It’s a beautiful morning in Vancouver, and for one Vancouverite in particular, this is especially true. Actor and business owner Ryan Reynolds will officially sell one of his most successful ventures to date, Mint Mobile, in a new deal worth over $1 billion.
In a news release dated Wednesday, March 15th, T-Mobile reveals its “definitive agreement” to acquire Ka’ena Corporation and its subsidiaries and brands, which include the direct-to-consumer (D2C) prepaid wireless brand backed by Reynolds, AKA Mint Mobile.
As well, T-Mobile is set to acquire Ultra Mobile, a wireless service offering international calling options across the U.S., and wholesaler Plum.
“Mint has built an incredibly successful digital direct-to-consumer business that continues to deliver for customers on the Un-carrier’s leading 5G network and now we are excited to use our scale and owners’ economics to help supercharge it,” said Mike Sievert, CEO of T-Mobile.
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According to the release, T-Mobile is acquiring the brands’ sales, marketing, digital, and service operations, and plans to use its supplier relationships and distribution scale to help the brands continue to grow independently while under T-Mobile ownership.
The future of Mint
Mint’s founders David Glickman and Rizwan Kassim will remain onboard at T-Mobile to manage the brands.
And in true Ryan Reynolds fashion, the actor shared his excitement following the deal’s close.
“Mint Mobile is the best deal in wireless and today’s news only enhances our ability to deliver for our customers. We are so happy T-Mobile beat out an aggressive last-minute bid from my mom Tammy Reynolds as we believe the excellence of their 5G network will provide a better strategic fit than my mom’s slightly above-average mahjong skills,” said Reynolds.
So while it’s unclear how exactly the brands will evolve under T-Mobile – one thing is clear. Reynolds will continue to have a creative hand in shaping Mint, according to the release.
And for a maximum of $1.35 billion (39% cash, 61% stock) in the bank, so to speak, this seems like a pretty sweet deal from where he’s sitting.
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