T-Mobile to buy owner of Ryan Reynolds-backed Mint Mobile for $1.35B

The pay-as-you-go segment is estimated to see a higher number of subscribers

Ryan Reynolds speaks to Rob McElhenney, fellow co-owner of Wrexham, on the phone during the Emirates FA Cup Fourth Round match between Wrexham and Sheffield United at Racecourse Ground on January 29, 2023 in Wrexham, Wales. Photo by Michael Steele /Getty Images

Telecom operator T-Mobile US Inc said on Wednesday it will acquire Ka’ena Corp, the owner of Ryan Reynolds-backed budget wireless provider Mint Mobile, for as much as $1.35 billion.

The pay-as-you-go segment is estimated to see a higher number of subscribers as credit-challenged customers shy away from hefty monthly bills.

T-Mobile said it will fund the deal with 39% cash and 61% stock to acquire Ka’ena. The final price to be paid will depend on Ka’ena’s performance during certain periods before and after the closing.

The deal also includes Ka’ena’s Ultra Mobile wireless unit that offers international calling services, as well as wholesaler Plum.