Mint Mobile, partly owned by actor Ryan Reynolds, is being acquired by T-Mobile as part of a cash-and-stock deal worth as much as $1.35 billion.

T-Mobile鈥檚 purchase of Ka鈥檈na Corp. will give it access the budget wireless provider Mint, along with Ultra Mobile and wholesaler Plum. The brands, which already use T-Mobile for their network, will be run as a separate business unit.

鈥淚 never dreamt I鈥檇 own a wireless company and I certainly never dreamt I鈥檇 sell it to T-Mobile.鈥� Reynolds said in a tweet. 鈥淟ife is strange and I鈥檓 incredibly proud and grateful.鈥�

The U.S. wireless carrier said Wednesday that it is acquiring the brands鈥� sales, marketing, digital and service operations. It plans to use its supplier relationships and distribution scale to help grow the brands and offer competitive pricing and greater device inventory to more U.S. consumers seeking low cost offerings.

T-Mobile US Inc. said Mint and Ultra Mobile are complementary to its existing prepaid services, Metro by T-Mobile, T-Mobile branded prepaid and Connect by T-Mobile.

T-Mobile CEO Mike Sievert said the company plans to give a boost to Mint鈥檚 already successful digital direct-to-consumer business.

鈥淥ver the long-term, we鈥檒l also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile,鈥� Sievert said. 鈥淲e think customers are really going to win with a more competitive and expansive Mint and Ultra.鈥�

Mint founders David Glickman and Rizwan Kassim will stay on at T-Mobile after the transaction is complete to manage the brands. Reynolds, meanwhile, will remain in his creative role for Mint.

The actual price of the deal will depend on Ka鈥檈na Corp.鈥檚 performance during certain periods before and after the closing. The transaction is targeted to close later this year.

T-Mobile, based in Bellevue, Washington, became one of the country鈥檚 largest cellphone service carriers in 2020 after buying rival Sprint.

By Michelle Chapman

THE ASSOCIATED PRESS

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