Ryan Reynolds is the latest celebrity to see his business venture blossom into a major acquisition. On Wednesday, legacy network provider T-Mobile (TMUS) finalized its purchase of the Reynolds-backed Mint Mobile for $1.35 billion.
The sale consists of 61% in stock and 39% in cash. Reynolds — who holds a minority ownership stake in Mint Mobile — will continue to be the face of the company on marketing fronts as the actor has goals to “continue for years” with the service provider, according to Mint Mobile co-founder, David Glickman.
“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,” Reynolds said jokingly in a statement.
It isn’t the first time that major companies have gotten involved in celebrity business ventures.
Similarly, other celebrities with large private businesses, especially in the alcohol and cosmetics industries, have sold their stake to bigger corporations.
Here’s a look at some of those buyouts:
Reynolds and Aviation Gin
The pandemic years saw a rise in celebrity alcohol businesses, and it has proven to be profitable.
And even after a buyout, most celebrities remain the face of the company.
Reynolds has been at the forefront of promoting luxury alcohol brand Aviation Gin, which was acquired by Diageo (DEO) for $610 million in 2020.
The deal included “an ongoing ownership interest” between the two, but Aviation Gin wasn’t Reynolds’ creation. He became co-owner in 2018, and has promoted the gin on talk shows and even in his superhero movie “Deadpool.”
“I’ve tried every gin on the planet and Aviation is, hands down, the best,” Reynolds said. “Also, I don’t recommend trying every gin on the planet. Stick with this one.”