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.

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,

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

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

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.

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.

Former prime minister Paul Keating is set to reap a significant $40 million payout following Telstra’s takeover of Boost Mobile. Telstra on Monday announced it would acquire Boost Mobile, which the former prime minister was a shareholder in.