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.

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

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,

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 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.

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.