T-Mobile is buying Mint Mobile, the budget-friendly mobile carrier that’s partially owned by Ryan Reynolds. In a post published on Wednesday, T-Mobile announced that the deal’s valued at up to $1.35 billion and comes as T-Mobile looks to build out its prepaid phone offering.
The acquisition should close later this year, and involves a 39 percent cash and 61 percent stock purchase of Mint and Ultra Mobile’s parent company Ka’ena Corporation. The price could change, however, as it depends on Mint’s performance. As noted by T-Mobile CEO Mike Sievert in a YouTube video posted on Wednesday, T-Mobile will retain Mint’s $15 per month pricing.
“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,” Sievert says in a statement.