Ryan Reynolds sells Mint to T-Mobile in $1.35bn deal after ‘aggressive last-minute bid’ from his mom
Ryan Reynolds has joked that T-Mobile beat out an “aggressive, last-minute bid” from his mother to purchase Mint Mobile, after it was announced the wireless firm will be acquired in a deal worth up to $1.35bn.
On Wednesday, it was reported that T-Mobile would be acquiring the budget mobile company, which is partly owned by the actor, through a cash and stock deal to purchase Ka’ena Corp and its brands. Under the deal, which is expected to close later this year, T-Mobile will also acquire Ultra Mobile and wholesaler Plum, which already use T-Mobile for their network.
In a statement reacting to the acquisition, the Deadpool star claimed that the news “only enhances our ability to deliver for our customers,” before joking that he was happy T-Mobile was able to “beat out” his mother Tammy Reynolds’ last-minute offer.
According to Reynolds, T-Mobile and its 5G network are a better fit for the company than his mother, who would only be able to offer her “slightly-above-average mahjong skills”.
“Mint Mobile is the best deal in wireless and today’s news only enhances our ability to deliver for our customers,” Reynolds said in a statement. “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. I am so proud of the entire Mint team and so excited for what’s to come.”
Reynolds, who owns a 25 per cent stake in Mint, according to Bloomberg, also reacted to the news of the acquisition on Twitter, where he admitted that he “never dreamt” he’d own a wireless company, or that he’d sell it to T-Mobile.
“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,” he wrote.
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. #MintMobile
— Ryan Reynolds (@VancityReynolds) March 15, 2023
T-Mobile is expected to acquire Ka’ena in a 39 per cent cash and 61 per cent stock combination up to a maximum of $1.35bn, according to the acquisition press release, which notes that 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”.
As for how the acquisition will impact Reynolds, he is expected to continue in his creative role as a spokesperson for the company, while Mint’s founders David Glickman and Rizwan Kassim will remain onboard at T-Mobile to manage the brands, which will operate as a separate business unit, according to the press release.
On social media, news of the billion-dollar deal has sparked an outpouring of praise for Reynolds.
“You are actually the man, the myth, the legend,” one person tweeted, while another said: “Is there any industry you don’t thrive in? Congratulations!”
T-Mobile’s acquisition of the budget brand partially owned by Reynolds comes after the actor also sold his company Aviation Gin to beverage company Diageo for a reported $610m in August 2020.
At the time, Reynolds jokingly issued an apology to his friends and family, after learning how much he would make from the deal.
In a humorous out-of-office email acknowledging the fine print of the deal, the actor apologised for telling numerous people to “go f*** themselves in the last 24 hours”.
“Thanks for your email. I am currently out of the office but will still be very hard at work selling Aviation Gin. For quite a long time, it seems,” the actor’s automated email response read. “In related news, I just learned what an ‘earn-out’ is... And I’d like to take this opportunity to apologise to everyone I told to go f*** themselves in the last 24 hours.”
“My lawyers just explained how long it takes to achieve an ‘earn-out’... so... turns out I’m not as George Clooney as I thought,” he added, which appeared to be a reference to Clooney’s sale of his tequila company Casamigos to Diageo for $1bn in 2017.
The actor concluded the email: “The point is, to those listed below, I’m sorry... and I’ll indeed be needing your help in the coming months and years. Thanks in advance!” before including the names of everyone from his wife Blake Lively and his mother to Dwayne Johnson, AMC Theaters, and Soothing Lavender Eye Pillows.
The Independent has contacted a representative for Reynolds, Mint Mobile and T-Mobile for comment.