Telstra buys prepaid mobile services provider Boost Mobile
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The news: Telecoms company Telstra has acquired prepaid mobile services provider Boost Mobile.
The numbers: Telstra shares edged up 0.5% to $3.96 by 11:20am AEDT.
The context: Telstra was already responsible for "most of the operational parts" of the Boost Mobile business, the company said, including network access, product development, pricing and customer service, while Boost Mobile oversaw branding and marketing.
The acquisition is expected to complete this month. There will be no change for customers with Boost branded prepaid plans, while most Boost Mobile employees will be integrated into Telstra as a standalone team.
What they said: "Boost Mobile has been a fantastic partner of Telstra for 13 years and this acquisition cements just how much we value the Boost brand," said 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 chair Peter Adderton said: "This acquisition of Boost is the natural evolution of the brand, and I am excited to see how the brand will continue to grow under Telstra's ownership".
The source: Telstra media release
