T-Mobile to Buy Carrier Backed by Ryan Reynolds for $1.35B

Actor will stay on to market cell plan provider after sale of Mint Mobile
By Bob Cronin,  Newser Staff
Posted Mar 15, 2023 3:27 PM CDT
T-Mobile Cuts $1.35B Deal for Ryan Reynolds-Backed Carrier
Actor Ryan Reynolds arrives at an event last fall in Beverly Hills, Calif.   (Photo by Richard Shotwell/Invision/AP, File)

T-Mobile announced Wednesday it's reached an agreement to take over Mint Mobile, the carrier pitched and partly owned by actor Ryan Reynolds. The deal, valued at as much as $1.35 billion, is scheduled to close later this year, the Verge reports. It involves a 39% cash and 61% stock purchase of Ka'ena Corp., Mint's parent; the purchase price could change before closing, depending on how Mint does in the meantime. Mint's founders, David Glickman and Rizwan Kassim, will operate the brand for T-Mobile, and Reynolds will remain "in his creative role on behalf of Mint," a T-Mobile statement said.

Reynolds didn't miss a beat, saying in a statement, per Yahoo Finance, "We are so happy T-Mobile beat out an aggressive last-minute bid from my mom." Mint markets inexpensive prepaid cellphone plans and already uses T-Mobile networks. T-Mobile said it will keep the price of the bottom Mint plan at $15 per month. "Over the long-term, we'll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile," chief executive Mike Sievert said. Included in the deal are Ka'ena's Ultra Mobile, a prepaid carrier with international calling, and Plum, per Deadline. Reynolds also cashed in on Aviation Gin, which he co-owned, when the company was sold for up to $610 million in 2020. (Read more T-Mobile stories.)

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