Australian incumbent Telstra and Hong Kong-based telco PCCW have signed an agreement to restructure their 50/50 cable JV Reach.
The objective is to drive shareholder value, according to a Telstra statement.
“The restructure will result in a division of…
Australian incumbent Telstra and Hong Kong-based telco PCCW have signed an agreement to restructure their 50/50 cable JV Reach.
The objective is to drive shareholder value, according to a Telstra statement.
“The restructure will result in a division of the majority of Reach’s international assets between Telstra and PCCW. Reach will continue to manage the remaining joint assets, which are predominantly located in Hong Kong,” the statement said.
The structural changes are scheduled to be completed sometime in the first half of 2011, and are expected to result in accounting gains of up to A$150m (US$148m) for Telstra.
