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 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.

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

Boost Mobile-backed cars pictured at the 2021 Mount Panorama 500. The sale has been brokered by Miles Advisory and is

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.

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

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.

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".