T-Mobile to buy Ryan Reynolds’ Mint Mobile in $1.35 billion deal | CNN Business

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Ryan Reynolds is about to get a nice payday.

T-Mobile announced Wednesday that it is buying budget wireless provider Mint Mobile in a larger deal for up to $1.35 billion. The acquisition of Ka’ena Corporation, parent of Mint Mobile, will also include Ultra Mobile, an international calling service, and wireless wholesaler Plum.

Reynolds, who bought a minority stake in Mint Mobile in 2019, will continue in his “creative role on behalf of Mint,” where he serves 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 I’d sell it to T-Mobile,” Reynolds wrote. on Twitter Wednesday. “Life is strange and I’m incredibly proud and grateful.”

When Reynolds bought a stake in Mint, he called the decision “a bit unconventional” in a statement at the time. “Celebrities generally invest in high-end products like skin care brands or delicious gin companies,” he said.

Mint Mobile was founded in 2016 with the goal of providing “affordable premium wireless” service directly to consumers, according to its website. In his 2019 statement, Reynolds said he was “excited to champion a more hands-on approach to the most essential technology.”

T-Mobile hopes to boost its own prepaid services with the acquisition of Mint Mobile. CEO Mike Sievert assured customers that Mint’s $15 per month pricing plan would remain in place in a YouTube video Wednesday with Reynolds. The brand’s two founders will also stay on to manage what will “generally operate as a separate business unit,” according to the statement.

“In the long term, we will also benefit from applying the marketing formula Mint has become famous for in more parts of T-Mobile.” Sievert wrote.

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