Tuesday, July 23, 2024

Ryan Reynolds sells his company Mint Mobile to T-Mobile in a $1.35 billion deal

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New York (CNN) – Ryan Reynolds is about to make a decent profit.

T-Mobile announced on Wednesday which will buy wireless service provider Mint Mobile in a deal worth up to $1.35 billion. The acquisition of Mint Mobile’s parent company, Ka’ena Corporation, will include Ultra Mobile, an international communications service, and wireless wholesaler Plum.

Reynolds, who bought Minority stake in Mint Mobile In 2019, he will remain in his “creative role on behalf of the Mint,” serving as a spokesperson, according to a press release announcing the deal.

“I never dreamed I’d own a wireless company, and I certainly never dreamed of selling it to T-Mobile,” Reynolds wrote on Twitter Wednesday. “Life is strange and I am incredibly proud and grateful.”

When Reynolds bought a stake in the mint, he called the decision “unorthodox” in a statement at the time. “Celebrities usually invest in high-end products like skincare brands or delicious gin companies,” she said.

Mint Mobile was created in 2016 with the goal of offering consumers “premium wireless at an affordable price”, According to their website. In his 2019 statement, Reynolds said he’s “excited to endorse a more hands-on approach to the technology that matters most.”

T-Mobile hopes to boost its prepaid services with the acquisition of Mint Mobile. CEO Mike Seifert, who was joined by Reynolds, said in a YouTube video posted Wednesday that the $15-a-month coinage plan will remain flat. According to the statement, the brand’s founders will also remain to manage what “will generally operate as a separate business unit.”

“In the long run, we’ll also benefit from applying the marketing formula that Mint has been known for in other parts of T-Mobile,” Seifert wrote.

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The deal is expected to close later this year, with the final price dependent on Ka’ena’s performance.

CNN’s Allen Kim contributed to this report.

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