Ryan Reynolds could receive more than $300 million in cash and stock, according to a report, after selling Mint Mobile, a budget wireless provider, to T-Mobile for $1.35 billion.
In a statement Wednesday, T-Mobile announced that it reached a deal to acquire Mint Mobile's parent company, Ka'ena Corporation, and its other subsidiaries, including international calling service Ultra Mobile and wireless wholesaler Plum.
"Mint has built an incredibly successful digital direct-to-consumer business that continues to deliver for customers on the Un-carrier's leading 5G network and now we are excited to use our scale and owners' economics to help supercharge it - and Ultra Mobile - into the future," Mike Sievert, CEO of T-Mobile, said.
He continued, "Over the long-term, we'll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile. We think customers are really going to win with a more competitive and expansive Mint and Ultra."
T-Mobile will pay up to a maximum of $1.35 billion in a combination of 39% cash and 61% stock to acquire Ka'ena. The final purchase price will depend on Ka'ena's performance during certain periods before and after the closing of the deal later this year, according to the press release.
T-Mobile will acquire Ka'ena's sales, marketing, digital and service operations. The company is also looking to use Ka'ena's supplier relationships and distribution scale, according to the announcement.
Reynolds owns roughly 25% of Mint Mobile, unnamed sources familiar with the matter told the Wall Street Journal. This means he could receive over $300 million in cash and stock from the deal.
In a post following the announcement, Reynolds said that he found "the best" for Mint Mobile customers.
"I never dreamt I'd own a wireless company and I certainly never dreamt I'd sell it to T-Mobile," Reynolds wrote. "Life is strange and I'm incredibly proud and grateful."
The actor will stay on in his "creative role on behalf of Mint," where he serves as a spokesperson, according to the press release.
Mint Mobile founders David Glickman and Rizwan Kassim will remain onboard at T-Mobile to manage the brand, which will still operate as a separate business unit.
As part of the deal, Sievert said T-Mobile will continue Mint's flagship $15-a-month phone service pricing.
Reynolds acquired a minority stake in Mint in 2019.
"It's a bit unconventional which is why I like it," Reynolds said in a statement in 2019, as quoted by CNN. "Celebrities generally invest in high-end products like skincare brands or delicious gin companies. Yet Mint is making wireless way more affordable at a time when the average American is paying $65 a month. I'm excited to champion a more practical approach to the most essential technology."