Telecoms operator T-Mobile US is buying Ka’ena Corporation for up to $1.35 billion to boost its growth in the competitive prepaid phone market and gain more lower-income users.
The second-largest US wireless provider will also acquire Ka’ena’s subsidiaries and brands, including Mint Mobile, which is a direct-to-consumer prepaid wireless brand backed by actor Ryan Reynolds.
They also include Ultra Mobile, a wireless service offering international calling options to communities across the country, and wholesaler Plum.
T-Mobile will acquire the company with a combination of 39 per cent cash and 61 per cent stock, the Washington-based company said.
But the actual price will be based on Ka’ena’s performance during certain periods before and after the closing.
T-Mobile said it was acquiring the brands' sales, marketing, digital and service operations.
It plans to use its supplier relationships and distribution scale to help the brands grow and offer competitive pricing and greater device inventory to more US consumers seeking value.
The deal will bolster T-Mobile's efforts to increase its market share and number of subscribers as it wrestles with rivals Verizon and AT&T, which are known for their competitive promotions and deals.
After the announcement, T-Mobile’s share price rose more than 1.25 per cent to trade at $144.82 a share at 2.40pm New York time on Wednesday.
“Mint has built an incredibly successful digital direct-to-consumer business … we are excited to use our scale and owners' economics to help supercharge it,” said Mike Sievert, chief executive of T-Mobile.
“Over the long-term, we will also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile.
“We think customers are really going to win with a more competitive and expansive Mint and Ultra.”
T-Mobile, which expects the deal to be closed later this year, said it did not expect the transaction to have any impact on the company’s 2023 guidance or its continuing stock buyback programme.
After the deal’s close, Mint's founders David Glickman and Rizwan Kassim will remain at T-Mobile to manage the brands, the company said.
“Our brands have thrived on the T-Mobile network, and we are thrilled that this agreement will take them even further, bringing the many benefits of 5G to even more Americans,” Mr Glickman said.
“This transaction validates our meteoric success and will unite two proven industry innovators committed to doing things differently in the wireless industry.”
Mint is famous for its engaging marketing campaigns, which many times feature the Deadpool star Reynolds.
During the Covid-19 pandemic in 2020, he left a voicemail for customers notifying them that the company had offered them free data.
Reynolds, whose portfolio includes Welsh football team Wrexham, also featured in a promotional video on YouTube with Mr Sievert on Wednesday, announcing the deal.
“Mint Mobile is the best deal in wireless and today’s news only enhances our ability to deliver for our customers … I am so proud of the entire Mint team and so excited for what’s to come,” he said.
Reynolds owns an undisclosed but “significant” stake in Mint, Bloomberg reported.
“I never dreamt I’d own a wireless company and I certainly never dreamt I’d sell it to T-Mobile. Life is strange and I’m incredibly proud and grateful,” he said on Twitter.
Mint offers some of the lowest mobile plans, starting at $15 a month for 4 gigabytes of wireless data.
It competes with other prepaid phone brands, including Cricket from AT&T and Total from Verizon.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The UAE squad for the Asian Indoor and Martial Arts Games
The jiu-jitsu men’s team: Faisal Al Ketbi, Zayed Al Kaabi, Yahia Al Hammadi, Taleb Al Kirbi, Obaid Al Nuaimi, Omar Al Fadhli, Zayed Al Mansoori, Saeed Al Mazroui, Ibrahim Al Hosani, Mohammed Al Qubaisi, Salem Al Suwaidi, Khalfan Belhol, Saood Al Hammadi.
Women’s team: Mouza Al Shamsi, Wadeema Al Yafei, Reem Al Hashmi, Mahra Al Hanaei, Bashayer Al Matrooshi, Hessa Thani, Salwa Al Ali.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
