Under the terms of the agreement, T-Mobile’s $1.35 billion purchase will be through a 39% cash transaction and the acquisition of 61% worth of stock assets. To be clear, T-Mobile’s purchase ceiling is contingent upon Ka’ena reaching certain performance milestones within the next two years, though it remains hushed about the specifics. The acquisition is expected to close in the second half of 2023, subject to regulatory approval and other customary closing conditions.
T-Mobile’s CEO Mike Sievert has assured customers that Mint Mobile will continue to operate as a separate brand with its own distinct identity. He emphasized that the acquisition will provide Mint with the resources and infrastructure to grow faster and offer even better services to its customers.
“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,” Sievert said in a statement. “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.”
Moreover, the deal is expected to benefit both T-Mobile and Mint Mobile subscribers, as both stand to gain access to a broader range of products and service options as a result of the convergence.
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