T-Mobile acquires Ka'ena Corp (Mint Mobile, Ultra Mobile, Plum)
- Acquirer
- T-Mobile
- Target
- Ka'ena Corp (Mint Mobile, Ultra Mobile, Plum)
- Deal Value
- $1.35B
- Status
- Completed
- Announced
- March 15, 2023
What happened
T-Mobile agreed to acquire Ka'ena Corporation — parent of Mint Mobile, Ultra Mobile, and wholesaler Plum — for up to $1.35 billion in 39% cash and 61% stock, with the final price tied to performance. Ryan Reynolds' viral marketing had built Mint into the best-known MVNO brand in America; the deal closed in May 2024 with Reynolds staying on in a creative role.
Why it matters
The defining MVNO exit of the decade. It proved a digitally-native MVNO brand could be worth over a billion dollars — and that the endgame for a successful MVNO on your network is often being bought by the network. Every MVNO founder's pitch deck now has a Mint slide, and every host carrier now weighs wholesale revenue against the option to simply acquire its best tenants.
Source: T-Mobile
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