T-Mobile has announced its acquisition of Mint Mobile, a budget wireless provider, and its parent company, Ka'ena Corporation, in a deal worth up to $1.35 billion. This acquisition will also include Ultra Mobile, an international calling service, and wireless wholesaler Plum.
Announcement Of T-Mobile
T-Mobile has announced its acquisition of Mint Mobile, a budget wireless provider, and its parent company, Ka'ena Corporation, in a deal worth up to $1.35 billion. This acquisition will also include Ultra Mobile, an international calling service, and wireless wholesaler Plum.
Mint Mobile was founded in 2016 with the goal of delivering an affordable and premium wireless service directly to consumers. The company has become known for its $15 per month pricing plan and practical approach to technology, and actor Ryan Reynolds, who purchased a minority ownership stake in Mint Mobile in 2019, serves as a spokesperson for the company.
With this acquisition, T-Mobile hopes to boost its own prepaid services, while also benefiting from the marketing formula that Mint Mobile has become famous for. T-Mobile CEO Mike Sievert assured customers that Mint Mobile's pricing plan will remain in place and that the brand's founders will continue to manage it as a separate business unit.
Ryan Reynolds Tweeted
The acquisition of Mint Mobile and its parent company is expected to close later this year, with the final price dependent on Ka'ena's performance. Reynolds will remain in a creative role for Mint Mobile, and the brand's two founders will stay on to manage the company.
This deal is significant for T-Mobile as it seeks to expand its reach in the budget wireless market. By acquiring Mint Mobile, T-Mobile gains access to a new customer base that values affordability and practicality. Additionally, T-Mobile's decision to keep Mint Mobile's pricing plan in place shows that the company is committed to serving this customer segment.
Overall, this acquisition represents a strategic move for T-Mobile as it seeks to strengthen its position in the wireless market. With Mint Mobile and its parent company now under its umbrella, T-Mobile is well-positioned to compete in the budget wireless segment and potentially expand its reach in the future.
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