T-Mobile announced it’s buying wireless provider Mint Mobile as part of a larger deal for up to $1.35 billion. Actor Ryan Reynolds owns a stake in the company and will stay on in his “creative role.”
T-Mobile to acquire Ryan Reynolds’ Mint Mobile for $1.3 billion
The $1.35 billion deal by T-Mobile is for the acquisition of Ka’ena Corporation, the parent company of Mint Mobile, as well as Ultra Mobile and Plum, Mac Rumors reported. The move by T-Mobile is its second major acquisition, following its merger with Sprint in 2020.
Reportedly, T-Mobile said it would continue Mint Mobile’s $15 per month pricing option, which provides 4GB of high-speed 4G or 5G data along with unlimited text and talk.
T-Mobile said that Reynolds would stay on in his “creative role on behalf of Mint,” in which he serves as a spokesperson, CNN reported.
The deal will be split into 39 percent cash and 61 percent stock. While the announcement says the deal is “up to $1.35 billion,” the final purchase price will be settled late this year after the deal is closed.
What is Ryan Reynolds’ stake in the company?
Reynolds purchased a stake in Mint Mobile in 2019. While the amount the actor-turned-entrepreneur owns remains undisclosed, it’s reportedly “significant,” People reported.
Rumors have been swirling that Reynolds’ stake in the company is somewhere between 20-25 percent. Based on those numbers, Reynolds would potentially see a low nine-figure payday, Yahoo News reported.
“Mint Mobile is the best deal in wireless and today’s news only enhances our ability to deliver for our customers,” Reynolds said in a statement before launching into a joke. “We are so happy T-Mobile beat out an aggressive last-minute bid from my mom Tammy Reynolds as we believe the excellence of their 5G network will provide a better strategic fit than my mom’s slightly-above-average mahjong skills.”
T-Mobile says Mint Mobile acquisition a win-win for customers
“Mint has built an incredibly successful digital direct-to-consumer business that continues to deliver for customers on the Un-carrier’s leading 5G network and now we are excited to use our scale and owners’ economics to help supercharge it – and Ultra Mobile – into the future,” said Mike Sievert, CEO of T-Mobile. “We think customers are really going to win with a more competitive and expansive Mint and Ultra.”
