December 3rd 2024.
In an exciting turn of events, former prime minister Paul Keating is about to see a significant increase in his bank account. This is all thanks to Telstra's decision to acquire Boost Mobile, a company in which Keating holds a notable 29 percent stake. After co-founding the business in 2000, he has become one of the telco's top shareholders.
Reports from the Sydney Morning Herald suggest that the sale is estimated to be worth a whopping $140 million, meaning Keating will be walking away with a cool $40 million. When asked about his thoughts on this lucrative deal, Keating humbly stated, "I've been fortunate enough to have a hand in a successful business that I helped create and fund on my own. I have a good track record when it comes to my own ventures."
During negotiations to use the Optus network, Keating also invested around $500,000 into Boost, further solidifying his involvement and dedication to the company. However, in 2013, Boost made the switch to the Telstra network, a move that has now led to this profitable acquisition.
The finalization of this deal is set to take place later this month, with Boost Mobile's services and employees being integrated into Telstra. The best part? This change will not affect Boost's existing prepaid customers in any way.
For those who may not be familiar, Keating was the prime minister of Australia from 1991 to 1996. During his time in office, he made a significant impact on the telecommunications market by gradually deregulating it. This move has had a lasting effect on the industry and has paved the way for further advancements.
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