T-Mobile is acquiring Turbocharge Mint Mobile and Ultra Mobile
The company assures that Mint Mobile owner Ryan Reynolds will 'continue on in his creative role on behalf of Mint.'
In an official announcement made earlier this morning, it was revealed that American wireless network operator T-Mobile (TMUS) is set to acquire Turbocharge Mint Mobile and Ultra Mobile.
More specifically, in the announcement it’s noted that T-Mobile has “entered into a definitive agreement” to acquire Ka’ena Corporation along with its various subsidiaries and brands. These include Mint Mobile, a direct-to-consumer prepaid wireless brand, Ultra Mobile, a wireless service that offers international calling options, and wholesaler Plum.
T-Mobile will reportedly pay up to a maximum of $1.35 billion in a combination of 39 percent cash and 61 percent stock to acquire Ka’ena. With that being said, the actual price to be paid by T-Mobile will ultimately be “based upon Ka’ena’s performance during certain periods before and after the closing.”
© Yahoo Finance
T-Mobile goes on to outline in its announcement how it’s acquiring the brands’ sales, marketing, digital, and service operations, and has plans to use its supplier relationships and distribution scale to “help the brands grow and offer competitive pricing and greater device inventory to more U.S. consumers seeking value offerings.” Additionally, the “Un-carrier will also be able to leverage Mint’s industry-leading digital D2C marketing expertise” in order to reach new customer segments.
“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 and now we are excited to use our scale and owners' economics to help supercharge it - and Ultra Mobile - into the future," said Mike Sievert, CEO of T-Mobile. "Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile. We think customers are really going to win with a more competitive and expansive Mint and Ultra."
“Our brands have thrived on the T-Mobile network, and we are thrilled that this agreement will take them even further, bringing the many benefits of 5G to even more Americans,” said David Glickman, founder and CEO of Mint, Ultra and Plum. “This transaction validates our meteoric success and will unite two proven industry innovators committed to doing things differently in the wireless industry.”
Once the deal closes, Mint Mobile founders David Glickman and Rizwan Kassim will remain at T-Mobile to help manage the brands which will reportedly operate as a separate business unit. Mint owner and actor Ryan Reynolds will also “continue on in his creative role on behalf of Mint.”
For more on T-Mobile’s acquisition of Ka’ena Corporation and brands like Mint Mobile, be sure to read through the company’s full announcement. Also, brush up on some of our previous acquisition coverage including how Adobe’s acquisition of Figma may be blocked by the DOJ, and Microsoft insisting that Game Pass prices won't increase following its Activision Blizzard acquisition.
-
Shacknews
replyMorgan Shaver posted a new article, T-Mobile is acquiring Turbocharge Mint Mobile and Ultra Mobile
