Cleary Gottlieb is representing T-Mobile US, Inc. (T-Mobile) in its entry into a definitive agreement to acquire Ka’ena Corporation (Ka’ena) and its subsidiaries and brands: Mint Mobile, Ultra Mobile, and Plum.
The transaction was announced on March 15, 2023.
T-Mobile will pay up to a maximum of $1.35 billion in a combination of 39% cash and 61% stock to acquire Ka’ena. The actual price to be paid by T-Mobile will be based upon Ka’ena’s performance during certain periods before and after the closing. It is also subject to working capital adjustments and other contractual reserves. The transaction is subject to the satisfaction of closing conditions, and is expected to close later this year.
T-Mobile is America’s supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobile’s customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience, and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Washington, T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile and Metro by T-Mobile.
Ka’ena is home to America’s easiest and most affordable premium wireless brands Mint Mobile, a successful direct-to-consumer prepaid wireless brand in the U.S., and Ultra Mobile, a unique wireless service offering international calling options to communities across the country, and wholesale wireless solutions provider, Plum. Operating as MVNOs on the T-Mobile network, Ultra Mobile launched in 2011 with the mission of making international calling more affordable and accessible and Mint Mobile launched in 2016 and has revolutionized the way consumers access wireless with its leading direct-to-consumer experience. With plans available for as little as $15/month, Mint Mobile offers incredible value for a premium service.
For more information, please see the press release here.