T-Mobile Buys Ryan Reynolds’s Mint Mobile for $1.35 Billion (3)

T-Mobile US Inc. is buying Mint Mobile, the budget wireless provider partly owned by actor Ryan Reynolds, for as much as $1.35 billion in an effort to bolster its prepaid phone business and reach more lower-income customers.

The second-largest US wireless provider is acquiring Mint’s closely held parent company, Ka’ena Corp., with a combination of 39% cash and 61% stock, according to a statement Wednesday. The ultimate purchase price will be based on Mint reaching certain performance goals, both before and after the transaction closes. The sale talks were first reported by Bloomberg News in January.

Reynolds, who owns ...