Ryan Reynolds is the latest star whose business endeavor has resulted in a huge acquisition. T-Mobile (TMUS) announced that it had completed its $1.35 billion acquisition of Reynolds-backed Mint Mobile.
The sale is made up of 61% stock and 39% cash. Reynolds, who owns a minority share in Mint Mobile, will continue to be the company’s marketing face, with plans to “continue for years” with the service provider, according to Mint Mobile co-founder David Glickman.
It’s hardly the first time a huge corporation has gotten engaged in a celebrity’s business enterprise.
Similarly, other celebrities who own huge private companies, particularly in the alcohol and cosmetics industries, have sold their holdings to larger firms.
T-Mobile intends to keep Mint Mobile’s $15 monthly pricing option, which includes 4GB of high-speed 4G or 5G data as well as unlimited text and speak. T-Mobile will buy Mint Mobile’s sales, marketing, digital, and service operations and will use T-supplier Mobile’s ties and distribution reach to help Mint Mobile develop.
T-Mobile will combine Mint Mobile’s ‘industry best’ marketing capabilities into its portfolio in order to reach new client categories and geographies, with Reynolds remaining in his creative role.
“Mint Mobile is the best deal in wireless and today’s news only enhances our ability to deliver for our customers. 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,” Ryan Reynolds said in a statement.
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