Former Prime Minister Paul Keating will soon pocket $40 million following Telstra’s acquisition of Boost Mobile. Keating holds a 29% stake in Boost Mobile and has been one of the telco’s largest shareholders since co-founding the company in 2000. The Sydney Morning Herald reports the deal is worth $140 million and Keating will pocket a huge payout.
Former prime minister Paul Keating will receive $40 million when the sale is completed. (Sam Moy) “I own a stake in a successful business that I co-founded and funded,” Keating told The Australian Financial Review. “I’m very particular about my business.” The former Labor leader also invested about $500,000 in Boost when it negotiated to use the Optus network. Boost switched to Telstra in 2013.
Telstra acquires Boost Mobile for $140 million. (Supplied) The acquisition is due to be completed later this month, when Boost Mobile’s services and staff will be integrated into Telstra. There will be no changes for Boost’s existing prepaid customers. Keating was Prime Minister of Australia from 1991 to 1996. One of his key initiatives during his time in government was the slow deregulation of the telecommunications market.
