Ryan Reynolds is one of the co-founders of Mint Mobile, a mobile virtual network operator that offers prepaid mobile plans in the United States. Reynolds is also the company's spokesperson and has appeared in numerous ads for the brand.
Hollywood superstar Ryan Reynolds is set to earn big from another successful business bet. T-Mobile has agreed to buy Ka'ena Corporation, the parent company of Mint Mobile, Ultra Mobile, and Plum, which are some of the subsidiaries and brands in which Reynolds has an estimated 25% stake. T-Mobile said that it will pay a maximum of $1.35 billion for the acquisition, with a combination of cash and stock, depending on Ka'ena's performance before and after the deal closes.
T-Mobile to help Mint and other brands grow and offer competitive pricing
T-Mobile has expressed its plan to leverage its scale and supplier relationships to assist Mint and other Ka'ena brands in expanding. The company believes that this move will help the brands offer more competitive pricing and a wider range of devices to Americans looking for value. In return, T-Mobile expects to benefit from Mint's "industry-leading digital direct-to-consumer marketing expertise" as part of its strategy to reach new customer segments and geographies.
Reynolds' impact on Mint Mobile
Ryan Reynolds has starred in Mint Mobile's TV commercials and heavily promoted the company to his millions of social media followers. Even after the acquisition, Reynolds will still serve as a spokesperson for Mint. Reynolds expressed his excitement about the deal and believed that it would enhance Mint's ability to deliver for its customers.
Reynolds' record in successful business bets
This deal is the latest in a series of successful business bets Reynolds has made. In 2020, beverage giant Diageo purchased Aviator Gin, a liquor brand co-owned by Reynolds, for up to $610 million. Reynolds is also part-owner of Welsh soccer club Wrexham FC and co-founded and sold digital marketing agency Maximum Effort.
T-Mobile expects to benefit from Mint's marketing formula
T-Mobile CEO Mike Sievert acknowledged that Mint has built an "incredibly successful digital direct-to-consumer business." He stated that the company would apply Mint's marketing formula to more parts of T-Mobile in the long run, benefiting customers. After the acquisition, Mint's founders, David Glickman and Rizwan Kassim, will lead the Ka'ena brands as a separate business unit within T-Mobile.