T-Mobile buys Mint Mobile from Ryan Reynolds

T-Mobile announce on Wednesday that it intends to acquire Ka’ena Corporation and its subsidiaries, including Mint Mobile, a low-cost prepaid wireless brand owned in part by actor Ryan Reynolds, in a deal worth up to $1.35 billion.

Ultra Mobile, a wireless service that offers international calling, and Plum, a wireless wholesaler, are also part of the deal.

The sale is expected to become final later this year.

Mint Mobile started in 2016 and has gained popularity in recent years among consumers looking for cheaper alternatives to expensive mobile phone plans. The company offers premium wireless plans for as little as $15 a month and an unlimited plan for $30 a month.

T-Mobile said Mint’s pricing will remain unchanged.

“Mint has built an incredibly successful consumer-facing digital business that continues to deliver  T-Mobile CEO Mike Seifert said in a statement.

Mr. Reynolds, whose acting career began in the 1990s and who became famous most recently for his role as Wade Wilson in the “Deadpool” films, bought an ownership interest in Mint Mobile in 2019, According to Variety.

At the time, he said that celebrities usually invest in high-end products such as skincare brands or alcohol companies, but he wanted to advocate for a “more practical approach to top technology.”

In 2020, Mr. Reynolds and actor Rob McElhenney buy Welsh football club Wrexham for $2.5 million. Also that year, beverage company Diageo announced that it had done so Acquired the American airline Gina gin company owned by Mr. Reynolds, and other brands in a deal worth up to $610 million.

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

in an interview with CNBC On Wednesday, Mr. Reynolds spoke about his role in the company and serving underprivileged residents.

“Phone service is an essential service,” he said. “A lot of people in my position who come from the entertainment world and that kind of thing, you kind of look at the aspirational elements. Our North Star is the anti-aspirational element.”

Mr. Reynolds said he was very excited that T-Mobile was able to expand Mint to reach more people.

After the deal closes, Mint co-founders David Glickman and Ridwan Kassem will remain on board at T-Mobile to manage the brands, T-Mobile said.

Mr. Reynolds will continue in his creative role for the brand.