T-Mobile is buying Mint Mobile, the budget-friendly mobile carrier that’s partially owned by Ryan Reynolds. In a post published on Wednesday, T-Mobile announced that the deal’s valued at up to $1.35 billion and comes as T-Mobile looks to build out its prepaid phone offering.
The acquisition should close later this year and involves a 39 percent cash and 61 percent stock purchase of Mint’s parent company, Ka’ena Corporation. The price could change, however, as it depends on Mint’s performance.
Once the deal closes, Mint founders David Glickman and Rizwan Kassim will join T-Mobile to continue managing the brand, which T-Mobile says “will generally operate as a separate business unit.” Meanwhile, Reynolds will also remain a part of Mint’s branding, as T-Mobile says he will “continue on in his creative role on behalf of Mint.”
“I never dreamt I’d own a wireless company and I certainly never dreamt I’d sell it to T-Mobile,” Reynolds said in a tweet. “Life is strange and I’m incredibly proud and grateful.”
As noted by T-Mobile CEO Mike Sievert in a YouTube video posted on Wednesday, T-Mobile will retain the price of Mint’s cheapest phone plan at $15 per month. The deal also includes Ka’ena’s other companies, including Ultra Mobile, a prepaid carrier that offers international calling, and Plum, a wholesale wireless solutions provider.
The acquisition could let T-Mobile claw back the customers it lost when it sold Boost Mobile
Reynolds first bought an ownership stake in Mint in 2019 and has since been serving as the brand’s ambassador. Mint, which offers cheap prepaid plans, is a mobile virtual network operator (MVNO) that already offers service over T-Mobile’s network. By purchasing Mint, T-Mobile may be looking to claw back the customers it lost when it sold Boost Mobile to Dish as part of its merger with Sprint.
“Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile,” Sievert says. “We think customers are really going to win with a more competitive and expansive Mint and Ultra.”
FAQs
Ryan Reynolds, the face of Mint Mobile, became owner of 25% of the company in 2019. We may earn a commission from links on this page. T-Mobile officially finalized the $1.35 billion deal to acquire Mint Mobile, according to a press release from the telecom company.
Why did T-Mobile buy Mint Mobile? ›
“This combination is a win-win all around – a perfect pairing of highly complementary brands coming together on our industry-best 5G network to continue shaking things up for the benefit of customers,” said Mike Katz, President of Marketing, Strategy and Products at T-Mobile.
How much did Ryan Reynolds sell Mint Mobile for? ›
One of his most successful investments was Mint Mobile, a disruptive player in the telecommunications industry. Reynolds's unconventional marketing strategies propelled the company's growth, culminating in its recent $1.35 billion acquisition by T-Mobile.
Who really owns Mint Mobile? ›
Is Ryan Reynolds a billionaire? ›
Ryan Reynolds currently has a net worth of roughly $350 million, according to CelebrityNetWorth. But, Forbes recently reported, the companies he owns or has sold are (or were) worth roughly $14 billion.
Who owns T-Mobile now? ›
T-Mobile is the brand of telecommunications by Deutsche Telekom.
Who is the carrier behind Mint Mobile? ›
Mint Mobile runs on the T-Mobile network, which covers over 90% of Americans with 5G and over 99% of Americans with 4G LTE.
What is going to happen to Mint Mobile customers? ›
Given that Mint Mobile and Ultra Mobile (as well as Plum, a wireless wholesaler also owned by Ka'ena) were already running on T-Mobile's network, users of the services shouldn't see any real changes to coverage or performance and devices should continue to function normally.
Whose towers does Mint Mobile use? ›
Mint Mobile operates on the T-Mobile network, which offers 5G and 4G LTE cellular service. Mint offers 5G coverage to more than 330 million people from coast to coast, so if you live in one of the many coverage areas, you can access the better network for free.
What is Ryan Reynolds' net worth? ›
Reynolds has an estimated net worth of $350 million, according to Celebrity Net Worth. T-Mobile entered into a $1.35 billion deal to buy Reynolds-backed wireless carrier Mint Mobile in March 2023. Reynolds sold his gin company, Aviation Gin, for $610 million to European alcohol company, Diageo in 2020.
Blake Lively and Ryan Reynolds love spending time with their friends and family when they're not too busy with their own careers. Their friendship with Taylor Swift has made headlines over the years.
What percentage of Mint Mobile does Ryan? ›
His 25% majority stake in fledgling Mint Mobile led to a substantial windfall when T-Mobile acquired the startup for $1.35 billion after just four years.
What is the cheapest phone plan? ›
Best cheap plans compared
| Row 0 - Cell 0 | Cost | Data cap reached |
|---|
| Mint Mobile | $15/month | data slowed to 128 Kbps |
| Visible | $25/month | Speeds can be slowed when network congested |
| T-Mobile | $15/month | Must refill data |
| Verizon | $35/month | data slowed to 128 Kbps |
2 more rowsJun 11, 2024
The amount you'll save on a plan through Mint is significant compared to what you can expect to spend with most large carriers. With access to T-Mobile's extensive coverage network, it's a great value overall — the only catch being that you'll need to be willing to pay for your data in advance.
How much did Ryan Reynolds make from aviation gin? ›
The actor also cofounded and sold Aviation American Gin for $610 million. Reynolds reportedly netted as much as $122 million from the deal.
What phone company did T-Mobile buy? ›
T-Mobile is buying U.S. Cellular's wireless operations and certain spectrum assets in a deal valued at $4.4 billion, and further consolidating the industry.
How much did Ryan Reynolds buy Wrexham for? ›
How much did Wrexham cost for Reynolds and McElhenney? Multiple reports all indicated that the price the Hollywood duo paid for the rights to own Wrexham was around £2 million ($2.5 million). Compare that to the several billions that the likes of Manchester United, Chelsea or Liverpool would cost!
What does Ryan Reynolds own? ›
Reynolds was named People's Sexiest Man Alive in 2010 and was awarded a star on the Hollywood Walk of Fame in 2017. As a businessman, he holds an ownership stake in Mint Mobile and is a co-owner of Welsh football club Wrexham A.F.C.; the latter was documented in the Emmy Award-winning TV series Welcome to Wrexham.
