T-Mobile US, Inc. (NasdaqGS:TMUS) entered into a definitive agreement to acquire Ka?ena Corporation from Ryan Reynolds for $1.4 billion on March 9, 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 upfront payment is estimated to be approximately $1.2 billion, before working capital adjustments. 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. Following the deal?s close, Mint's founders David Glickman and Rizwan Kassim will remain onboard at T-Mobile to manage the brands, which will generally operate as a separate business unit. Owner Ryan Reynolds will continue on in his creative role on behalf of Mint. The transaction is subject to the satisfaction of closing conditions, regulatory approvals and is expected to close later this year. As of April 25, 2024, the U.S. Federal Communications Commission approved the transaction. As of October 25, 2023, the transaction is expected to close by the end of the first quarter of 2024. As of January 25, 2024, the transaction is expected to close in Q1, 2024. The transaction is expected to be slightly accretive to both Core Adjusted EBITDA and Free Cash Flow.

Cleary Gottlieb Steen & Hamilton LLP served as legal advisor to T-Mobile. LionTree LLC served as lead financial advisor with BofA Securities and TAP Securities LLC also serving as financial advisors to Ka?ena Corporation. Robert Katz, Saad Khanani, Rene de Vera, Jennifer Pepin, Makan Delrahim and Farrell Malone, Tara Tavernia, Jim Barker, Jeffrey Tochner, Robert Brown, Nineveh Alkhas and Drew Capurro of Latham & Watkins LLP acted as lead legal advisors and Bernstein Shur acted as legal counsel for Ka?ena Corporation. Nancy Victory and Kristin Jacobson of DLA Piper acted as legal advisors to T-Mobile. Alan J. Epstein, Shane Nix and Nicole Ostrowski of Willkie represented Ryan Reynolds as part owner of Mint Mobile.

T-Mobile US, Inc. (NasdaqGS:TMUS) completed the acquisition of Ka?ena Corporation from Ryan Reynolds on May 1, 2024.