T-Mobile said on Wednesday it would buy Ka'ena Corp, the owner of Ryan Reynolds-backed budget service provider Mint Mobile, for up to $1.35 billion, as the telecom operator looks to maintain growth in a competitive market.
The deal will allow T-Mobile to tap a larger share of the pay-as-you-go customer base, whose numbers are expected to swell as credit-challenged people shy away from hefty monthly bills.
The agreement consists of 39% cash and 61% stock, with the final purchase price set to be decided by Ka'ena's performance during certain periods before and after the closing of the deal which is expected later this year. "Over the long term, we'll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile," said Mike Sievert, chief executive officer of T-Mobile.
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