'T-Mobile Beat Out an Aggressive Last-Minute Bid From My Mom:' Ryan Reynolds Makes Jokes After T-Mobile Buys His Mint Mobile Brand For $1.35 Billion T-Mobile bought the budget wireless provider in an effort to reach low-income customers.
Opinions expressed by Entrepreneur contributors are their own.
Ryan Reynolds has a new boss at T-Mobile.
On Wednesday, T-Mobile announced its plans to buy Mint Mobile, a budget wireless provider co-owned by the Deadpool actor, for a whopping $1.35 billion.
"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," Reynolds joked in a press release. "I am so proud of the entire Mint team and so excited for what's to come."
According to a press release, T-Mobile is set to purchase Mint's parent company Ka'ena Corporations, and its subsidies – D2C a direct-to-consumer wireless brand, Ultra Mobile which provides international calling options, and wholesaler Plum – with a combination of 39% cash and 61% stock.
However, the final selling price is subject to change depending on Ka'ena's performance before the deal is finalized, which is expected to close later this year.
Mint Mobile's business is entirely online and already receives service from T-Mobile with its wholesale network-sharing agreement, per Bloomberg. Mint currently offers some of the lowest-priced mobile plans starting at $15 a month.
Under the acquisition, Mint Mobile plans to continue to provide competitive pricing and inventory to "consumers seeking value offerings." According to Reuters, Mint will exist as a pay-as-you-go segment and is expected to see an increase in subscribers as low-income customers opt for alternative payment plans.
I only want the best for Mint Mobile customers. Think I've found it. pic.twitter.com/nSNmGKLmN2
— Ryan Reynolds (@VancityReynolds) March 15, 2023
Who Owns Mint Mobile? How Much of Mint Mobile Does Ryan Reynolds Own?
Mint Mobile was founded by CEO David Glickman and chief strategy officer Rizwan Kassim in 2016, per LinkedIn. They will remain on board to manage the brands following the acquisition, while Reynolds, who reportedly owns a 25% stake, will stay on as the face of the brand with commercial appearances, according to Variety.
RELATED: Why Ryan Reynolds Says "You Can't Be Good At Something Unless You're Willing To Be Bad"
What Other Businesses Does Ryan Reynolds Own? What Is His Net Worth?
Reynolds sold his Aviation Gin brand for $610 million in 2020 and is also co-owner of Welsh soccer team Wrexham AFC. He has an estimated net worth of $150 million, according to Celebrity Net Worth.
