Actor Ryan Reynolds has achieved yet another major success with the sale of his budget wireless provider Mint Mobile to T-Mobile US Inc. for over 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, which includes 39% cash and 61% stock. The deal is a further signal that T-Mobile is looking to boost its prepaid offerings.
“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 said in a news release. T-Mobile, which is the second-largest US mobile service provider, has been in talks with Mint for many months.
“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 – and Ultra Mobile – into the future”
In an interview, Mint Mobile co-founder David Glickman said Reynolds, who owns an undisclosed but “significant” stake in the company, will continue to make commercial appearances on the company’s behalf.
As part of the acquisition agreement, T-Mobile will also own the brands’ sales, marketing, digital, and service operations, and plans to use its supplier relationships and distribution scale to help the brands to grow and offer competitive pricing and greater device inventory to more U.S. consumers seeking value offerings. The Mint and Ultra brands are complementary to the company’s current prepaid service offerings Metro by T-Mobile, T-Mobile branded prepaid, and Connect by T-Mobile.
“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 – and Ultra Mobile – into the future,” said Mike Sievert, CEO of T-Mobile. “Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile. We think customers are really going to win with a more competitive and expansive Mint and Ultra.”
“Our brands have thrived on the T-Mobile network, and we are thrilled that this agreement will take them even further, bringing the many benefits of 5G to even more Americans,” said David Glickman, founder and CEO of Mint, Ultra and Plum. “This transaction validates our meteoric success and will unite two proven industry innovators committed to doing things differently in the wireless industry.”
Ryan Reynolds is a Canadian actor who has gained widespread recognition for his performances in both comedy and action films. He was born on October 23, 1976, in Vancouver, Canada. Reynolds began his career in the mid-1990s with appearances in Canadian TV shows and films, before transitioning to Hollywood with roles in movies like “National Lampoon’s Van Wilder” and “Blade: Trinity”.
In addition to his acting career, Reynolds is also a successful entrepreneur, with his ownership of Mint Mobile being just one of his ventures. Reynolds sold his Aviation American Gin brand as part of a $610 million deal in 2020 to Diageo, the world’s largest spirits producer.
He is also known for his philanthropic efforts, including his support for the Michael J. Fox Foundation for Parkinson’s Research.
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- Source: https://techstartups.com/2023/03/15/t-mobile-acquires-ryan-reynolds-backed-mint-mobile-for-1-35-billion/
