Paul Keating to pocket $40 million after Telstra buys Boost Mobile
Former prime minister Paul Keating will soon line his pockets with a cool $40 million after Telstra moved to acquire Boost Mobile.
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.
The sale is believed to be worth $140 million and will give Keating a whopping payday, the Sydney Morning Herald reports.
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Former PM Paul Keating will pocket $40 million after the sale goes through. Sam Mooy
"I've got a chunk of a successful business which I co-founded and funded myself," Keating told the AFR.
"I'm reasonable at my own ventures."
The former Labor leader also poured about $500,000 into Boost during negotiations to use the Optus network.
Boost switched to the Telstra network in 2013.
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Telstra acquired Boost Mobile for $140 million. Supplied
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The acquisition is set to be completed later this month and will see Boost Mobile's services and employees integrated into Telstra.
It will come at no change for Boost's existing prepaid customers.
Keating was prime minister of Australia between 1991 and 1996.
A key move during his time in government was the slow deregulation of the telecommunications market.
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