Wireless company T-Mobile is paying $1.35billion to acquire Mint Mobile, the discount cell phone provider partially owned by actor Ryan Reynolds.
T-Mobile announced the deal to acquire Ka’ena Corporation, the parent company of prepaid wireless provider Mint Mobile, international provider Ultra Mobile, and wholesaler Plum, on Wednesday.
In a video announcement featuring Reynolds and T-Mobile CEO Mike Seivert, the company promised to continue Mint Mobile’s popular discount phone plans priced at $15 per month.
‘We’re incredibly excited, Mint has run on T-Mobile’s network since its inception,’ Reynolds said in the announcement video. ‘And the reason people have such a great experience with Mint is due to the T-Mobile network, especially its unrivalled lead in 5G,’
T-Mobile plans to use Mint’s ‘supplier relationships and distribution scale to help the brands to grow and offer competitive pricing and greater device inventory to more U.S. consumers seeking value offerings.’
The company said the services offered by the Ka’ena brands are ‘complimentary’ to the services already offered by T-Mobile.
‘Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile,’ Seivert said.
The massive $1.35billion sale will be paid out 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 would remain with the company in his ‘creative role,’ alongside Mint founders David Glickman and Rizwan Kassim.
Ryan Reynolds has a net worth of $71.5million, according to Forbes. He was listed as the world’s 18th-wealthiest celebrity in the magazine’s most recent issue of the Highest Paid Celebrities List.
‘I never dreamt I’d own a wireless company and I certainly never dreamt I’d sell it to T-Mobile,’ the Detective Pikachu actor said on Twitter. ‘Life is strange and I’m incredibly proud and grateful.’
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