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T-Mobile acquisitions: every major fiber and spectrum deal (2020–2026)
By The Utility Search Marketplace Team · 20+ years in consumer home services
T-Mobile spent the last few years transforming itself from a wireless-only carrier into a converged fiber-and-5G competitor — partly by building, but largely by buying. This is a complete, sourced reference to T-Mobile acquisitions in fiber and spectrum from the 2020 Sprint merger through mid-2026, with deal values, close dates, and what each one actually added. Every figure here traces to a company filing or press release; sources are listed at the end.
The two strategies: spectrum vs. fiber
T-Mobile acquisitions fall into two distinct buckets, and it helps to separate them:
Spectrum and wireless acquisitions expand the airwaves and subscriber base behind its 5G network — this is the Sprint, Mint Mobile, and UScellular lineage.
Fiber acquisitions are a newer, deliberate push into wired home internet, almost always structured as 50/50 joint ventures with a private-equity partner (EQT, KKR) rather than outright buys — this is the Lumos and Metronet lineage.
The fiber JVs share a common shape: T-Mobile takes a 50% equity stake and the residential retail customers, while the acquired company becomes a wholesale network operator that keeps building. Through these partnerships, T-Mobile has said it expects to reach 12–15 million fiber households by the end of 2030.
T-Mobile acquisitions: spectrum & wireless
Sprint — 2020 — ~$26 billion (merger)
The foundational deal. T-Mobile’s merger with Sprint closed in 2020 and gave it the 2.5 GHz mid-band spectrum that underpins its 5G network lead. It also brought Sprint’s prepaid brands and the Assurance Wireless Lifeline business into the fold.
Ka’ena Corporation (Mint Mobile + Ultra Mobile + Plum) — ~$1.35 billion — FCC-approved April 2024
T-Mobile acquired Ka’ena, the parent of value brands Mint Mobile and Ultra Mobile (plus Plum), for up to $1.35 billion. The brands continue to operate separately. This was a subscriber and prepaid-brand play rather than a spectrum grab.
UScellular wireless operations & select spectrum — ~$4.3 billion — closed August 1, 2025
T-Mobile acquired substantially all of UScellular’s wireless operations — customers, retail stores, and certain specified spectrum assets — for approximately $4.3 billion (about $2.6 billion cash plus roughly $1.7 billion in assumed debt). The deal notably strengthened rural and regional coverage. UScellular retained a large share of its spectrum and towers, continuing as a separate infrastructure company renamed Array Digital Infrastructure. T-Mobile also entered a long-term lease on at least 2,100 retained UScellular towers, and concurrently closed the smaller “Iowa Transactions” (~$175 million) for several Iowa wireless operators.
T-Mobile acquisitions: fiber (joint ventures)
Lumos — with EQT — ~$950 million for 50% — announced April 2024, closed early 2025
T-Mobile’s first fiber footprint. Partnering with investment firm EQT, T-Mobile invested roughly $950 million for a 50% stake in a JV that acquired Mid-Atlantic fiber-to-the-home provider Lumos (then reaching about 320,000 households over 7,500 route miles). A further ~$500 million contribution is planned for 2027–2028. The JV targets 3.5 million homes passed by the end of 2028, with Lumos operating as a wholesale network and T-Mobile as anchor tenant.
Metronet — with KKR — ~$4.9 billion for 50% — announced July 2024, closed July 24, 2025
T-Mobile’s largest fiber deal. In a JV with KKR, T-Mobile invested about $4.9 billion for a 50% equity stake plus 100% of Metronet’s residential fiber retail operations and customers. Metronet — one of the largest independent fiber-to-the-home providers in the U.S. — reaches more than 2.6 million homes and businesses across 19 states over 42,000+ miles of fiber, and aims for 6.5 million homes passed by the end of 2030. Post-close, Metronet became a wholesale provider with T-Mobile Fiber handling residential service.
What the T-Mobile acquisitions add up to
Taken together, these T-Mobile acquisitions in spectrum (Sprint, Mint/Ka’ena, UScellular) cemented T-Mobile’s 5G and subscriber scale, while the fiber JVs (Lumos, Metronet) built a wired-home-internet business almost from scratch — targeting 12–15 million fiber households by 2030, on top of a 5G Home Internet fixed-wireless base serving millions more. For consumers, the practical upshot of these T-Mobile acquisitions is more places where T-Mobile competes for your home internet, and more pressure on incumbent cable and telephone providers. As always, what’s available — and at what price — comes down to your specific address.
Is your plan keeping up?
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FAQ
What companies has T-Mobile acquired recently?
The most significant T-Mobile acquisitions break down like this. On the wireless/spectrum side: Sprint (2020), Ka’ena/Mint Mobile (FCC-approved 2024), and UScellular’s wireless operations (closed August 2025). On the fiber side, through joint ventures: Lumos (with EQT, closed early 2025) and Metronet (with KKR, closed July 2025).
How much did T-Mobile pay for Metronet?
About $4.9 billion for a 50% equity stake in the KKR joint venture, plus 100% of Metronet’s residential fiber retail operations and customers.
Are T-Mobile’s fiber acquisitions outright purchases?
No — both Lumos and Metronet are structured as 50/50 joint ventures with a private-equity partner (EQT and KKR, respectively). T-Mobile takes the residential retail customers; the acquired company becomes a wholesale network operator.
How many fiber homes does T-Mobile plan to reach?
Through its fiber partnerships and joint ventures, T-Mobile has said it expects to reach 12–15 million fiber households by the end of 2030.
Did T-Mobile get spectrum from the UScellular deal?
Yes — the ~$4.3 billion deal included certain specified spectrum assets along with customers and stores, though UScellular (now Array Digital Infrastructure) retained a significant portion of its spectrum and towers.
Sources (verify live before publishing): T-Mobile newsroom & SEC 8-K filings: Metronet JV (Jul 2024 announce; Jul 24 2025 close), Lumos JV (Apr 2024), UScellular acquisition (May 2024 announce; Aug 1 2025 close); KKR / Metronet press releases (2.6M homes, 19 states, 42,000+ miles); FCC approval of Ka’ena/Mint Mobile (Apr 2024); Cleary Gottlieb deal summary (UScellular close, $4.3B, Iowa Transactions). Figures are company-reported; verify current details directly before relying on them.
