The purchase of Mint Mobile, a low-cost wireless service, by T-Mobile in a bigger transaction for up to $1.35 billion was disclosed on Wednesday. In addition to Ultra Mobile, an international calling service, and cellular wholesaler Plum, the parent company of Mint Mobile, Ka'ena Corporation, will be acquired.
According to a press release announcing the acquisition, Reynolds, who bought a minority ownership share in Mint Mobile in 2019, would continue in his "creative role on behalf of Mint," where he acts as a spokesperson.
Reynolds stated on Twitter on Wednesday, "I never thought I'd own a cellular firm and I definitely never dreamt I'd sell it to T-Mobile. Life is strange, but I'm quite proud of myself and appreciative.
Reynolds called the choice to purchase a share in Mint "a bit unorthodox" at the time in a statement. According to him, celebrities frequently invest in high-end goods like skincare or gin companies.
According to its website, Mint Mobile was founded in 2016 with the intention of providing customers with a "affordable, premium cellular" service. Reynolds stated that he was "eager to champion a more pragmatic approach to the most vital technology" in his statement from 2019.
Via the acquisition of Mint Mobile, T-Mobile wants to strengthen its own prepaid offerings. In a Wednesday YouTube video with Reynolds, CEO Mike Sievert promised users that Mint's $15 per month price structure will remain in place. The two founders of the company will continue to run what "will typically operate as a separate business entity," per the press statement.
Long-term, implementing the marketing strategy for which Mint has become renowned to new areas of T-Mobile will also be advantageous, according to Sievert.
The sale is anticipated to be finalized later this year; the price will depend on Ka'ena's performance.
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