wireless company and I certainly never dreamt I’d sell it to T-Mobile," Reynolds tweeted. "Life is strange and I’m incredibly proud and grateful."
The acquisition allows T-Mobile to build its portfolio. Mint Mobile found success in the prepaid wireless space. Ultra Mobile offers wireless services for international calling.
T-Mobile is already one of the largest wireless carriers in the word. The company reported at the end of 2022 that its total customer count increased to a record high of 113.6 million.
"Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile. We think customers are really going to win with a more competitive and expansive Mint and Ultra," said Mike Sievert, CEO of T-Mobile.
Reynolds noted that Mint Mobile has run on T-Mobile's network since its inception.
"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," Reynolds joked. "I am so proud of the entire Mint team and so excited for what’s to come."
After the deal closes, Reynolds is expected to stay on with T-Mobile to serve in a "creative role."
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