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Ryan Phillippe "Very Happy" for Reese Witherspoon

Actor Ryan Phillippe attends "The Bang Bang Club" premiere during the 35th Toronto International Film Festival on Sept. 15, 2010, in Toronto, Canada. Jason Merritt/Getty Images

NEW YORK (CBS) Ryan Phillippe says he's happy for his newly-engaged ex-wife.

The actor offered best wishes for Reese Witherspoon, who is engaged to Hollywood agent Jim Toth.

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PICTURES: Reese Witherspoon

"I'm very happy for both Reese and Jim," the actor told the Daily News in a statement. "I wish nothing but the best for the mother of my children."

Witherspoon, 34, and Phillippe, 36, split in 2008 after being married for seven years. The have two children together, Ava, 11, and Deacon, 7. They met while working on the 1999 film "Cruel Intentions."

The actress announced her engagement earlier this week. A representative for the Witherspoon confirmed that she and Toth will marry and that they're "extremely happy."

Phillippe is rumored to be dating actress Amanda Seyfried.

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