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.

Telstra has acquired youth prepaid SIM provider Boost Mobile in a massive deal reported to be worth in excess of $200m.

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,

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-backed cars pictured at the 2021 Mount Panorama 500. According to the Australian Financial Review, the business was sold

Telstra did not disclose any further acquisition details in its statement. To a Reuters' query, the telecom firm said the exact details and value of the deal were not being released "due to commercial agreements".

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.

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.

Former Labor prime minister Paul Keating will pocket $40 million after Telstra agreed to purchase Boost Mobile for $140 million.

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