T-Mobile is set to acquire Ryan Reynolds' Mint Mobile for $1.35 billion

What you need to know

• T-Mobile announces its plans to purchase Ryan Reynolds-owned Mint Mobile, along with Ultra Mobile and wholesaler Plum.
• The acquisition's payment cap is set at $1.35 billion, with cash making up 39% and 61% involving stocks.
• T-Mobile states it will not change Mint's classic $15-a-month prepaid plan for customers once everything finalizes.

T-Mobile looks to bolster its roster once more with its latest acquisition target. The Un-carrier T-Mobile has announced its plans (opens in new tab) to acquire the Ka'ena Corporation, which includes Ryan Reynolds-owned Mint Mobile, Ultra Mobile, and the wholesaler Plum.

The carrier's press release states the maximum payment cap on the acquisition is currently sitting at $1.35 billion, with 39% of it made up of cash while the remaining 61% involves stocks.

T-Mobile does expect the deal to wrap up later this year. However, there is a bit of a condition here as to the exact payment. By the end, the amount put forth is said to depend on Ka'ena's performance "during certain periods before and after the closing."

Given that Ryan Reynolds has been a very active face of Mint Mobile (considering his ownership role), he will not leave entirely when this acquisition finalizes and will maintain his creative role at Mint Mobile. Furthermore, the founders of Mint Mobile, David Glickman, and Rizwan Kassim, are said to remain on board to manage the brands.

Mint Mobile is known for being a D2C (direct-to-customer) prepaid wireless mobile service while Ultra Mobile delivers international calling options to U.S. customers. The company is known for offering very inexpensive plans to consumers that rival other MVNOs. In the companies' joint announcement video, it was made clear that T-Mobile would not change Mint Mobile's classic $15-a-month prepaid plan for customers.

Through the pending acquisition, T-Mobile is looking to use Mint as a way of reaching and welcoming new customers to its 5G Network. Both Mint and Ultra Mobile will join the brand's other prepaid services, such as Metro by T-Mobile, T-Mobile branded prepaid, and Connect by T-Mobile.

With a dash of humor, Ryan Reynolds stated, "Mint Mobile is the best deal in wireless and today’s news only enhances our ability to deliver for our customers. 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. I am so proud of the entire Mint team and so excited for what’s to come."

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