Mint Mobile, partly owned by actor Ryan Reynolds, is being acquired by T-Mobile as part of a cash-and-stock deal worth as much as $1.35 billion.
The brands, which already use T-Mobile for their network, will be run as a separate business unit.
Reacting to the big sale, Ryan took to his Twitter handle to say, "I never dreamt I'd own a wireless company and I certainly never dreamt I'd sell it to T-Mobile."
"Life is strange and I'm incredibly proud and grateful," Reynolds added.
The U.S. wireless carrier said Wednesday that it is acquiring the brands' sales, marketing, digital and service operations. It plans to use its supplier relationships and distribution scale to help grow the brands and offer competitive pricing and greater device inventory to more U.S. consumers seeking low cost offerings.
T-Mobile CEO Mike Sievert said the company plans to give a boost to Mint's already successful digital direct-to-consumer business.
"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 said. "We think customers are really going to win with a more competitive and expansive Mint and Ultra."
Mint founders David Glickman and Rizwan Kassim will stay on at T-Mobile after the transaction is complete to manage the brands. Reynolds, meanwhile, will remain in his creative role for Mint.
The actual price of the deal will depend on Ka'ena Corp.'s performance during certain periods before and after the closing. The transaction is targeted to close later this year.
Start a Conversation
Post comment