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, was an early investor in Boost Mobile with a 29 per cent share in the business and he invested a further $500,000 in 2000 when the when the fledgling telco was negotiating to use the Optus network.
Boost Mobile co-founder Peter Adderton is believed to own a 32 per cent share of the business.
Today Boost Mobile switched to the Telstra network in 2012 and now offers its customers full access to the network including 5G.
The Boost Mobile buyout by Telstra is believed to be around $140m.
“Boost Mobile has been a fantastic partner of Telstra for 13 years and this acquisition cements just how much we value the Boost brand,” says Brad Whitcomb, Group Executive for Telstra Consumer.
“We know Boost branded products are a fantastic option for those seeking more affordable mobile connectivity and we are committed to providing that choice in the market.”
Boost Mobile Chairman Peter Adderton said: “Telstra has been an incredible partner to the Boost Mobile family and, more importantly, to our customers – for more than 13 years.
“This acquisition of Boost is the natural evolution of the brand and I am excited to see how the brand will continue under Telstra’s ownership.
“The team at Boost are the best in the business and I wish them all well on the next part of Boost Mobile’s journey.”
For Boost Mobile customers the acquisition of the company by Telstra will not change anything. It’s business as usual.
