T-Mobile Acquires Ryan Reynolds-Backed Mint Mobile For $1.35 Billion

Tyler Durden's Photo
by Tyler Durden
Wednesday, Mar 15, 2023 - 02:00 PM

Actor Ryan Reynolds has scored another hit with the sale of his budget wireless provider Mint Mobile to T-Mobile US Inc. for more than a billion dollars. 

On Tuesday, T-Mobile announced that it has entered into a definitive agreement to acquire Ka'ena Corporation and its subsidiaries and brands: Mint Mobile and Ultra Mobile, for $1.35 billion in a combination of 39% cash and 61% stock. 

"The actual price to be paid by T-Mobile will be based upon Ka'ena's performance during certain periods before and after the closing," T-Mobile wrote in a press release

The second-largest US mobile service provider has been in talks with Mint for many months. Bloomberg first reported rumors of a possible sale on Jan. 11.

Bloomberg pointed out:

Reynolds, who owns an undisclosed but "significant" stake in Mint, will continue to make commercial appearances on the company's behalf, co-founder David Glickman said in an interview, adding the actor has incentives to "continue for years." 

Glickman and his partner Rizwan Kassim will join T-Mobile and manage the business, which includes Ultra Mobile, an international phone service.

It was also rumored by Bloomberg earlier this year that Reynolds owns 20% of Mint, but since only speculation -- there's no concrete evidence of how much the actor owns. 

In recent years, Mint has been widely popular with the working poor for providing affordable pay-as-you-go cellphone plans for around $15 per month. 

Reynolds can do no wrong with his portfolio of companies, from wireless providers to liquor. 

He sold his Aviation American Gin brand as part of a $610 million deal in 2020 to Diageo, the world's largest spirits producer.