Ryan Reynolds is selling his budget wireless provider Mint Mobile to T-Mobile US Inc (NASDAQ:TMUS) in a cash and stock deal valued at US$1.35bn.
The Deadpool actor helped the growth of the low-cost mobile competitor by being the face in front of the name - and starring in the company's ads. But he and his backers are now cashing in with the sale expected to net Reynolds US$300mln.
T-Mobile confirmed that the star would continue his creative role with the firm, and the Mint Mobile brand would not be dropped during the acquisition.
Announcing the acquisition, Mike Sievert, the CEO of T-Mobile, joined Reynolds in a short clip in which the pair hugged to symbolize the joining of the two companies.
I only want the best for Mint Mobile customers. Think I’ve found it. pic.twitter.com/nSNmGKLmN2
— Ryan Reynolds (@VancityReynolds) March 15, 2023
The actor explained that Mint Mobile has used T-Mobile's network since its inception - and that their low-price contracts will continue in the future.
Reynolds joked at the end of the video: 'Nice to have a new dad!"
"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."
The US 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 US consumers seeking low-cost offerings.
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 transaction is targeted to close later this year.