T-Mobile is buying Mint Mobile, the budget-friendly mobile carrier that’s partially owned by Ryan Reynolds. In a post published on Wednesday, T-Mobile announced that the deal’s valued at up to $1.35 billion and comes as T-Mobile looks to build out its prepaid phone offering.
The acquisition should close later this year and involves a 39 percent cash and 61 percent stock purchase of Mint’s parent company, Ka’ena Corporation. The price could change, however, as it depends on Mint’s performance.
Once the deal closes, Mint founders David Glickman and Rizwan Kassim will join T-Mobile to continue managing the brand, which T-Mobile says “will generally operate as a separate business unit.” Meanwhile, Reynolds will also remain a part of Mint’s branding, as T-Mobile says he will “continue on in his creative role on behalf of Mint.”
“I never dreamt I’d own a wireless company and I certainly never dreamt I’d sell it to T-Mobile,” Reynolds said in a tweet. “Life is strange and I’m incredibly proud and grateful.”
As noted by T-Mobile CEO Mike Sievert in a YouTube video posted on Wednesday, T-Mobile will retain the price of Mint’s cheapest phone plan at $15 per month. The deal also includes Ka’ena’s other companies, including Ultra Mobile, a prepaid carrier that offers international calling, and Plum, a wholesale wireless solutions provider.
The acquisition could let T-Mobile claw back the customers it lost when it sold Boost Mobile
Reynolds first bought an ownership stake in Mint in 2019 and has since been serving as the brand’s ambassador. Mint, which offers cheap prepaid plans, is a mobile virtual network operator (MVNO) that already offers service over T-Mobile’s network. By purchasing Mint, T-Mobile may be looking to claw back the customers it lost when it sold Boost Mobile to Dish as part of its merger with Sprint.
“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 says. “We think customers are really going to win with a more competitive and expansive Mint and Ultra.”
FAQs
Ryan Reynolds' Mint Mobile taken over by T-Mobile in $1.35B deal T-Mobile CEO Mike Sievert said the telecom giant would use its size and resources to "supercharge" Mint, which is best known for ads starring the actor who is part owner of the smaller company.
What happens if T-Mobile buys Mint Mobile? ›
Once the deal closes, Mint founders David Glickman and Rizwan Kassim will join T-Mobile to continue managing the brand, which T-Mobile says “will generally operate as a separate business unit.” Meanwhile, Reynolds will also remain a part of Mint's branding, as T-Mobile says he will “continue on in his creative role on ...
What percentage of Mint Mobile did Ryan Reynolds own? ›
Reynolds has donned many hats. His 25% majority stake in fledgling Mint Mobile led to a substantial windfall when T-Mobile acquired the startup for $1.35 billion after just four years.
How much money did Ryan Reynolds make from T-Mobile? ›
Ryan Reynolds's Mint Mobile sale will earn him an estimated $300 million. Here's how he grew the telecom startup. Ryan Reynolds's Mint Mobile was bought by T-Mobile for $1.35 billion. Ryan Reynolds has assumed many guises since he shot to fame in the 1990s.
Why is mint so much cheaper than T-Mobile? ›
Mint's plans stick to the basics, with no streaming perks and minimal international support. For a lot of people, this is an appealing offer, and with Mint's easy-to-understand discounts, it's an affordable alternative to the bloated and expensive plans offered by postpaid carriers.
Why is Mint Mobile shutting down? ›
What's happening to Mint? In its announcement, Intuit said the company is “reimagining Mint” as a part of Credit Karma, also owned by Intuit. Users will no longer have access to their Mint accounts on March 23, 2024, or sooner if they choose to migrate to the Credit Karma app before that date.
Is Ryan Reynolds actually the owner of Mint Mobile? ›
Hollywood star Ryan Reynolds is set to make over €280 million after the sale of Mint Mobile. The Canadian actor sold his stake in the prepaid budget wireless provider to telecoms operator T-Mobile as part of a larger cash-and-stock deal, worth as much as €1.26 billion.
Is Ryan Reynolds a billionaire? ›
Ryan Reynolds currently has a net worth of roughly $350 million, according to CelebrityNetWorth. But, Forbes recently reported, the companies he owns or has sold are (or were) worth roughly $14 billion.
How rich is Ryan Reynolds? ›
What is Ryan Reynolds' net worth? Ryan Reynolds, with a net worth of $350 million, has made significant contributions to their combined wealth. Known for his acting prowess, Reynolds has also excelled as an entrepreneur.
Who owns the majority of Mint Mobile? ›
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. T-Mobile's purchase of Ka'ena Corp. will give it access the budget wireless provider Mint, along with Ultra Mobile and wholesaler Plum.
According to celebritynetworth.com, Reynolds, 46, has a net worth of $350 million. Reynolds' entrepreneurial ventures, notably the sales of Aviation Gin and Mint Mobile, have contributed to his wealth. But his acting career has been the biggest factor in his earning power.
Does Ryan Reynolds still own Wrexham? ›
Wrexham co-owner Ryan Reynolds, center, celebrates with members of the Wrexham FC soccer team the promotion to the Football League in Wrexham, Wales, on May 2, 2023.
How much does Ryan Reynolds make a year? ›
Reynolds earned about $70 million in 2020, largely based on his film and entertainment earnings, according to Forbes. The actor makes about $20 million per film, according to the publication — a bonanza for most people but not enough to place him on the list of Forbes' top-earning entertainers in 2022.
What cell towers does mint use? ›
Founded in 2016, Mint Mobile functions as a mobile virtual network operator (MVNO). It runs on T-Mobile's cellular network, which means it uses T-Mobile's network but isn't owned by the company.
Is switching to Mint Mobile worth it? ›
Is Mint Mobile a Good Service Plan? Using Mint Mobile is a great deal for most users. With Mint's phone service you'll have lower prices and flexible contract terms. Because it's an MVNO, Mint can suffer from deprioritization, which means users will see their service slow down if the network becomes too congested.
Does Mint Mobile work as good as T-Mobile? ›
Is T-Mobile Better than Mint Mobile? Since T-Mobile and Mint Mobile operate on the same network, the coverage should be very similar no matter which carrier you choose. T-Mobile, Mint Mobile, and other providers allow individuals to purchase single lines and family plans at competitive rates.
Can Mint Mobile be used with T-Mobile? ›
So does Mint Mobile service work for T-Mobile customers? Not exactly. You can't simply replace your T-Mobile SIM card with a Mint SIM card and switch service. Activation is required for a user to have an active account with Mint Mobile's network.
Can I use Mint Mobile with T-Mobile? ›
Make sure Mint works for you
Mint Mobile runs on the T-Mobile 5G network. That means coast-to-coast coverage. Check out how things are running in your neck of the woods below. For the best experience on Mint, we'd recommend that you take our quick phone compatibility check.
Will Mint Mobile work on a T-Mobile locked phone? ›
To bring your own phone to Mint, you need an unlocked phone. To unlock your phone, you'll most likely need to contact your current carrier so they can unlock it for you.
Can T-Mobile phones be used on Mint Mobile? ›
If you previously used that phone with AT&T, T-Mobile, Cricket Wireless, Simple Mobile or Straight Talk, then it'll probably work with Mint. Essentially any 5G or 4G LTE-supported phone that accepts a physical SIM card (or supports eSIM) will work on Mint.