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,

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.

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 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.

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.