For T-Mobile, buying Mint is a logical choice. Larger corporations often absorb smaller ones in the same industry, and the two companies already have a close relationship due to Mint’s usage of T-Mobile’s cellular network. T-Mobile previously bought major mobile carrier Sprint in a merger that was completed in 2020, and is currently the second largest wireless carrier in the U.S., with only Verizon having more than T-Mobile’s 110 million subscribers.
T-Mobile plans to keep Mint as its own separate business, with founders David Glickman and Rizwan Kassim remaining to oversee the brand. Its low-cost pricing models will remain as well. While T-Mobile hopes to use its scale and influence to grow Mint’s customer base, it also looks to tap into Mint’s successful marketing strategy. “Mint has built an incredibly successful digital direct-to-consumer business that continues to deliver for customers on the Un-carrier’s leading 5G network,” said T-Mobile CEO, Mike Sievert. “Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile.”
Ryan Reynolds is a key part of that marketing formula and will keep a creative role at the company. But when the deal finalizes, likely later this year, Reynolds will cede ownership and possibly make up to $300 million in the acquisition. T-Mobile is expected to pay up to $1.35 billion, in a combination of cash and stock, to acquire Ka’ena Corporation, the parent company of Mint, international carrier Ultra Mobile, and wholesaler Plum. While he’s certainly making lots of money from the deal, Reynolds says it’s also a positive move for Mint’s customers: “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.”