The telecommunications giant has acquired the specialist pre-paid mobile phone business for $140 million. The former prime minister owns 29 per cent.

Telstra has today announced that it has acquired one of the most popular Telco brands, Boost Mobile. Boost Mobile has grown in popularity over the years for its fantastic value for money plans that benefit from already being on the Telstra network,

Paul Keating has emerged as a significant winner from the sale of Boost Mobile, with the former prime minister set to pocket at least $40 million from the telco tie-up.

Telecomm titan Telstra (ASX:TLS) has bought out Boost Mobile for AU$140 million after already sharing its network with the smaller player. The move – first reported by the AFR – is perhaps fair to call unsurprising.

Telstra has acquired popular pre-paid provider Boost Mobile for $140m – and in the process the massive deal has earned former Australian Prime Minister Paul Keating a cool $40m windfall. Keating, Australian PM between 1991 and 1996,

Sources close to the telco said Boost Mobile’s acquisition price was around $140 million, which did not include a meaningful deferred payment.

Australian carrier Telstra has snapped up MVNO Boost Mobile for a reported AU$145 million (US$94.1m). The deal was confirmed by Boost Mobile founder Peter Adderton via a post on LinkedIn on December 2.

Boost was the brains behind the branding and marketing. Now, it'll be integrated with Telstra and work as a "standalone team focused on continuing to deliver the Boost branded experience". It makes sense, as Telstra explains in the media release, that the telco giant is focusing on a multi-brand strategy.

Paul Keating is set to reap a payday of at least $30m after Telstra agreed to buy Boost Mobile to sell more budget prepaid plans amid a cost of living crunch.