T-Mobile to buy Ryan Reynolds’ Mint Mobile in a $1.35 billion deal

CNN

By Jennifer Korn

Ryan Reynolds is about to have a nice payday.

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

Reynolds, who purchased a minority ownership stake in Mint Mobile in 2019, will stay on in his “creative role on behalf of Mint,” where he serves as a spokesperson, according to a press release announcing the deal.

“I never dreamt I’d own a wireless company and I certainly never dreamt I’d sell it to T-Mobile,” Reynolds wrote on Twitter Wednesday. “Life is strange and I’m 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 created in 2016 with the goal of delivering an “affordable, premium wireless” service direct to consumers, according to its website. In his 2019 statement, Reynolds said he was “excited to champion a more practical 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 pricing plan would stay in place in a YouTube video Wednesday featuring Reynolds. The brand’s two founders will also stay on to manage what “will generally operate as a separate business unit,” according to the release.

“Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more 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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— CNN’s Allen Kim contributed to this report.