T-Mobile acquires Mint Mobile from Ryan Reynolds for $1.35 billion
Wireless company T-Mobile is paying $1.35 billion to acquire Mint Mobile, the discount cell phone operator part-owned by actor Ryan Reynolds.
T-Mobile on Wednesday announced an agreement to acquire Ka’ena Corporation, parent company of prepaid wireless service provider Mint Mobile, international operator Ultra Mobile and wholesaler Plum.
In a video announcement with Reynolds and T-Mobile CEO Mike Seivert, the company vowed to continue Mint Mobile’s popular discount phone plans priced at $15 a month.
“We’re incredibly excited, Mint has been on T-Mobile’s network since its inception,” Reynolds said in the announcement video. “And the reason people are having such a great experience with Mint is because of the T-Mobile network, specifically its unrivaled lead in 5G.”
T-Mobile plans to leverage Mint’s ‘supplier relationships and distribution scale to help brands grow and offer competitive pricing and a larger device inventory to more US consumers seeking value propositions’.
The company said the services offered by the Ka’ena brands are “complementary” to the services already offered by T-Mobile.
“Longer term, we will also benefit from applying the marketing formula that Mint has become famous for to more parts of T-Mobile,” said Seivert.
The massive sale, valued at $1.35 billion, will be settled 39% in cash and 61% in stock.
Reynolds joined the company after becoming a minority owner in 2019. T-Mobile said the actor/business owner will remain with the company in his “creative role” alongside Mint founders David Glickman and Rizwan Kassim.
Ryan Reynolds reportedly has a net worth of $71.5 million forbes In the most recent edition of the magazine’s list of the highest paid celebrities, he was listed as the 18th richest celebrity in the world.
“I never dreamed of owning a cell phone company and I certainly never dreamed of selling it to T-Mobile,” the Detective Pikachu actor continued Twitter. “Life is strange and I am incredibly proud and grateful.”
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https://metro.co.uk/2023/03/15/t-mobile-acquires-ryan-reynolds-company-mint-mobile-for-1-35billion-18450652/ T-Mobile acquires Mint Mobile from Ryan Reynolds for $1.35 billion