Ryan Reynolds' Mint Mobile will be acquired by T-Mobile for $1.35 billion.

Read Time:3 Minute, 6 Second

The purchase of Mint Mobile, a low-cost wireless service, by T-Mobile in a bigger transaction for up to $1.35 billion was disclosed on Wednesday.

In addition to Ultra Mobile, an international calling service, and cellular wholesaler Plum, the parent company of Mint Mobile, Ka’ena Corporation, will be acquired. Sievert stated in a video announcing the acquisition that T-Mobile’s network. will maintain Mint’s $15 monthly fee.

According to a press statement announcing the acquisition, Reynolds, who bought a minority ownership share in Mint Mobile in 2019, would continue in his “creative role on behalf of Mint,” where he acts as a spokesman.

Reynolds stated on Twitter on Wednesday, “I never thought I’d own a cellular firm and I definitely never dreamt I’d sell it to T-Mobile. “Life is odd, and I’m immensely happy and appreciative.

Reynolds termed the choice to purchase a share in Mint “a bit unorthodox” at the time in a statement. According to him, celebrities frequently invest in high-end goods like skincare or gin firms.

According to its website, Mint Mobile was founded in 2016 with the intention of providing customers with an “affordable, quality cellular” service. Reynolds stated that he was “eager to promote a more pragmatic approach to the most vital technologies” in his statement from 2019.

Via the acquisition of Mint Mobile, T-Mobile wants to strengthen its own prepaid offerings. In a Wednesday YouTube video with Reynolds, CEO Mike Sievert promised users that Mint’s $15 per month price structure will remain in place. The two founders of the company will continue to run what “will typically function as a distinct business entity,” per the press statement. Reynolds said Wednesday that the deal would benefit Mint Mobile customers.

Long-term, implementing the marketing strategy for which Mint has been renowned to new areas of T-Mobile will also be advantageous, according to Sievert.

The transaction is anticipated to be completed later this year, with Ka’ena’s performance determining the ultimate price.

Ryan Reynolds announces the sale of his mobile business for a staggering $1.35 billion, saying, “Life is odd, and I’m very proud and thankful.”

In a cash-and-stock deal for up to $1.35 billion, T-Mobile is acquiring Mint Mobile, a company that actor Ryan Reynolds owns partially.
The brands will be managed as distinct business entities even though they already utilise T-network. Mobile’s

I never dreamed I’d own a cellular firm, and I definitely never dreamed I’d sell it to T-Mobile, Ryan tweeted in response to the significant transaction.
Reynolds said, “Life is odd, and I’m really proud and appreciative.

On Wednesday, it was revealed that the US cellular carrier will purchase the brands’ sales, marketing, digital, and customer support operations. It intends to utilise its distribution network and supplier connections to expand the brands, provide more devices at reasonable prices, and appeal to more US customers looking for low-cost options.
Mike Sievert, CEO of T-Mobile, stated that the firm intends to support Mint’s existing prosperous digital direct-to-consumer business.
Long-term, implementing the marketing strategy Mint has been known for to new areas of T-Mobile will also be advantageous for us, Sievert added.

We think that a more aggressive and thorough Mint and Ultra would greatly benefit clients.

The Mint founders, David Glickman and Rizwan Kassim will continue to manage the brands for T-Mobile when the transaction is complete. Reynolds will continue to contribute creatively to Mint.
The actual price of the deal will depend on how Ka’ena Corp. performs in certain time periods before and after the close. The agreement is anticipated to be completed later this year.