In a $1.3 billion deal, Ryan Reynolds’ Mint Mobile is sold to T-Mobile
Ryan Reynolds, an actor and producer, recently closed his first billion-dollar contract. In a deal that could be worth $1.35 billion, telecommunications juggernaut T-Mobile has bought Mint Mobile, the fledgling company that counts Reynolds as a minority owner. T-Mobile will use 39% cash and 61% stock to settle the contract.
Although Reynolds is rumoured to hold between 20 and 25% of Mint Mobile, indicating a low nine-figure payout, it is unclear how much he will directly receive from the purchase.
In a statement posted on Wednesday, Reynolds said that Mint Mobile is the best deal in wireless and that the news announced today only increases our ability to please our customers. We are delighted that T-Mobile outbid my mother Tammy Reynolds’ aggressive last-minute bid since we believe the supremacy of their 5G network will be a superior strategic fit than my mother’s somewhat above-average mahjong skills. Very thrilled for the Mint team, and looking forward to what’s to come.
T-Mobile is also acquiring Plum, a wireless wholesaler, and Ultra Mobile, which aims to give customers options for making international calls, in addition to Mint. Ka’ena Corp owns the three businesses, and its co-founders, Rizwan Kassim and David Glickman will administer it as a separate business unit.
According to the terms of the agreement, Reynolds will continue to serve Mint in his creative capacity. The actor is frequently seen in wireless brand advertisements highlighting his unique sense of humour.
IN A STATEMENT, T-Mobile CEO Mike Sievert expressed his desire to apply that strategy across the board.
He added that we’d also profit from using the marketing strategy for which Mint has become known throughout more T-Mobile divisions. He said the team believes clients would benefit greatly from a more aggressive and comprehensive Mint and Ultra.
Reynolds has experience in the business world in addition to performing. In a $600 million deal in 2020, he sold Diageo his Aviation Gin brand.