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Mint Mobile, run by Ryan Reynolds, is to be acquired by T-Mobile

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T-Mobile has bought Mint Mobile, a wireless service provider owned by popular actor Ryan Reynolds. The transaction is valued at $1.35 billion. After its completion, the star is to be still associated with the company.

Mint Mobile is one of the brands and subsidiaries that will become part of T-Mobile’s portfolio after the acquisition of Ka’ena Corporation. The others are Ultra Mobile and Plum.

The Hollywood actor will earn a fortune on this transaction. According to “Variety”, he has undisclosed, though “significant” shares in the company, which can reach up to 25 percent. If true, Reynolds will receive approximately $335 million.

Star brand

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Reynolds bought a minority stake in Mint Mobile in 2019. According to the announcement of the transaction, he will remain at the Mint as a spokesperson.

“I never dreamed that I would own a mobile and Internet service company. It certainly never dreamed that I would sell it to T-Mobile,” Reynolds wrote on Twitter on Wednesday. “Life is surprising and I am incredibly proud and grateful,” he added.

An unconventional decision

When Reynolds bought a stake in the Mint, he said his decision was “slightly unorthodox.” “Celebrities tend to invest in high-end products, such as cosmetic brands or alcohol companies,” he said.

Thanks to this transaction, T-Mobile wants to increase its market share on the prepaid market. Mint Mobile CEO Mike Sievert assured customers that existing tariff plans would not change. Both he and Reynolds will remain in charge of management, and Mint Mobile “will operate as a separate business unit.”

The transaction is expected to be finalized later this year.

Other actor’s businesses

This is another successful major business deal for Reynolds in recent years. In 2020, he sold his Aviation American Gin brand to the European concern Diageo, which is known worldwide for such spirits as Johnnie Walker, Smirnoff and Baileys. The sale agreement amounted to an impressive $610 million.

In the same year, Reynolds and his colleague Rob McElhenney bought one of the oldest football clubs in the world, i.e. Wrexham FC, for 2.5 million dollars. England. However, the joy of Phil Parkinson’s charges did not last long – at the beginning of February the ‘Red Dragons’ were eliminated from the competition.

Main photo source: Shutterstock

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