For context, Mint Mobile is a mobile virtual network operator (MVNO), which means that it buys wholesale access to a wireless network instead of owning and operating it. The carrier’s service is already provided by T-Mobile as part of a wholesale network-sharing agreement.

Mint Mobile doesn’t have any physical retail stores, as its business operates entirely online. T-Mobile began considering its purchase of Mint Mobile in January, according to a report from Bloomberg. Sievert said in a video posted on Wednesday that the company will retain Mint’s $15 per month pricing. We think customers are really going to win with a more competitive and expansive Mint and Ultra.” “Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile. “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,” said T-Mobile CEO Mike Sievert in a statement. T-Mobile expects to close the deal later this year. The final purchase price will be based on Mint’s performance during certain periods before and after the closing. In a blog post, T-Mobile said it reached a deal to acquire Ka’ena Corporation, the parent company to prepaid wireless brands Mint Mobile and Ultra Mobile, as well as wireless wholesaler Plum, for a maximum of $1.35 billion in a combination of 39% cash and 61% stock. The move indicates that T-Mobile is looking to boost its prepaid offerings. T-Mobile is acquiring Mint Mobile, the budget-friendly wireless provider partially owned by Ryan Reynolds, in a deal valued at up to $1.35 billion, the company announced on Wednesday.

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