It was announced yesterday morning that Telstra has acquired Boost Mobile. While the deal means that co-founder, Peter Adderton will exit the Australian market; his focus on Mobile X in the US may pay off here.

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,

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

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.

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.

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

Boost Mobile, with the telco claiming it will consolidate the business under its own roof. The acquisition sees Telstra pick up more responsibility for Boost and is expected to be completed later this month.

Boost Mobile services the prepaid mobile market and, in contrast to other MVNOs, operates on Telstra's entire mobile network while others utilise just its wholesale network. iTnews understands that Telstra paid roughly $100 million all-cash for Boost.

Paul Keating holds a 29 per cent stake in Boost Mobile and is among the telco's biggest shareholders after co-founding the business in 2000.

Telecommunications giant Telstra will acquire Boost Mobile for almost $140 million – giving former prime minister Paul Keating a huge payday.