T-Mobile to acquire Ryan Reynolds’ Mint Mobile for up to $1.35 billion

The T-Mobile logo is seen on a storefront, Oct.  14, 2022, in Boston.

T-Mobile is set to purchase prepaid wireless brand Mint Mobile but says the brand’s low monthly rate – as well as its marketing from part-owner and actor Ryan Reynolds – are here to stay.

T-Mobile on Wednesday said it agreed to purchase Ka’ena Corp. and its subsidiaries and brands, including Mint Mobile, the wireless service Ultra Mobile and wholesaler Plum. T-Mobile plans to pay up to $1.35 billion in cash and stock and close the deal later this year, with the final price depending on Ka’ena’s performance.

The deal should help brands grow and offer competitive pricing to more US consumers, according to a statement from T-Mobile.