T-Mobile has announced they are purchasing budget-friendly wireless company Mint Mobile. The deal is expected to be worth $1.35 Billion and will close sometime this year. The purchase will include roughly 39 percent cash and 61 percent stock but could change based on Mint’s performance over the next several months.
Mint Mobile became popular due to its insanely cheap entry-level plan, starting at $15 monthly. They also benefit from having beloved actor Ryan Reynolds as a minority owner and spokesperson. Reynolds will retain his creative role and spokesperson duties as T-Mobile integrates Mint into the fold. T-Mobile will also retain the founders of Mint Mobile David Glickman and Rizwan Kassim, as they join T-Mobile to continue to manage the brand.
Even though T-Mobile is purchasing Mint, it will continue to operate the prepaid wireless company as its own separate entity, which means Mint won’t be going away anytime soon. T-Mobile was forced to sell off its other prepaid brand, Boost Mobile to Dish after its merger with Sprint was completed.
“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,” said Ryan Reynolds.
Mint Mobile will continue to run on T-Mobile’s 5G network, offering subscribers one of the best deals in wireless.