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.