T-Mobile's Acquisition of Mint Mobile and Ultra Mobile Approved by FCC

The US Federal Communications Commission (FCC) has given the green light for German company T-Mobile to acquire American Ka’ena Corp, the owner of mobile service providers Mint Mobile and Ultra Mobile, in a deal worth $1.35 billion. T-Mobile has voluntarily agreed to a 60-day unlocking period for all devices activated on Mint Mobile and Ultra Mobile networks before and after the deal closes. With this acquisition, T-Mobile aims to expand its market share in the competitive telecom industry and tap into a wider customer base with pay-as-you-go service options. The company also plans to leverage Mint Mobile's customer-centric business model and marketing expertise, which includes actor Ryan Reynolds as a co-owner of the virtual operator. This move is crucial in the face of increasing competition from companies like Verizon and AT&T. The final valuation of Ka’ena will be based on the company's performance pre and post-deal closure, with only 39% of the announced $1.35 billion deal being in cash and the remaining 61% in securities. The deal is set to be finalized on May 1st, with Mint Mobile founders David Glickman and Rizwan Kassim joining the T-Mobile team post-acquisition.