T-Mobile US Inc. is buying Mint Mobile, the budget wireless network provider partially owned by actor Ryan Reynolds, for as much as $1.35 billion in an effort to bolster its prepaid phone business and reach more lower-income customers.
The second-largest U.S. wireless carrier is buying Mint’s closely held parent, Ka’ena Corp., for a combination of 39% cash and 61% stock, according to a statement Wednesday. The final purchase price will be based on Mint achieving certain performance goals, both before and after the closing of the transaction. The sales negotiations were first reported by Bloomberg News in January.