Published on March 16th, 2023
T-Mobile, the telecommunications behemoth, has revealed plans to acquire Mint Mobile, a budget cell service provider recognized for its commercials featuring actor and co-owner Ryan Reynolds, along with two other brands.
The deal is valued at $1.35 billion and comprises a combination of cash and stock.
T-Mobile’s CEO, Mike Sievert, stated on Wednesday that the company would leverage its scale and assets to “amplify” Mint’s capabilities, as it uses T-Mobile’s wireless network and provides pricing plans starting at $15 per month.
Mike Sievert also stated that in the future, T-Mobile could gain from implementing the marketing strategy that made Mint popular in other sections of the company. Mint’s advertising has been primarily fueled by actor Ryan Reynolds, known for his role as Deadpool, who has appeared in commercials for the carrier, using a mint-green backdrop to deliver entertaining sales pitches.
The agreement involves T-Mobile purchasing Ka’ena Corp., which is the parent company of Mint Mobile, a wireless provider that specializes in international calls, along with Ultra Mobile, and Plum, a wholesaler of wireless services.
According to T-Mobile, Ryan Reynolds will remain in his creative position at Mint, while the company’s founders, David Glickman and Rizwan Kassim, will continue running the brands as a largely autonomous business unit. The acquisition, set to finalize later this year, will allow Mint to retain access to T-Mobile’s network.