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.

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 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,

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,

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

Telstra has acquired prepaid mobile service provider Boost Mobile, a youth brand founded in 2000, for an undisclosed purchase price.

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.

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.