T-Mobile is buying Ryan Reynolds’ Mint Mobile in a $1.35 billion deal

New York

Ryan Reynolds is about to have a nice payday.

T-Mobile announced Wednesday that it is buying budget wireless network provider Mint Mobile in a major deal for up to $1.35 billion. The acquisition by Mint Mobile’s parent Ka’ena Corporation will also include Ultra Mobile, an international calling service, and wireless wholesaler Plum.

Reynolds, who bought a minority stake in Mint Mobile in 2019, will remain in his “creative role on behalf of Mint,” serving as a spokesperson, according to a press release announcing the deal.

“I never dreamed I’d own a wireless company, and I certainly never dreamed I’d sell it to T-Mobile,” Reynolds wrote on Twitter Wednesday. “Life is strange and I am incredibly proud and grateful.”

When Reynolds bought a stake in Mint, he called the decision “a bit unconventional” in a statement at the time. “Celebrities generally invest in high-end products like skincare brands or delicious gin companies,” he said.

Mint Mobile was founded in 2016 with the goal of providing an “affordable, premium wireless” service directly to consumers, according to its website. In his 2019 statement, Reynolds said he was “excited to champion a more hands-on approach to the most essential technology.”

T-Mobile hopes to boost its own prepaid services with the acquisition of Mint Mobile. CEO Mike Sievert assured customers that Mint’s $15 per month would remain in place in a YouTube video Wednesday with Reynolds. The brand’s two founders will also continue to manage what will “generally operate as a separate business unit,” according to the announcement.

“In the long term, we will also benefit from applying the marketing formula Mint has become famous for across multiple parts of T-Mobile.” wrote Sievert.

The deal is expected to close later this year, with the final price dependent on Ka’ena’s performance.

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