T-Mobile Is Buying Mint Mobile In A $1.35 Billion Deal
T-Mobile announced on Wednesday it is buying prepaid wireless carrier Mint Mobile from parent company Ka’ena Corporation in a deal worth $1.35 billion. The acquisition will also include Ka’ena subsidiaries Ultra Mobile (another prepaid wireless service, and wireless wholesaler Plum.
In a press release, T-Mobile CEO Mike Sievert said that “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.”
Mint founders David Glickman and Rizwas Kassim will continue to work with the subsidiary by managing the brands under T-Mobile. The company reported the actual payment to move forward with the deal will be a combination of 39% in cash and 61% stock, but the final payout will rely on Ka’ena’s performance before and after it closes on the deal.
This article is part of a developing story. Our writers and editors will be updating this page continuously as new information is released. Please check back again in a few minutes to see the latest updates. Meanwhile, if you want more news coverage, check out our tech, science, or io9 front pages. And you can always see the most recent Gizmodo news stories at gizmodo.com/latest.
T-Mobile announced on Wednesday it is buying prepaid wireless carrier Mint Mobile from parent company Ka’ena Corporation in a deal worth $1.35 billion. The acquisition will also include Ka’ena subsidiaries Ultra Mobile (another prepaid wireless service, and wireless wholesaler Plum.
In a press release, T-Mobile CEO Mike Sievert said that “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.”
Mint founders David Glickman and Rizwas Kassim will continue to work with the subsidiary by managing the brands under T-Mobile. The company reported the actual payment to move forward with the deal will be a combination of 39% in cash and 61% stock, but the final payout will rely on Ka’ena’s performance before and after it closes on the deal.
This article is part of a developing story. Our writers and editors will be updating this page continuously as new information is released. Please check back again in a few minutes to see the latest updates. Meanwhile, if you want more news coverage, check out our tech, science, or io9 front pages. And you can always see the most recent Gizmodo news stories at gizmodo.com/latest.
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