T-Mobile Officially Acquires Mint Mobile in $1.35 Billion Deal

T-Mobile officially finalized the $1.35 billion deal to acquire Mint Mobile, according to a press release from the telecom company. The deal was first announced in March 2023 but had to clear regulatory approval.

The U.S. Federal Communications Commission (FCC) gave approval to the deal last week after T-Mobile pledged to let existing Mint customers switch providers for 60 days after the acquisition. T-Mobile has also pledged to keep Mint’s $15 per month deal for both new and existing customers, something frequently touted in the prepaid carrier’s advertising.

T-Mobile acquired Mint from the Ka’ena Corporation, which is also selling smaller mobile properties Ultra Mobile and Plum to the wireless giant. The deal consists of 39% in cash and 61% in stock.

Ryan Reynolds, the face of Mint Mobile who became owner of 25% of the company in 2019, is expected to take home at least $300 million, according to estimates from the Wall Street Journal calculated late last year.

Reynolds, who often makes jokes as part of Mint’s advertising campaigns, joked about “Gary in Finance” while announcing the final deal.

“I am so proud of the entire Mint Mobile team. Even Gary from Finance who’s been a real stickler over the years,” said in a press release announcing the finalization of the deal. “We’ve been able to rapidly grow this brand by putting customers and value first while being unafraid to act quickly and take chances. T-Mobile is the best partner to help us supercharge Mint and we’re grateful for their partnership.”

Expanded roaming in Mexico and Canada was also announced, along with T-Mobile touting T-Mobile features that will soon be available to Mint, including a warning that flashes “Scam Likely” on phones for known scam callers.

Critics of the deal were concerned about the loss of competition, but defenders pointed out that Mint already relied heavily on T-Mobile’s infrastructure to provide service.